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Submarket Malls Putting More Emphasis on Upscale Retailers

CHARLOTTE-The retailing scene just south of Charlotte, around Matthews, NC and Pineville, NC, is installing more upscale retailers as old leases expire. This submarket had five million sf of retail at the end of the second quarter and a 7% vacancy rate compared to a citywide vacancy level of 10%.

By Robert Anthony | Updated on October 06, 2000

CHARLOTTE-A new day in retailing is dawning in the south Charlotte area as the changing demographics push out the old shops to make room for a more upscale tenant mix.

An upswing in residential construction, plus commercial developments such as Ballantyne Corporate Park, has brought a different kind of shopper to the south Charlotte region, one with more disposable income.

Perhaps one of the most dramatic examples of the area’s retail reformation is occurring at the 1.2 million-sf Carolina Place mall. Almost a third of the leases there will be up for renewal in 2001, a year that could usher in many new merchants and restaurants, reflecting the area’s increasingly prosperous customer base.

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