Retail Market Bids Farewell to the Recession
- The Greenville, SC retail market ended 2013 with an occupancy rate of 90.73%.
- Big box closings in 2013 led to increased availability of anchor space, mostly in East Side and Haywood Road submarkets, but spaces are being backfilled by new tenants.
- Magnolia Park continues to draw new tenants to South Carolina.
- Hotel developments planned for Downtown Greenville.
2013 ended with an overall vacancy rate of 9.27% for the Greenville, SC retail market, down 55 basis points from the third quarter of 2013. However, the vacancy rate was 148 basis points higher than year-end 2012 due largely to big box closures. For instance, K-Mart closed at 2100 Wade Hampton Boulevard and Food Lion closed at 1207 W. Wade Hampton Boulevard. Others, such as Toys R Us and Babies R Us have relocated to Magnolia Park adding vacant space to the market. Fortunately, many spaces are receiving attention and won’t be vacant for long.
- DSW Shoe Warehouse, Jo-Ann Fabric and Craft Store and TJ Maxx will occupy the former Circuit City and Toys R Us boxes on Haywood Road.
- Additionally, Conn’s plans to occupy the former Babies R Us location on Haywood Road.
- Part of the former K-Mart on Wade Hampton Boulevard has leased to Planet Fitness and Ollies Bargain Outlet. Approximately 50,000 square feet of the 104,000 square foot box remains vacant.
The Haywood Road retail corridor ended 2013 with the highest vacancy rate in the market at 30.42%, up from 27.56% at year-end 2012. This increase is a result of retailers shifting from the Haywood Road to Woodruff Road retail corridor, but will improve as retailers backfill vacant big box spaces along Haywood Road.
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