High traveled Ridgewood Drive corner loses Walgreens
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.”
To sign up for Mississippi Business Daily Updates, click here.
One Response to “High traveled Ridgewood Drive corner loses Walgreens”
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Silver Airways ordered to continue service
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Bryant signs controversial abortion ban bill
- Two Delta groups getting economic development funding
- Pharma Pac lays off rest of workers; could end up owing state
- Soybean yield more than doubles in less than a decade
- Plans unveiled for large shooting range on Coast
- Ole Miss launches commitment to be 'climate neutral'
- Yarber could be sworn in today as new Jackson mayor
- Biloxi baseball project still alive but may be held for 2015