Wave of New Retail Construction Boosts Contractors

VOL. 8 | NO. 11 | Saturday, March 07, 2015

Retail development in the Memphis area is booming in what construction and retail officials describe as the most active period for retail construction since the recession, with everything from a massive outlet mall in Southaven to grocery stores and smaller, traditional retail centers going up.

Were seeing a lot of new retail construction and I think its just another sign of the economy getting stronger in general and of the dollars being spent, said Rusty Linkous, president of Linkous Construction Co. Retail is pretty strong right now.

The list of projects under construction now or in the pipeline for 2015 is extensive.

Crown Centre LLC, an affiliate of Fogelman Investment Co., is developing a high-end, 29,373-square-foot retail center at 6450 Poplar Ave., part of a wave of new retail development sweeping across the Memphis area.

(The Shopping Center Group)

Tanger Factory Outlets Inc. and Poag Shopping Centers will break ground March 13 on a 300,000-square-foot destination outlet mall in Southaven. A company affiliated with Robert F. Fogelman II has begun construction of a 29,000-square-foot retail center at 6450 Poplar Ave. in East Memphis. Construction of a new 50,000-square-foot Kroger on Union Avenue in Midtown is underway.

Work on the Highland Row development near the University of Memphis, which was sidelined by the recession and now includes 32,000 square feet of retail space, will begin this year. The Shops of Saddle Creek is undergoing a renovation and 20,000-square-foot expansion. Ikea is expected to begin construction this year on its store near Interstate 40 and Germantown Parkway. In Olive Branch, Michael Lightman Realty Co. has launched a 31,000-square-foot retail center on Goodman Road.

This is the longest list Ive seen in a few years, said Frank Dyer III of Loeb Realty Group.

The Memphis area is taking part in a broader national rebound in retail construction. Nearly 50 million square feet of retail space was delivered in the U.S. in 2014, the largest amount of retail development and redevelopment since 2010, according to research from Jones Lang LaSalle.

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Wave of New Retail Construction Boosts Contractors