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2020 Q3 Retail Greenville Spartanburg Report

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Home improvement and discount stores are active in the Greenville-Spartanburg market

Key Takeaways

  • Greenville-Spartanburg retail shops posted minimal activity this quarter; the overall vacancy rate increased marginally to 10.92%.\
  • Fast casual restaurant facilities are evolving to keep up with customer needs.
  • Throughout the Greenville-Spartanburg market, gross retail sales are higher month-over-month now than they were pre-pandemic.

Quick service restaurants adapt to changing pandemic conditions

Quick service restaurants were gaining sales momentum prior to COVID-19 due to speedy service, convenience and ongoing upgrades to food quality - beginning the trend from fast food to fast casual restaurants. Aesthetic changes and healthy option upgrades led to increased business velocity. Throughout the pandemic, adaptive quick service restaurants continue to thrive by adding curbside pick-up, call ahead ordering and delivery options. In addition, many are decreasing the indoor dining area square footage and adding extra drive-thrus or outdoor seating to provide an enhanced level of safety to diners. Furthermore, restaurant owners are looking to purchase existing buildings rather than constructing new restaurants due to rising construction prices and difficulty getting necessary construction materials. Suburban locations are popular for adding new stores so they are closer to residential areas where many people are still working remotely. 

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Greenville retail report

2020 Q3 Retail Greenville Spartanburg Report

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Frank Hammond

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