By Ted Carter
Today’s sale revenue demands can render even a heavily traveled intersection such as the Ridgewood Road and Ridgewood Court corner less than satisfactory.
Such was apparently the case with the recent closure of the Walgreens at 6308 Ridgewood Court. That store has relocated to the south corner of Pear Orchard and County Line roads, a move that one specialist in selecting and developing sites for drug store chains says is expected to juice per-square-foot sales for Walgreens.
“We have done a number of repositionings for them,” said D. Brooks Holstein, managing member of Biloxi commercial real estate firm Comvest Properties. “They will only relocate a store if it can have a minimum of 30 percent increase in revenue.”
Contributing to the move as well could be an anticipated drop off in vehicle traffic with the expected closing of the Sam’s Club less than an eighth of a mile away.
A further reason is Walgreens’ retreat from aggressive growth, according to Holstein. “Walgreens was doing 600 new stores a year,” he said. “Now they are doing 50. All of their capital budgets are going into remodels and repositionings” to higher traffic areas.
Big pharmacy chains such as CVS and Walgreens lease their store sites. In this instance, that situates the south corner of Ridgewood Road and Ridgewood Court for a retail downgrade, Holstein noted.
“You’ll see a second generation user go in there. Maybe a Dollar Store or an auto parts store.”