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Sunday, 17 January 2010
RadioShack-Chapel Hill - A "Target Your Space" Case Study
Challenge
Eastgate Shopping Center is located in Orange County, at the intersection of East Franklin Street and Route 15-501 Bypass in Chapel Hill. The property has a total of 153,000 square feet and includes SteinMart, Rite Aid, Massage Envy, Chicos, Talbots, Trader Joe's, EVOS and Great Outdoor Provision Company. RadioShack previously occupied space at Eastgate Shopping Center, but the retail store closed after the shopping center’s renovation when the economics were no longer practical.
Although the center proved ideal in terms of location and market demographics, the economics prevented the store from relocating back to the area.
Strategic Action
When RadioShack wanted to reopen in the area, Shane Bull and Amy Watkins provided extensive review and analysis of several store locations in Chapel Hill. The team’s research kept leading back to Eastgate Shopping Center. When it economically made sense for the client to move back to the center, this site was strongly considered and recommended.
Shane and Amy conducted extensive property research and location analysis for RadioShack in order to meet their requirements. They also provided thorough market segmentation and demographic reports analyzing customer reach and target audience base, provided a windshield tour of the area, and assisted in Letter of Intent negotiations, as well as negotiating the store’s lease terms.
Results
With the improved economy and increased consumer confidence, RadioShack is experiencing great success at Eastgate Shopping Center. As originally predicted, the center has proven to be very effective in attracting RadioShack’s target market and continues to serve as another quality location for the consumer electronics retailer.
I truly am thankful for everything that Shane has done for the Downtown Raleigh Alliance. From networking to bringing others on board to his consistent help and guidance on our retail program, I really appreciate all of his efforts and value our partnership.
Paul Reimel
Economic Development Manager
Downtown Raleigh Alliance
Grubb & Ellis|Thomas Linderman Graham is a leading provider of commercial real estate services in the Triangle Area (Raleigh, Durham and Chapel Hill) of North Carolina. The company offers a comprehensive menu of services that includes Landlord and Tenant Representation, Asset and Property Management, Investment and Building Sales, Land Acquisitions and Sales, Corporate Consulting, Finance and Accounting and Investor Development Services.