Sheetz Oil and WaWa, convenience/gasoline retailers, are leading the way in the Richmond area, as well as 7-Eleven stores, which are expanding once again. Lowes and Home Depot continue to expand in the Richmond MSA. Both currently have six stores, and Lowe's has a seventh under construction, according to Jackie Noel, retail advisor, and Brian Glass, vice president and director of retail for Grubb & Ellis/Harrison & Bates.

Wal-Mart has also had huge success in this secondary market. Two of the top performing Wal-Mart Super Centers in the country are in the Richmond MSA. PetsMart and Barnes & Noble have also recently added stores. Over 2,000,000 square feet of retail will be added in Northwest Quadrant (NWQ) alone within the next two years, they add.

A significant development in Richmond last year was Chesterfield Market Place and Commonwealth Center, which is located at the intersection of Route 288 and Hull Street Road (Route 360) with a total square footage of 925,000. The major tenants at these two power centers are Target, Kohl's, Office Max, Home Place, TJ Maxx, another Wal-Mart Super Center, Home Depot, I hop, Ben Franklin Crafts, PetsMart and Consolidated Theatres' new 20-screen, state of the art megaplex. These centers will provide alternative retail shopping for the residential area that previously had to travel to Midlothian Turnpike.

This year, a notable project is The Creeks at Virginia Center Commons, a 254,750-square-foot development located in the NWQ just north of Interstate 295 on Route 1, say Noel and Glass. Circuit City, Barnes & Noble, PetsMart, Bed Bath & Beyond, Dick's Sporting Goods and Michael's Crafts will anchor this center. The Creeks at Virginia Center Commons is located in the vicinity of the Virginia Center Commons Mall, and adds to the concentration of retail in the area which also includes Target and Ukrops, the number one supermarket chain in Richmond.

Construction recently began on Short Pump Town Center Mall, located in the NWQ west of Pouncey Track Road on W. Broad Street, with a proposed total square footage of 1,200,000. Completion is scheduled for the fall of 2002. The mall, which is being developed by Forest City Enterprises and Pruitt Associates, will be Richmond's first and only upscale mall that will be anchored by the only Nordstrom and Lord & Taylor in the area. This will put an extreme amount of pressure on Regency Square Mall, which has been the number one mall in the MSA for many years, they add.

The majority of development is taking place in the Northwest Quadrant near Virginia Center Commons and Short Pump Town Center Mall. Development is also occurring near Rt. 288 and Rt. 360 (Hull Street Road), which is Chesterfield County's version of the development of the Short Pump area in the Northwest Quadrant.

In-fill is also coming into the City of Richmond with the expansion of Lowe's opening one store at Forest Hill Avenue and Chippenham Parkway and another under construction on W. Broad Street, both within the City limits. The City of Richmond's first Wal-Mart store has also opened at the intersection of Forest Hill Avenue and Chippenham Parkway.

New retailers to the Richmond market include Dick's Sporting Goods, WaWa convenience store, Sheetz Oil, Designer Shoe Warehouse, Old Navy, Tower Books, Thomasville Furniture and BookBinders Restaurant. O'Charlies and Morton's of Chicago are scheduled to open this year.

The Northwest and Southwest quadrants are areas to watch in the coming year, Noel and Glass say. The Short Pump area in the Northwest quadrant continues development with the 2002 opening of Short Pump Town Center Mall. Continued consolidation will occur in the vicinity of Virginia Center Commons Mall. In the Southwest quadrant, demographics of the market place continue to increase population growth due to the strong broad based economy.

As long as the economy stays strong and the interest rates remain stable, Richmond's retail growth should continue. In 2001 and 2002, Kroger, which recently entered the market, should be a major factor in future retail development.

Brian Glass is vice president and director of retail for Grubb & Ellis/Harrison & Bates.


©2001 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.