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Retail Establishments Increase Property Values
Does the arrival of retail establishments increase property prices within that same area? Of course chic, boutique- and bistro-filled neighborhoods have higher property values than less-vibrant areas. But what about large national retail stores? There is one particular company that has a proven track record of revitalizing neighborhoods and jump starting development: Whole Foods Market. A Whole Foods Market will open its first store in Savannah on Aug. 13, more than a year ahead of schedule. Atlanta-based developers Knightswood and S.J. Collins Enterprises demolished Backus’ trademark pink buildings on Victory Dr. and several neighboring structures to construct the Victory Station shopping center. Whole Foods is the anchor to the center which will also have a PetSmart , and a handful of small retailers.
Increasing The Value of Property
Whole Foods. Across the country, the healthy food retailer, is widely credited with reinvigorating formally undesirable neighborhoods, creating demand for housing and bringing in customers to adjacent businesses. While most evidence is anecdotal, all accounts indicate that the arrival of a Whole Foods is a sure sign that a neighborhood is about to turn around, or increase the value of the already well established neighborhoods. This “seal of approval” quality is Whole Foods’ ... more
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