Print
Retail

Despite Slowdown, Sales Grew Downtown In '08

By K.J. Williams | Archives
Downtown uptick Estimated retail sales to consumers within a 1/2 mile and within 1 mile of Market and Front streets.

Downtown businesses may have seen a drop-off in customers since late 2008, but as a whole, retail sales grew for the area’s hot spot, according to an industry report.

John Hinnant, executive director of Wilmington Downtown Inc., said the report was generated for his organization by ESRI, a company that analyzes data. Statistics were collected for retail trade and food and drink establishments.

The report shows that the number of businesses located within a half-mile radius of Market and Front streets, grew to 177 in 2008 from 130 in 2007. Altogether, retail sales for 2008 increased to $76.5 million from 2007’s $53.2 million, the report shows.

“We saw a $23.3 million increase in retail sales for calendar year 2008 over calendar year 2007,” Hinnant said. Forty-seven new businesses opened, 23 of which were retail trade and 24 for food and drink, he added, citing business license information from the city of Wilmington.

Hinnant said that 2007 was not downtown’s strongest year in recent memory. In 2006, retail sales totaled $62.7 million for 150 businesses in that half-mile radius, and for 2005, the figure was $73.4 million for 184 businesses. Last year’s retail sales, however, topped the last four years.

With a higher number of businesses in the mix for 2008, that meant the retail sales were divided among more businesses, he said.  “As the pie grew, so did the number of slices.”

“I’m still seeing interest in people wanting to be downtown,” he added, referring to prospective tenants. He attributed this to “the amenities and foot traffic” downtown offers, along with rents that are lower than in some shopping centers.

Hinnant said that downtown likely saw more tourists in 2008 because more rainy days brought people off the beach to downtown. Also, it marked the first year that PPD was at full occupancy at its headquarters.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Dave sweyer 300 x 300

SHORT-TERM vs. LONG-TERM RENTALS

Dave Sweyer - Sweyer Property Management
Mikeharrington carolinaretreats 2

Boosting Off-Season Vacation Rental Income With Tax Deductions

Mike Harrington - Carolina Retreats
Kellyerola headshot lcflc

This Year, Resolve To Make A Plan

Kelly Erola - Lower Cape Fear LifeCare

Trending News

If City Seeks New Proposals, Company Has Castle Street Redevelopment Plans

Cece Nunn - Jan 14, 2022

MegaCorp Continues To Expand Office Footprint, Workforce

Johanna F. Still - Jan 14, 2022

In The Current Issue

What's In Store For Banks In 2022

The new year is likely to bring a continuation of some current banking trends as well as some new developments affecting the industry....


Q&A: Recruiting, Aiding Small Businesses

In his role with the chamber, Josh Hallingse aims to attract new small businesses to Wilmington but to help those already here grow...


New Hanover, Brunswick Back To Tier 3

After just one year at Tier 2, New Hanover and Brunswick counties return to Tier 3 status, the least economically distressed ranking designa...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100