Market Segments
in Downtown Memphis . . .
Hospitality
Office
Residential
Retail
View a list of . . .
Available Retail
Properties in Downtown
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market segment:
retail
The Downtown Memphis retail market is made up of a highly diverse population that includes upper-income residents, young professional singles, families, college students, tourists from around the world, and thousands of employees - all in need of goods and services. Market research has identified retail as one of the key elements needed to enhance the Downtown success story.
In recent years, the Downtown Core has recorded $125 million in retail sales, with the Main Street district claiming more than $40 million and Beale Street alone reporting $25 million.
Neighborhood centers like Harbor Town Square, the South Main Historic District, and locations throughout the Medical Center provide numerous storefronts to support the Downtown Memphis market. The edges of the Downtown Core and along major vehicular corridors present a growing number of community center opportunities that should support western and central Memphis. Locations along historic Beale Street and at the Peabody Place Entertainment and Retail Center provide opportunities for shops that will serve the entire Mid-South region.
The Center City Commission is aggressively recruiting retailers and offers incentives to qualifying businesses, such as apparel, toy stores, specialty shops, sporting goods stores, video rental stores, home furnishing stores, shoe stores, and service retail.
Downtown offers more than 2 million square feet of existing retail, with average leases ranging $8 - $16 per square foot.
Primary Factors Driving Retail Growth:
Downtown has more than 10,000 residents living in market-rate housing.
Residents of Downtown's 38103 zip code have an average adjusted gross income of $70,000.
Nearly 45,000 residents in the adjacent Midtown neighborhood have an average household income exceeding $50,000.
Some 80,000 employees with an average household income of $51,000 work Downtown every day.
Memphis Retail Trade Area - retail sales of more than $12 billion annually.
Retail businesses have gross receipts exceeding $685 million.
More than 7 million visitors come to Downtown annually, pumping $2 billion into the local economy.
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