SOUTHEAST SNAPSHOT, APRIL 2006

Greensboro, N.C., Retail Market

A major trend in the Greensboro retail market is the strengthening of existing dominant retail submarkets with the addition or expansion of new centers or tenants into the trade area. This trend typifies how area developers are protecting their turf through product development and new market penetration. One example of this trend can be seen in the strong Green Valley Park submarket. Hobb Street Properties is developing a new 300,000-square-foot retail center called The Shops at Friendly Center that will be located adjacent to Starmount Company’s existing 1 million-square-foot Friendly Center. The new retail center sits on 33 acres and is scheduled to open this fall. It will mirror Friendly Center by offering lifestyle center features like upfront parking, entertainment components and community gathering spaces. Future phases of The Shops at Friendly Center may include a residential component as well. Some of the tenants of The Shops at Friendly Center include P.F. Chang’s China Bistro, Coldwater Creek, Talbots, Ann Taylor, Flemings, Mimi’s Café, Swoozies, Soho Shoes and REI.

Koury Corporation is developing a mixed-use project that is intended to strengthen its existing retail component in the successful North Elm/Pisgah Church area. It is an expansion of the North Elm Village, with retail and restaurant space on the ground floor and office space on an upper level. Harris Teeter anchors North Elm Village. Some of the announced tenants include The Chop House and Chick-fil-A.

Zimmer Properties is developing the Super Target-anchored Jefferson Village, a big box center on New Garden Road. Other big box retailers not yet named will also be located at Jefferson Village.

Together, the aforementioned projects will keep the bulk of the affluent northwest Guilford County customers shopping within the Triad area. Previously, those customers would travel to Raleigh, Durham, Charlotte or Winston-Salem for their shopping experiences.

Greensboro’s retail vacancy rates have held firm at close to 10 percent while the Friendly Center submarket has posted strong occupancy rates of 97 percent.

— Bill Hansen is vice president and director of property management for Starmount Company in Greensboro, N.C.

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