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2019 Q3 Retail Greenville Spartanburg Report

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Greenville-Spartanburg retail posts steady third quarter activity

Key Takeaways

  • The Greenville-Spartanburg retail market absorbed 88,939 square feet during the third quarter of 2019.
  • There are currently 52,260, square feet of retail space under construction at five locations.
  • The average urban retail vacancy rate is low at 8.87% and is expected to decrease during the fourth quarter due to holiday shopping demand and retail success in the area.

Pop-up shops: a bridge to fully leasing centers

Pop-up shops are less of a trend and more of a retail strategy now that consumers understand more about them. Often pop-ups use social media to expand awareness of the pop-up location and even advertise the shop longer than the actual shop is open; however, pop-ups are highly successful if executed correctly. There are several reasons pop-ups are advantageous:

  • To test out a “cold” market with a new brand in order to gauge the opportunity to thrive;
  • Allow one-on-one interaction with customers allowing them to evaluate products and answer consumer questions;
  • Introduce a new line of a known brand so consumers can try samples from a company they already trust;
  • Consumers are likely to show up and shop so they do not miss out on a opportunity.

Listed above are a few ways retailers can succeed using pop-up shops, nevertheless owners of retail centers can also bridge the gap to a fully-leased building by allowing pop-ups to rent space for short periods of time. Not only will it bring in revenue but it will also drive traffic to the shopping center; therefore, allowing for a vibrant and renewed environment for surrounding shops. If pop-ups have considerable success, they may become long-term tenants as well.

 

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2019 Q3 Retail Greenville Spartanburg Report

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Frank Hammond

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