SOUTHEAST SNAPSHOT, AUGUST 2006

Greenville Retail Market

The trend in Greenville retail is like the trend seen across the Southeast: to live, work and play in the same area through mixed-use developments. Not surprisingly, a majority of the retail development in Greenville is continuing to take place along established corridors such as Woodruff, Fairview and Pelham roads.

Woodruff Road has been the hottest retail corridor in Greenville for the past several years and that trend has continued this year with Charlotte, North Carolina-based Crosland developing The Shops at Greenridge. This 600,000-square-foot, open-air lifestyle center, the first of its kind in Greenville, features a Lowe’s Home Improvement Warehouse, Best Buy, Dick’s Clothing and Sporting Goods, Marshalls, Ross Dress For Less, Cost Plus World Market, Mimi’s, Brixx Pizza, and Barnes & Noble.

Meanwhile, the 787,000-square-foot Greenville Mall is being demolished and redeveloped by Gulfside Development, which, in a joint venture with the Canyon-Johnson Urban Fund, purchased the 67-acre site from DRA Advisors last December for approximately $37 million. This redevelopment, along with The Shops at Greenridge, has been a positive force in attracting people from across the Upstate region to Greenville for shopping and dining. Costco Wholesale and Oshmann’s Sporting Goods are anchor tenants for the Greenville Mall redevelopment.

Woodruff Road shares many attributes with more dynamic retail corridors such as easy Interstate access and visibility as well as strong rooftop and population growth. Woodruff Road is easily accessible from both I-85 and I-385. And the Enoree Planning area, which includes part of the Woodruff Road corridor, has seen substantial population growth with 3,063 new residential lots coming online between 2001 and 2004.  Also, the Five Forks area of Woodruff Road has experienced significant growth and has a new Sports Club in the planning stages.

Another major retail corridor in Greenville is Fairview Road, which has attracted several big box retailers such as The Home Depot, Target, Lowe’s Home Improvement Warehouse and Wal-Mart. Many smaller national retailers have also made a presence in the Fairview Road corridor such as Panera Bread, Walgreen’s, Eckerd, Zaxby’s, Ruby Tuesday, Applebees and Cracker Barrel. Last February, Jones & Jones Investments purchased the last remaining prime piece on Fairview Road, consisting of 15 acres at the Interchange of I-385 and Fairview Road. The preliminary site plan includes eight to nine retail lots, one hotel site and several office sites. Colliers Keenan Goldsmith is handling the marketing for this development.

With new retail developments rising in Greenville’s major corridors, many developers are taking advantage of the opportunities. Some include Centennial American Properties, Crosland, Hollingsworth Funds and Gulfside Development Company. Centennial American Properties is a local developer that has built numerous small and large retail strip centers. Their most recent development is The Pointe shopping center, which is anchored by Whole Foods and Circuit City. Hollingsworth Funds announced a long-range development project of 1,100 acres of pristine land within Greenville’s city limits. Phase I will include parks and residential areas; and future plans include hotels, corporate offices, professional services, civic services and retail services.

Some new retailers have entered the Greenville market. Whole Foods opened its first store in Greenville at The Pointe shopping center in June. P.F. Chang’s China Bistro opened its first Greenville restaurant in an outparcel at The Shops at Greenridge on Woodruff Road. Costco plans to open its first store in South Carolina on the site of the former Greenville Mall in the fall of 2007. Bloom Grocery Stores, an upscale division of Food Lion, recently opened a store at South Pleasantburg Drive and I-85.

Vacancy rates for the Greenville retail market are currently at 8 percent. Southern Greenville County, along Highway 25 to Moonville, has the most space for growth. The Southern Connector completes the highway loop around Greenville into southern Greenville County. Southern Greenville County should see the most significant growth during the next decade as it is underdeveloped and has access to a good road system.

— Jim Hopple, CCIM, works with the retail services group for Colliers Keenan Goldsmith in Greenville.    

©2006 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.