Retail Market Study Mount Pleasant, South Carolina JULY 2017 PREPARED BY 316 West Stone Avenue Greenville, SC 29609
[email protected] 864.915.7102 arnettmuldrow.com 1.0 EXECUTIVE SUMMARY 2 2.0 INTRODUCTION 6 3.0 MARKET AREA 7 4.0 RETAIL MARKET OVERVIEW 8 4.1 RETAIL LEAKAGE ANALYSIS 8 4.2 RETAIL SHARES 14 4.3 RETAIL PULL FACTOR 16 4.4 RETAIL MARKET OVERVIEW FINDINGS 18 5.0 EXISTING MARKET 21 5.1 CURRENT REAL ESTATE MARKET 21 5.2 CURRENT RETAIL SPACE IN MOUNT PLEASANT 22 6.0 LOCAL TRENDS 28 6.1 BUILDING PERMITS 28 6.2 BUSINESS LICENSES 30 6.3 LOCAL TREND OBSERVATIONS 33 7.0 STAKEHOLDER INPUT 34 8.0 CONCLUSIONS 37 1 1.0 Executive Summary Purpose This study was completed to provide the Town of Mount Pleasant with a better understanding of its current retail market. The report explores Mount Pleasant’s place in the larger Charleston Metro market, inventories the existing retail base in the community, details demand for new retail, and assesses those forces outside of demand that impact the commercial market in the Town. It is intended to be a precursor to the upcoming Comprehensive Plan process, as well as inform any economic development planning of the Town particularly as it relates to retail. While the study does not address broader economic development issues such as land use, recruitment, workforce or quality of life, general recommendations are outlined for the Town to consider as it conducts ongoing economic development. Many of these actions will require a deeper look at the overall economic development strategy related to the Comprehensive Plan, planning and development activities, employment and workforce, and small business support, among others.