louisville - cushman & wakefield

0Cushman & Wakefield | Louisville | 2019

LOUISVILLECushman & Wakefield

Global Cities Retail Guide


LOUISVILLEOVERVIEW

Home to the Kentucky Derby, the Louisville Slugger baseball bat and the starting point of Kentucky's Bourbon Trail, Louisville's dedication to tourism has never been more evident. Louisville is also located within a day's drive of two thirds of the U.S. population and benefits from two world class convention centers. Frequently found on national lists as a great destination for a variety of reasons and interests, it's easy to see that Louisville loves tourists and that tourists love Louisville.

Situated on the shores of the Ohio River and boasting more than 120 public parks (18 of which were designed by renowned landscape architect, Frederick Law Olmsted), Louisville has the big city benefits with a whole lot of small town appeal. Employers large and small have found Louisville to be very business friendly. Throughout the city you will find plenty of start-ups amongst the international headquarters of Humana, Yum! Brands, CaféPress, Brown Forman, Texas Roadhouse and others.

Strong local employment numbers and brisk tourist traffic fuel the demand for both retail products/services and food/beverage sector options. Louisville is leading the nation's farm to table restaurant movement and produces one third of the world's bourbon. This combination continues to inspire an eclectic variety of restaurants and breweries throughout the city, appealing to residents and tourists alike.


DIXIE HIGHWAYDixie Highway is the major retail corridor in the southern part of the Louisville and Jefferson County. While this area has a greater density of auto dealerships than any other in the city, there are also plenty of retail and restaurant options in this trade area. With Fort Knox Army Base to the far south, the Dixie Highway retail corridor benefits from extremely high traffic counts ranging from a low of 22,000 to a high of 65,900 daily. These phenomenal traffic counts translate to big business for area retailers.

LOUISVILLEKEY RETAIL STREETS & AREAS

OUTER LOOP / PRESTON HIGHWAYWith the Louisville International Airport and major employers like UPS, Ford, and Amazon drawing tens of thousands of people to this area, the average daily traffic counts are some of the largest in the city. Jefferson Mall, Jefferson Commons and the Festival at Jefferson Court are the largest retail venues in this more industrial area of the city. The Walmart Supercenter in the Hillview area also draws shoppers from nearby Bullitt County.

SOUTHERN INDIANAThe Southern Indiana retail trade area has grown substantially over the past few years. Historically, the small towns that populate the area just across the Ohio River from Louisville have crossed the bridge to spend their retail dollars. More and more this is changing as both retail and restaurant options continue to succeed in this market. With the addition of the Riverport Industrial Park (and its large employers like Amazon), as well as the completion of the Ohio River Bridges project, this trend is going to continue for the foreseeable future.

DOWNTOWN/CBDShopping in downtown Louisville is as varied as its dining scene. Exquisite creations of glass at Glassworks or Flame Run, or authentic Kentucky-made crafts at the Kentucky Museum of Arts and Crafts. If your passion is antiques, Joe Ley is one of America's largest and most unusual antique stores to shop for treasures. Many visitors take advantage of the trolley to explore the downtown central business district, as well as the surrounding historic districts of West Main Street, Butchertown and NuLu. The $70 million entertainment district at Fourth Street Live! And the KFC Yum! Center both bring plenty of local and out of town traffic to the downtown district at night, while high daytime population demographics offer retailers and restaurateurs plenty of business during the day, as well.


LOUISVILLEKEY RETAIL STREETS & AREAS

NORTHEAST JEFFERSON COUNTYThe northeast area of Louisville's Jefferson County offers an affluent resident base with many high-end retailers and boutiques in the Paddock Shops, Springhurst, Westport Village and Norton Commons. At the edge of the neighboring Oldham County, this location draws many shopper from outside Louisville to enjoy the benefits offered in the "big city."

SHELBYVILLE ROAD CORRIDORFrom St. Matthew's to Middletown, this 8 ¾ mile stretch of road has dozens of shopping centers and two malls. The Mall of St. Matthews and Oxmoor Mall, and is a vital artery in this retail trade area. The neighborhoods that dot this retail corridor sustain above average income demographics from one end to the other.


LOUISVILLEMARKET OVERVIEW

KEY AREAS / STREETS/SHOPPING CENTERS

CONSUMER PROFILE

MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 2,000 SQFT

RANGE OF UNIT SIZES

Downtown/CBD

Locals, Tourists, Daytime Business,Convention Attendees, Concert/EventAttendees

Bittners, Red Tree Furniture, Seng Jewelers, Glassworks, A Taste of Kentucky, George M. Krekel Jewelers, Art Eatables, Muth's Candies, Zephyr Gallery, French Pleat, Bays Boutique, Surface Noise, Work the Metal, Objects of Desire Gallery, Flame Run, Regalo, Kicks, Rellek, Canoe, Modern Trousseau, Duluth Trading Company

Falls City Market $26.00/SF 1,000 - 5,000 SF

Shelbyville Road Corridor Affluent Locals

Michael Kors, Staples, Academy Sports, Dick’s Sporting Goods, Crate & Barrel, Aeropostale, Forever 21, Jared Jewelers, Nordstrom, Rack Shoes, Godiva Chocolatier, Hollister, Hot Topic, Pottery Barn, New York & Company, D&W, H&M, Drybar, Fresh Thyme Farmers Market, Carters, OshKosh B’Gosh, Hobby Lobby, Ross Dress for Less, Cyclebar, Sephora, JoAnn Fabrics, Petco, Aldi

LEGO Store, Untuckit, Total Wine & More $26.00/SF 2,000 - 5,000 SF

Northeast JeffersonCounty Affluent Locals

Cabela's, White House | Black Market, Banana Republic, Ann Taylor, Gymboree, Victoria's Secret, Dick's Sporting Goods, Kohl's, Chartreuse, Closets by Design, Build A Bear Workshop, Costco, Ulta, Talbot's, Loft, J. Crew, Pier 1, Barnes & Noble, Quest Outdoors, Cabela's, Carters, Total Wine & More, Athleta, Water + Oak

Hobby Lobby $30.00/SF 5,000 - 10,000 SF


LOUISVILLEMARKET OVERVIEW

KEY AREAS / STREETS/SHOPPING CENTERS

CONSUMER PROFILE

MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 2,000 SQFT

RANGE OF UNIT SIZES

Dixie Highway Locals, Daytime Business

Home Depot, Kay Jewelers, Dots, Marshalls, Merle Norman Cosmetics, Sears, Staples, Target, K-Mart, Dillard's, Guess, Radio Shack, TJ Maxx, Game Stop, Payless Shoe Source,Leroy's Jewelers, Ashley Stewart, Herve Leger, Marshall, Planet Fitness

Crunch Fitness $18.00/SF 2,000 - 5,000 SF

Outer Loop/PrestonHighway

Locals, Tourists, Daytime Business

Ross Dress For Less, Kay Jewelers, Yankee Candle, Motherhood Maternity, JoAnn Fabrics, Old Navy, American Eagle Outfitters, Bath & Body Works, Hot Topic,PetSmart, Macy's, Staples, TJ Maxx, Hibbett Sports, Foot Locker, Academy Sports, Michael’s, Aldi, Planet Fitness

Round1 Bowling & Amusement, Derby City Gaming

$18.00/SF 2,000 - 5,000 SF

Southern Indiana Locals, Tourists, Daytime Business

Bass Pro Shop, Target, Walmart, Kohl's, Kirkland's Home, Ross Dress for Less, Dillard’s, Bed Bath and Beyond, Shoe Carnival, Journeys, Office Depot, Hobby Lobby, Foot Locker, Children's Place, Sephora, Aeropostale, Victoria's Secret, Hollister, Menard’s

SleepNumber, 9Round $18.00/SF 2,000 - 5,000 SF


HOLIDAY MANORProximity to high income demographics, I-264, and executive housing have made Holiday Manor one of the strongest centers in the Northeast Jefferson County trade areas. Recent renovations to the anchor Kroger grocery store in this center are complete. Other tenants include Chase Bank, Impellizeri’s Pizza, Feeder’s Supply, Moore Jewellers, Rodeo Drive, Valvoline and the Kentucky Hearing Clinic.

STONY BROOK SHOPPING CENTERThis highly-trafficked center is located at the busy intersection of Hurstbourne Parkway and Taylorsville Road. Anchored by a Kroger grocery store, Stony Brook has a strong line-up of national retailers including Starbucks, GNC, State Farm, Avis Car Rental, Taco Bell and Great Clips. Strong area population and income demographics help maintain the 158,940 SF center’s popularity.

LOUISVILLESHOPPING CENTERS

PADDOCK SHOPSAt 367,500 SF of retail space on over 40 acres, Paddock Shops (formerly The Summit) first opened in 2001 and has been a strong presence in the Northeast Jefferson County submarket ever since. In addition to anchor tenants, Bed Bath & Beyond, Earth Fare and Barnes & Noble, this center is also home to Banana Republic, Ulta Beauty, DSW, Yankee Candle, White House Black Market, Total Wine & More, Build a Bear, J. Crew, Gymboree, Victoria’s Secret, Men’s Wearhouse, Blaze Pizza, Claire’s and many others.

PLAINVIEW VILLAGEAdjacent to I-64 at Hurstbourne Lane, Plainview Village is easily accessed for shoppers in Louisville’s east end. The center has 165,467 SF of rental space and maintains high occupancy. Tenants include Kroger grocery, Sports Clips, Subway, State Farm, PNC Bank, Cinderella Shoe Repair, Zeh Orthodontic Center, Noodles & Company, Hertz, and Plainview Cleaners, among others. The center is also well-situated for high daytime employment traffic.


SHELBYVILLE ROAD PLAZAThe Shelbyville Road Plaza, along with nearby Mall of St. Matthews and other small area centers, have made Shelbyville Road the most dominant retail corridor in Louisville’s east end. At 128,952 SF, this power center is home to tenants such as the Honeybaked Ham Store, Nordstrom Rack, Trader Joe’s, Nike Factory Store, Off Broadway Shoe Warehouse, Feeder’s Supply, Ross Dress for Less, Lane Bryant, JoAnn Fabric and more.

OLD BROWNSBORO CROSSINGWith the completion of the Lewis & Clark Bridge, Old Brownsboro Crossing is now capturing traffic from across the river, as well as the Northeast Jefferson County submarket. It’s proximity to Norton Brownsboro Hospital and area medical offices makes it convenient for daytime traffic, as well as the nighttime traffic generated by the nearly affluent neighborhoods. Louisville’s only Cabela’s store is located here, along with Chili’s Grill, PNC Bank, Which Wich Sandwiches, World of Beer and Red Robin.. The entire development is over 1 million square feet and includes retail, office and hospital.


MCMAHAN PLAZAThis Kroger-anchored center located in the heart of Hikes Point, offers great visibility in this high traffic area. With approximately 300,000 SF, tenants such as Bader Music, Hallmark, Great Clips, PNC Bank, Cricket Wireless, H&R Block, GNC and Rent-A-Center help serve this area that is populated with well-established middle-class residences.

SPRINGHURST TOWNE CENTEROpening in 1997, this power center is one of the largest in the city at 810,330 SF. Located in the heart of an affluent area along I-265 and Westport Road, Springhurst Towne Center offers a diverse tenant mix with traffic-driving anchors Target, Meijer, Kohl’s, Dick’s Sporting Goods, T.J. Maxx, Hobby Lobby and Cinemark Theater. The trade area surrounding Springhurst Towne Center plays host to a daytime population of more than 530,000 customers, all of whom are within a 15-minute drive.


IROQUOIS MANOROne of Louisville’s first shopping centers, Iroquois Manor is a true neighborhood center. Located one mile from Churchill Downs, minutes from downtown and just south of the University of Louisville campus, this center serves blue-collar neighbors, tourists and college students. The 124,356 center includes tenants such as Valu Market, CVS Pharmacy, Family Dollar, Subway, Porter Paint, Iroquois Eye Center and H&R Block, among others.


DIXIE MANOR SHOPPING CENTERThis 34 acre site is located on Dixie Highway, a high-concentration commercial corridor running south from downtown Louisville. This long-established center includes tenants like Staples, Hibbett Sports, Hobby Lobby, Furniture Liquidators, Starbucks, Hallmark, Kay Jewelers, Game Stop, Skyline Chili, Dollar Tree and Buffalo Wild Wings. Other area retail includes a high concentration of auto dealerships, national chain restaurants, Home Depot and Lowe’s. Ft. Knox Army Base to the south also helps to provide retail traffic to this area.

WESTPORT PLAZALocated at the corner of Westport Road and Hurstbourne Parkway, this 250,000 SF Kroger-anchored center is also home to the Louisville Athletic Club, Porter Paints, Rite Aid, State Farm, BB&T, Baskin Robbins, KFC, Jefferson County Clerk, Wick’s Pizza and the UPS store.

INDIAN TRAIL SQUARELess than a mile from the UPS Worldport Hub and the Ford Assembly Plant, Indian Trail Square takes advantage of a large daytime population. At over 200,000 SF, the center is home to tenants like Hibbett Sports, Dollar Tree, Save A Lot, Ollie’s Bargain Mart, Mattress Warehouse, Furniture Liquidators, Feeder’s Supply, H&R Block, GNC and Citi Trends.

VETERANS CROSSINGLocated near Clarksville Town Hall, this 35,000 SF center opened in late 2018 and provides plenty of pedestrian-friendly options. Current tenants include Outback Steakhouse, SleepNumber, First Watch, Chill Burger, 9Round, T-Mobile and CoreLife Eatery.


MIDDLETOWN COMMONSWith excellent visibility and highway access, 226,000 SF power center Middletown Commons is nestled among a rapidly expanding affluent residential area and notable PGA golf course, Valhalla Golf Club. Just south of Eastpoint Business Center (which generates significant daytime traffic) and minutes from Oxmoor Mall and Mall St. Matthews, tenants like Academy Sports, Hobby Lobby, Ross Dress for Less, Liquor Barn, Double Dogs, Chick Fil A, Texas Roadhouse, 9 Round, Sally Beauty and Rack Room Shoes have been well received.

JEFFERSON COMMONSCompleted in 2016, Jefferson Commons is situated on Outer Loop adjacent to the Jefferson Mall. The 230,000 SF center is conveniently located minutes from I-65, I-265 and major employers like General Electric, Ford and UPS. Tenants include Academy Sports, Michael’s, Shoe Carnival, Five Guys Burgers & Fries, Firehouse Subs, Aldi, Five Below, Ruby Tuesday and Fashion Bug, among others.


OUTLET SHOPPES OF THE BLUEGRASSThough it is technically located just east of Louisville, in Simpsonville, this 366,750 SF outlet mall draws a significant number of shoppers from both Louisville and Lexington. The Outlet Shoppes have great visibility from I-64 and, since its opening in 2014, has already planned an expansion. With high-end tenants like Ann Taylor, Guess Factory Eddie Bauer Outlet, Levi’s Outlet Store, Puma, Tommy Hilfiger, Coach, Gucci, Polo by Ralph Lauren Factory Store, Under Armour, Calvin Klein, Carter’s, Vans Outlet Store, Kate Spade New York and Brooks Brothers, it’s not difficult to understand the appeal of this center.

TOWN FAIR CENTERTown Fair Center is anchored by Walmart Supercenter and includes national tenants such as Michael’s, Game Stop, Staples, Jenny Craig, Gigi’s Cupcakes and Sally Beauty. Located at the intersection of S. Hurstbourne Parkway and Bunsen Parkway just south of I-264, this 234,291 SF center is located minutes from the Bluegrass Industrial Park, the largest industrial park in the city.


LOUISVILLENEW DEVELOPMENT WATCH

DEVELOPMENT TO WATCH OUT FOR

JEFFERSONVILLE TOWN CENTER

Total Size (SF) 240,000

- Retail GLA 240,000

- Leisure/Entertainment GLA

0

Planned Opening Date Late 2018/Early 2019

Consumer Profile Local residents, daytime business

ABOUT THE DEVELOPMENT

Jeffersonville Town Center is being built in several phases and adding a series of new tenants. The most recently completed phase of construction included a new Hobby Lobby store which opened in September of 2018. A completion date for the next phase of expansion of the 80-acre center at I-65 in Jeffersonville has yet to be announced. Upcoming tenants include Boombozz Pizza and Taphouse, Comfy Cow and Wild Eggs.




1635 TOWN CENTER BLVD


- Retail GLA 40,000


0

Planned Opening Date TBD



This 40,000 SF center will be the largest retail center located on the Jeffersonville side of the Veterans Parkway corridor. This new center could accommodate 3-6 suites and developers are currently in talks with several retailers. Given the booming retail area, this new center should lease quickly.




SOUTHPOINTE COMMONS




5,000

Planned Opening Date Summer 2019



This power center located in Fern Creek will include a grocery store, home improvement store, movie theatre and several restaurants. Developer, Barrister Commercial Group, broke ground on the site in March of 2018, and plans for the $80 million project to go up in phases, with phase one expected to complete in the summer of 2019.




FORMER KMART – HIKES POINT AREA




0

Planned Opening Date 2019



The former Hikes Point Kmart store is being redeveloped. After the 2016 closure of the big box store, Louisville’s McMahan Group began planning a retail site that would divide the existing 72,000 SF building in two, and adding an additional 31,000 SF of retail space to include an automobile service center, retail shop, pharmacy and two restaurants. An existing gas station will remain on the site. No tenants have been identified at this time and construction has not yet begun.


Louisville's food scene has exploded in the past few years, but still maintains its relaxed Southern vibe.New businesses pack East Market Street, bringing buzz to the downtown area, and neighborhoods are hopping with fun new destinations. Chef Edward Lee ("Top Chef" season 9 contestant) and Damaris Phillips (winner of "Next Food Network Star" season 9 and host of "Southern at Heart" which is filmed in Louisville) are both riding the wave in this "foodie paradise," and they are not alone. Louisville has attracted quite a bit of culinary and restauranteur talent.

Zagat's Restaurant Guide has ranked Louisville amongst the Top US Foodie Getaways Around the World, and for good reason! As the start of the Bourbon Trail (one of National Geographic's Best Trips in the World), and a host city for the Distinguished Restaurants of North America convention, Louisville has earned its well-deserved reputation by providing a great climate for local restaurants (and international players). Being a leader in the farm-to-table movement, marrying great locally grown and produced foods with talented chefs that know how to prepare them, and really pushing the culinary envelope in all directions have helped Louisville build a booming clientele of both tourists and locals.

From "stars" getting national attention like Mussel & Burger Bar (Trip Advisor says they have one of the top ten burgers in the nation), Proof on Main, Cake Flour and Lilly's to local secrets like Garage Bar, Doc Crow's Smokehouse, Mayan Café and Please and Thank You, Louisville's diversity is definitely represented in its broad appreciation for delicious cuisine of all varieties. NuLu, of course, is the hottest area for new, hip restaurants and bars, but the Highlands, Old Louisville and Crescent Hill certainly have some shining stars. And you can find food trucks all around the city bringing options like Banh Mi Hero, Eats & Beats, Louisville Dessert Truck and MozzaPi to areas where you might not typically find them.

And no trip to Louisville would be complete without a little bourbon. Of course, bourbon is a staple at most local watering holes throughout the city, and the first four stops on the Kentucky Bourbon Trail are located here in the city. The Bulleit Experience at Stitzel-Weller Distillery, along with Angel’s Envy, the Evan Williams Bourbon Experience, the Old Forester Distillery and Rabbit Hole Distillery whet your thirst for the remaining eight distilleries on the trail, all of which are located within an hour and a half drive of Louisville.

LOUISVILLEFOOD & BEVERAGE


FOOD & BEVERAGE MARKET OVERVIEWLOUISVILLE

KEY AREAS CONSUMER PROFILE

FOOD & BEVERAGE OPERATORS INCLUDING

RENT FOR 3,500 SQFT UNIT

Downtown/CBD

Locals, Tourists,Daytime Business,Convention Attendees,Concert/EventAttendees

Morton's Steakhouse, Jeff Ruby's Steakhouse, Bob’s Steak & Chop House, The English Grill, Wild Eggs, Proof on Main, Vincenzo's Italian Restaurant, Stout Burgers & Beers, Please and Thank You, Decca Restaurant, Red Hot Roasters, Martin's Bar-B-Q Joint, Doc Crow's Southern Smokehouse & Raw Bar, Panera, Against the Grain Brewery, Milkwood Restaurant, Patrick O'Shea's, Sapporo Sushi & Sake, Dish on Market, Bluegrass Brewing Co., Feast BBQ, Buck's, Eddie Merlot's, Hard Rock Café, 610 Magnolia, Toast on Market, High Five Donuts, Royals Chicken, Macaron Bar, Omni Louisville Hotel (Bob’s Steakhouse, The Library, Pin + Proof, etc.), Couvillion, Porkland BBQ, Hell or High Water, Alex&nder, Ehrler’s Ice Cream, El Taco Luchador, Griff’s, Bandido Taqueria Mexicana

$26.00 PSF

Shelbyville RoadCorridor Affluent Locals

Red Robin, Cheesecake Factory, Outback Steakhouse, California Pizza Kitchen, Panera, Yang Kee Noodle, Blaze Pizza, Havana Rumba, Lotsa Pasta, Bonefish Grill, J. Alexander’s Redlands Grill, Ruth's Chris Steak House, Equus & Jack’s, Drake’s, Louvino, Carrabba's Italian Grill, Buca di Beppo, Del Frisco's, P.F. Chang's China Bistro, Z's Oyster Bar & Steakhouse, Texas Roadhouse, Mellow Mushroom, Romano's Macaroni Grill, Zoe's Kitchen, First Watch, Nothing Bundt Cakes, Wick’s Pizza, Boudreaux’s Cajun Cooking

$26.00 PSF


FOOD & BEVERAGE MARKET OVERVIEWLOUISVILLE

KEY AREAS CONSUMER PROFILE

FOOD & BEVERAGE OPERATORS INCLUDING

RENT FOR 3,500 SQFT UNIT

NortheastJefferson County Affluent Locals

Comfy Cow, Napa River Grill, Wild Eggs, Mitchell's Fish Market, Zoe's Kitchen, Olive Garden, Longhorn Steakhouse, Panera, Five Guys, Stoney River Legendary Steaks, Mojito’s, Drake’s, Shiraz, Heine Brothers Coffee, Tumbleweed, Village Anchor, World of Beer, Old Chicago, Napa River Grill, Bearno’s 502, Liege & Dairy Ice Cream + Waffles

$25.00 PSF

Dixie Highway Locals, DaytimeBusiness

Texas Roadhouse, O'Charley's, Applebee's, Qdoba Mexican Grill, Chili's, J. Gumbo's, Orange LeafFrozen Yogurt, Penn Station East Coast Subs, Cracker Barrel Old Country Store

$20.00 PSF

Outer Loop/Preston Highway

Locals, Tourists, Daytime Business

Longhorn Steakhouse, Olive Garden, O’Charley’s, Hooters, Red Lobster, Outback Steakhouse, Cheddars, Texas Roadhouse, Zaxby’s, McAlister’s Deli, Qdoba Mexican Grill, Starbucks, Panera, Roosters, Five Guys Burgers & Fries, El Nopal, The Seafood Lady

$20.00 PSF

Southern Indiana Locals, Tourists, Daytime Business

Cheddars, Kingfish, Buckhead's, Hooters, Ruby Tuesday, Tumbleweed, Red Robin, McAlister’s Deli, Kobe Japanese Steakhouse, Mark’s Feed Store, Outback Steakhouse, Five Guys Burgers & Fries, Big Four Burgers & Beer, River City Winery, Adrienne’s Bakery, American Smokehouse Stadium, First Watch, Blaze Pizza, Mission BBQ, Chill Burger, CoreLife Eatery

$20.00 PSF

No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.

© 2019 Cushman & Wakefield. All rights reserved.

CRAIG COLLINSSenior Director300 E. Main Street, Suite 510Louisville, KY 40202, USATel: +1 502 589 5150, ext [email protected]

BRENT DOLEN, CCIMSenior Associate300 E. Main Street, Suite 510Louisville, KY 40202, USATel: +1 502 589 5150, ext [email protected]

SAM ENGLISH, CFASenior Director300 E. Main Street, Suite 510Louisville, KY 40202, USATel: +1 502 589 5150, ext [email protected]

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