Neiman Marcus to lead luxury invasion

The Charlotte Observer

CHARLOTTE, N.C. - When it comes to the retail sector in the Charlotte region, luxury will rule in 2006.

Neiman Marcus is leading the charge with plans to open a new 80,000-square-foot store at SouthPark mall on Sept. 15. It will be the first Carolinas store for the Dallas-based chain, known for such high-end brands as Valentino and Manolo Blahnik.

It will bring with it another 15,000 square feet of space -- about four to five smaller stores -- in the wing leading to it, SouthPark manager Randy Thomas said last week. And this month, SouthPark plans to announce which shops will occupy an upscale mixed-use development at the corner of Sharon and Morrison Roads. The mall has previously disclosed plans for 90,000 square feet of retail space with 150 apartments above it.

Thomas kept mum on which stores are coming to the corner except to say the group will likely include a larger anchor and some smaller stores.

But they're also likely to be high-end, and insiders believe housewares seller Crate & Barrel will be among them.

High-end retailers are drawn to the region because of its rapidly accumulating wealth. The Charlotte region's median income of $44,375 ranks 15th in the nation, noted Kathleen Rose, a real estate analyst for Rose & Associates Southeast Inc. in Davidson. "It sheds some light on why so many retailers are looking at this market," she said.

Another retail trend to watch, she said: more mixed-use town center formats that resemble Phillips Place and Birkdale Village, with pedestrian-friendly features and residential development.

As luxury retailers continue to locate near the greatest concentrations of wealth and population, discounters such as Wal-Mart and Target will also increasingly move to the region's outlying areas, Rose predicted.