We spoke about the nation’s economic rebound in our previous blog, briefly talking about the rebound in the retail industry. Luckily, this retail trend is prevalent in Wilmington as we welcome numerous retail businesses to the area in the next year or so. Here are some of the retail trends in Wilmington and what they mean for our local economy.
The Crossroads at Independence in Wilmington and the Crossroads at Carolina Shores in Brunswick County are two new shopping centers that will be welcoming new tenants. In the Crossroads at Independence, we will definitely see a Port City Java along with numerous other tenants who are in the leasing process right now. The Crossroads at Carolina Shores will be adding a CVS and Dunkin’, along with various other tenants.
In addition to these shopping centers, Burlington Stores will be opening off of New Centre Drive near Target in space previously occupied by Office Max. In the Independence Mall area, Aye! Toro and Masa Sushi are two new restaurants joining the scene.
Popular Mayfaire shopping center is also seeing some new faces. Apple service provider, Simply Mac, will be joining the Mayfaire area along with Buff City Soap. In addition to these stores, there will also be a few temporary tenants in the area including Spirit Halloween and the Art in Bloom Gallery pop up.
Implications on Economy
Over 8,000 stores closed in the US last year, and many think that over 10,000 will close this year. While this was very difficult for many business owners, now it provides new opportunities for other tenants. Retail in the Wilmington area has proven to be quite resilient. And with an influx of people moving to the area, they are also looking to relocate their businesses.
These new openings not only provide the community with new goods, but they also provide new jobs. Many are also hoping to see a recovery in the restaurant industry as well, despite staffing issues.
We are very happy to see the retail scene bouncing back and the Wilmington economy improving. We look forward to welcoming these new businesses to town as the retail trends continue! If you are looking for retail space for your business, don’t hesitate to reach out to us or check our active listings on our website.