News Summary
Myrtle Beach is seeing significant redevelopment in its retail sector, highlighted by recent transactions and planned construction. Key developments include the sale of a shopping center by NAI Charleston and plans for new stores like Hobby Lobby. Despite challenges faced by venues like Inlet Square Mall, local commerce is showing resilience, with Coastal Grand Mall thriving. As consumer preferences shift and online shopping rises, the area adapts, aiming to create vibrant mixed-use spaces that cater to modern shoppers.
Myrtle Beach is undergoing significant redevelopment in its retail landscape, as evidenced by notable transactions and impending construction projects. The latest initiatives aim to revitalize local commerce, particularly in the wake of declining mall environments.
Recently, NAI Charleston facilitated the sale of a 57,659-square-foot shopping center located at 201-233 International Drive in Myrtle Beach, which has been anchored by Lowes Foods since its inception in 2014. The shopping center, spanning 6.4 acres, features a mix of both local and national tenants, illustrating an encouraging evolution in the retail scene.
In this transaction, Thomas Boulware and Michael Branch from NAI Charleston represented the buyer, while Drew Parks from Coldwell Banker Commercial represented the seller. Such real estate dynamics highlight a continued interest in retail spaces, amidst broader trends impacting shopping centers.
In a related effort, the InterFace I-85 Industrial Corridor initiative is set to enhance industrial market growth along the I-85 corridor, further demonstrating a multifaceted approach to regional economic development. Various events centered on multifamily properties, healthcare real estate, and the senior housing market will address current trends and opportunities in these sectors.
However, not all shopping venues in Myrtle Beach are thriving. Inlet Square Mall, once a bustling hub of commerce, is facing significant challenges. Declining foot traffic has forced the mall’s last business, which was managed by Steve Pruett, to close. In response to its ongoing decline, demolition of the mall began in 2024, signaling a shift in retail strategies for the region.
Financial evaluations reflect these struggles, as the sale price of Myrtle Beach Mall has plummeted from $42.2 million in 1996 to under $20 million in 2023. Similarly, Inlet Square Mall’s value decreased from $16.3 million in a sale in 2009 to just $6 million in 2023. Such declines illustrate a significant transformation in shopping behaviors, fueled largely by the rise of online shopping and changed consumer preferences.
In contrast, the Coastal Grand Mall continues to thrive, drawing comparable visitor numbers to other thriving retail areas. The resilience of this particular mall may serve as a blueprint for future developments aiming to reinvigorate regional retail.
Plans for the redeveloped Inlet Square include the addition of two Hobby Lobby stores: one within the newly redeveloped mall and a second location planned near the Walmart in Carolina Forest. Hobby Lobby is recognized as the largest privately owned arts and crafts retailer in the United States, boasting over 1,000 locations nationwide.
Additionally, the retail landscape will see new developments around Tanger Outlets Myrtle Beach. Buckle recently opened a new 7,000-square-foot store, and JD Sports is in the process of relocating and renovating its outlet stores, indicating an investment in the area’s shopping facilities and consumer engagement.
The evolving retail scene in Myrtle Beach reflects a broader national trend of transforming traditional malls into mixed-use developments. This strategy aims to revitalize retail areas that have struggled with decreasing foot traffic and competition from e-commerce. As developers and businesses adapt to changing market conditions, the future of Myrtle Beach’s retail landscape may become increasingly focused on creating engaging, multifunctional spaces that meet the needs of contemporary shoppers.
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Additional Resources
- Shopping Center Business
- Wikipedia: Myrtle Beach
- Myrtle Beach Online
- Google Search: Myrtle Beach retail development
- Shopping Center Business
- Encyclopedia Britannica: Myrtle Beach
- WMBF News
- Google News: Myrtle Beach shopping news
- My Horry News
Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
