Upstate-based Oobe Meanswear will open a King Street store in a 2,700 SF building at 161 King Street.
Warren Wise of The Post and Courier brings us up to date on all rumors and confirmed stories regarding retail in CHS, including:
- A new Chick-Fil-A in Mount Pleasant, this one at 653 Long Point Road just outside I-526 and across from the Harris Teeter anchored Belle Hall Shopping Center
- Bikram Yoga and a Blue Water c-store are also coming to Mount Pleasant
- PetSmart opened a new store at 850 Folly Road in the Super Bi-Lo anchored center on James Island
- Waffle House is opening its 8th area location, this one in N CHS at Sumner Avenue and Paulson Street, opposite a new Bojangle’s
- McDonald’s is planning a store at 1645 Red Bank Road near the new Wal-Mart Neighborhood Market in Goose Creek/Berkeley County near SPAWAR
- A new Fresh Produce women’s clothing store opens at 218 King Street downtown, in the former Nine West store, relocating its nearby store out of Shops at Belmond Charleston Place
Warren Wise of The Post and Courier provides an update on all the recent announcements on the retail and dining, er, food, front, including:
- Sephora Cosmetics opening their only CHS store (downtown, on King St.)
- Home Team BBQ opening on the Upper Peninsula at 126 Williman St. in NoMo
- Barre Evolution fitness studio opening its 3rd CHS location, this one in Market at Oakland Shopping Center in Mount Pleasant
The $80M Midtown mixed-use development at King and Spring Streets that includes some 443k SF of space within two hotels, an 8-level parking deck, plus retail, restaurants and offices will open late this month. Warren Wise has the latest here for The Post and Courier.
Out-of-town investors continue to target CHS and especially the nationally-acclaimed King Street, with recent transactions including:
- 292 King Street (with its ground floor vacancy) sold at about $2.3M, or a record $1,221/SF to a New York investor that also owns 269 King (Gap) and 289 King (Bebe) and 285 King (USC’s former retail store);
- 359 King Street (Williams-Sonoma and a law firm on the 2nd floor and Clemson University on the top floor) sold at $6.275M ($448/SF) to Myrtle Beach-based Burroughs & Chapin Co.
N CHS Retail Node Getting Conn’s HomePlus, a new La-Z-Boy Home Furnishings; Plus West Elm Opens Downtown
The regional retail mass around Tanger Outlets at I-526 and I-26 in N CHS is getting two new boxes next to the new Field and Stream that will open later this month – a 45.8k SF Conn’s HomePlus was announced and La-Z-Boy Furniture Galleries will open a 16.2k SF box next to Conn’s and both should be open in Spring 2016.
Also, West Elm, the high-end furniture shop and cousin to Williams-Sonoma and Pottery Barn will open its new 10k SF store at 484 King Street downtown.
Whole Foods announced on its Q3 conference call that it has plans for two new stores for CHS, but the sites have not been announced. Speculation is a store downtown on/near King Street and the other in West Ashley. Their only existing store is in Mount Pleasant. Warren Wise of The Post and Courier has the article.
Warren Wise and Diane Knich of The Post and Courier have an article about a proposed 603-space parking garage on Upper King that might be the game-changer to allow Upper King to attract a national retailer. We know a major retailer or two that have downtown on their radar screen, but Upper King might be a bigger challenge than some of these retailers have bargained for.
Retailers Expanding – Again – Another Store Opening at 285 King Street, Walgreesns, Cane Bay Retailer,
Yet another regional retailer is taking space on King Street, with C. Wonder, out of Raleigh, taking the former Bevello space at 285 King St. taking the former C. Wonder space after being vacant for less than a month.
Also announced, a new retailer coming to The Market at Cane Bay, and a date for the new Walgreens opening in Mount Pleasant.
The King Street phenomena is getting national recognition in the big-time publication Shopping Centers Today in an article by writer Matt Hudgins. See the link here and go to p45 then zoom in. Some highlights:
- Vacancy of 1.3% in Q3 2014 (vs. 7.3% metro-wide)
- Three years ago – rents of $25 to $35/SF
- Today, $60-$65/SF
- 1000 hotel rooms nearby coming in 10 new hotels in next two years
- New office buildings are bringing more daytime shoppers
- Incomes are changing; high-income retirees who shop and eat…in that order
- An intentional mix of 75% local and regional tenants (vs. nationals)
I will add: new apartments and expanding College of Charleston (12,000 students, plus faculty), and an update on market rents – we’re hearing $80/SF recently.