Sep
07

Shops Don’t Fill Up Retail Space Boom in Myrtle Beach

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Economy has some hesitant to jump in despite open spots

September 06, 2008

By Jessica Foster – The Sun News

It’s a bit lonely for Elena’s Boutique & Consignments owner Raissa Kvelidzein her spot at the Old Salem Shoppes center on S.C. 707.

She’s the sole tenant in the relatively new strip mall, where about 11 other storefronts sit empty. Business has been slow during her first few weeks there, but she hopes more shops will soon move in and bring more foot traffic.

“If I get neighbors, absolutely, people will stop by,” she said.

It’s a scene not uncommon in today’s challenging economy, in which capital markets have tightened, consumer spending is sluggish and many retailers are hunkering down.

Whether it’s a smattering of empty spots in a busy plaza or a strip mall like Old Salem Shoppes that’s practically deserted, there are more retail vacancies now on the Grand Strand than in recent years.

“You see that a lot of places are 50 percent occupied, and there’s no real rush on anyone’s part to occupy them,” said Coastal Carolina University research economist Don Schunk.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/business/story/584992.html

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