High Point, NC
The city makes an estimated sales tax revenue of $107,000 each year and has created more than 450 new jobs. Since 2016, 19 new retail, restaurant, and retail health brands have opened including Publix, ALDI, O’Reilly Auto Parts, Jersey Mike’s, Kay Jewelers, Take 5 Oil Change, Wingstop, Texas Roadhouse, and more.
Challenge
Known worldwide for its furniture market, downtown High Point plays host to a semi-annual furniture market each year. This presents a unique set of challenges for the downtown area, with a downtown featuring furniture showrooms and little retail and residential uses. The High Point EDC, which is responsible for job creation and increasing the tax base for the city of High Point, and was tasked with the responsibility of growing its retail base downtown in 2016. Home to High Point University and a strong talent base with companies like Volvo, Thomasville Furniture, and Ralph Lauren operating in the region, the EDC had plenty of strong points for promotion.
An initial challenge in retail recruitment was battling the perception that retail and restaurants would open first in Winston Salem or Greensboro, so the EDC team decided to invest in outside help to map out a retail strategy.
“We knew retail was very professional and data-driven and we were going to be talking with sharp real estate professionals said Loren Hill, president of the High Point EDC. “Electricites introduced us to the Retail Strategies team and we trusted their recommendation. We decided to make an investment in Retail Strategies to be our expertise.”
Solution
With a focus on three separate retail nodes as well as the downtown area, the Retail Strategies began to take inventory of the commercial developments and existing retail businesses in order to identify gaps in the market.
“The number one request from our community was the desire for more grocery options,” said Sandy Vernon Dunbeck, executive vice president at High Point EDC.
The Retail Strategies team crafted a custom retail recruitment plan, a marketing package, and was armed with data and a retail prospect list to actively work with retailers, brokers and developers.
For downtown specifically, the challenge of a largely vacant downtown was solved by implementing a catalyst project. The EDC built BB&T Point Stadium, home of the High Point Rockers baseball team. Phase one of the project was the stadium itself and additional phases will include multi-family rentals, retail, and a new hotel. This project was the solution to drive needed foot traffic downtown.
Results
Since the partnership started in 2016, a total of 19 new retail and restaurant businesses have opened in High Point. Satisfying citizen’s desire three new grocery stores have opened with Publix, ALDI, and Save-a-Lot are all operating in the market now.
The total estimated yearly sales tax revenue from these 19 retailers is approximately $107,000 with more than 450 jobs created in the local economy.
In addition to the grocery retailers O’Reilly Auto Parts, Starbucks, Take 5 Oil Change, Texas Roadhouse, Wingstop, Aspen Dental, Duck Donuts, Firehouse Subs, Dunkin Donuts, Jersey Mike’s, Tropical Smoothie Cafe, Jimmy Johns, Qdoba, Kay Jewelers, T-Mobile, and Harbor Freight have opened new stores in High Point.
“Recently I took the Retail Strategies team on a market tour and they knew everything about the properties I showed them. There wasn’t anything they didn’t know – that’s real reassurance on your investment.”
Publix, ALDI, O’Reilly Auto Parts, Jersey Mike’s, Kay Jewelers, Take 5 Oil Change, Wingstop, Texas Roadhouse, and more.
