The Memphis MSA is comprised of five counties with a total population of approximately 1.2 million. The MSA consists of three counties in Tennessee, Crittenden County in Southeast Arkansas and DeSoto County in Northwest Mississippi.

The MSA contains approximately 33 million square feet of retail space. Development is comprised of five enclosed regional malls, three lifestyle centers, five power centers, numerous community and neighborhood shopping centers and an abundance of strip centers and free-standing retail buildings. Two of the lifestyle centers (719,771 square feet and 600,000 square feet), opened Fall 2005, are both 100% pre-leased. Most major national retailers have a presence in the market with regional and local retailers occupying the majority of space.