Richmond Retail MarketView Q2 2017
- Three Martin’s stores that were not picked up by Publix in the sale last year impacted the absorption and vacancy of the market. The fate of the remaining stores will impact the retail market in the future, either continuing to drive up the vacancy rate or having relatively no impact on the total available space.
- Publix has plans to develop two centers that it will anchor; one at Twin Hickory and another in Mechanicsville at Brandy Creek Commons. The two other active grocers in the market, Aldi and Lidl, on the other hand, have focused on constructing smaller stand alone buildings rather than being in anchored shopping centers. Consequently, their impact on retail development has been limited to only their footprint.
- The sale of Virginia Center Commons brought with it a sizeable increase in reported vacant space for the Ashland/VA Center Commons submarket. This can be attributed to the new owner bringing renewed energy to market the struggling retail center.