Home to the Kentucky Derby, the Louisville Slugger baseball bat and the starting point of Kentucky’s Bourbon Trail, Louisville’s dedication to tourism has never been more evident. Louisville is also located within a day’s drive of two thirds of the U.S. population and benefits from two world class convention centers. Frequently found on national lists as a great destination for a variety of reasons and interests, it’s easy to see that Louisville loves tourists and that tourists love Louisville.
Situated on the shores of the Ohio River and boasting more than 120 public parks (18 of which were designed by renowned landscape architect, Frederick Law Olmsted), Louisville has the big city benefits with a whole lot of small town appeal. Employers large and small have found Louisville to be very business friendly. Throughout the city you will find plenty of start-ups amongst the international headquarters of Humana, Yum! Brands, CaféPress, Brown Forman, Texas Roadhouse and others.
Strong local employment numbers and brisk tourist traffic fuel the demand for both retail products/services and food/beverage sector options. Louisville is leading the nation’s farm to table restaurant movement and produces one third of the world’s bourbon. This combination continues to inspire an eclectic variety of restaurants and breweries throughout the city, appealing to residents and tourists alike.
DIXIE HIGHWAYDixie Highway is the major retail corridor in the southern part of the Louisville and Jefferson County. While this area has a greater density of auto dealerships than any other in the city, there are also plenty of retail and restaurant options in this trade area. With Fort Knox Army Base to the far south, the Dixie Highway retail corridor benefits from extremely high traffic counts ranging from a low of 22,000 to a high of 65,900 daily. These phenomenal traffic counts translate to big business for area retailers.
OUTER LOOP / PRESTON HIGHWAYWith the Louisville International Airport and major employers like UPS, Ford, and Amazon drawing tens of thousands of people to this area, the average daily traffic counts are some of the largest in the city. Jefferson Mall and the Festival at Jefferson Court are the largest retail venues in this more industrial area of the city. The Walmart Supercenter in the Hillview area also draws shoppers from nearby Bullitt County.
SOUTHERN INDIANAThe Southern Indiana retail trade area has grown substantially over the past few years. Historically, the small towns that populate the area just across the Ohio River from Louisville have crossed the bridge to spend their retail dollars. More and more this is changing as both retail and restaurant options continue to succeed in this market. With the addition of the Riverport Industrial Park (and its large employers like Amazon), as well as the completion of the Ohio River Bridges project, this trend is going to continue for the foreseeable future.
DOWNTOWN/CBDShopping in downtown Louisville is as varied as its dining scene. Exquisite creations of glass at Glassworks or Flame Run, or authentic Kentucky-made crafts at the Kentucky Museum of Art and Craft. If your passion is antiques, Joe Ley is one of America’s largest and most unusual antique stores to shop for treasures. Many visitors take advantage of the trolley to explore the downtown’s central business district as well as the surrounding historic districts of West Main Street, Butchertown and NuLu. The $70 million entertainment district at Fourth Street Live! And the KFC Yum! Center both bring plenty of local and out of town traffic to the downtown district at night, while high daytime population demographics offer retailers and restaurateurs plenty of business during the day, as well.
SHELBYVILLE ROAD CORRIDORFrom St. Matthew’s to Middletown, this 8 ¾ mile stretch of road has dozens of shopping centers and two malls. The Mall of St. Matthews and Oxmoor Mall, and is a vital artery in this retail trade area. The neighborhoods that dot this retail corridor sustain above average income demographics from one end to the other.
NORTHEAST JEFFERSON COUNTYThe northeast area of Louisville’s Jefferson County offers an affluent resident base with many high-end retailers and boutiques in the Paddock Shops, Springhurst and Westport Village. At the edge of the neighboring Oldham County, this location draws many shopper from outside Louisville to enjoy the benefits offered in the “big city.”
STONY BROOK SHOPPING CENTER80,000-SF anchor tenant, Kroger is expanding to 115,000 SF in this well-established center. The projected completion for this expansion is early 2017. The store will have a sushi island, an olive bar, a sandwich station, soup & salad bar, kitchen department and expanded produce, meat, deli/bakery and natural foods departments. The expansion will also include a TLC Medical Clinic and an apparel department.
NEW ALBANY PLAZANew Albany Plaza is in the process of transforming anchor-tenant Kroger from a 69,000-SF standard grocery store to a 125,000-SF Kroger Marketplace store. The expansion will offer a bistro, kitchen supply, office supply, wine & spirits shop, apparel, toys and a fresh sushi section. The expansion is expected to be complete early fall of 2017.
JEFFERSONVILLE TOWN CENTERThe 240,000-SF mixed use development already includes a Boombozz Craft Pizza, Comfy Cow, Krispy Kreme Donuts, Culvers, Heine Brothers, Marathon Gas Station, Tire Discounters, L&N Federal Credit Union, Menards, and Edward Jones. Two anchor tenants will be announced soon.
1635 TOWN CENTER BLVDThis 40,000-SF center will be the largest retail center located on the Jeffersonville side of the Veterans Parkway corridor. This new center could accommodate 3-6 suites and developers are currently in talks with several retailers. Given the booming retail area, this new center should lease quickly.
SOUTH POINTE COMMONSAfter numerous delays, developers are planning a groundbreaking for this $60M retail center early 2017. Tenants have not yet been disclosed, but leasing has begun at the 363,000-SF center. Barrister Commercial Group is confident that South Pointe Commons will be the premier shopping, dining and entertainment experience in the Louisville area.
BRIDGEPOINTE COMMONS70 acres of land has been acquired for this $150M mixed-use project. The large-scale development will include two hotels, a medical campus, a senior living facility, a movie theater, two restaurants, a bank and big box retail. No tenants have been signed at this time.
RIVERPARK PLACE SHOPS (PHASE I)Poe Development has begun construction on what will become a unique, all-inclusive 40-acre community. Upscale urban living is the foundation of this waterside destination and community, with plans including condominiums, upscale apartments, shopping, restaurants, and the largest marina on the Ohio River. The apartments and marina have been delivered and shopping and restaurants are planned at this point.
VETERANS CROSSINGHogan Real Estate is in pre-development and has a strong level of tenant interest. Construction is expected to start mid-2017. The 35,000-SF development is to be located near Clarksville Town hall and will provide pedestrian-friendly options.
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000 SQFT (PSF)S||RANGE OF UNIT SIZES (SQ FT)|
|Downtown/CBD||Locals, Tourists, Daytime Business, Convention Attendees, Concert/Event Attendees||Bittners, Red Tree Furniture, Seng Jewelers, Glassworks, A Taste of Kentucky, George M. Krekel Jewelers, Art Eatables, Muth’s Candies, Zephyr Gallery, French Pleat, Bays Boutique, Why Louisville, Work the Metal, Objects of Desire Gallery, Flame RunRegalo, Kicks, Rellek, Canoe, Chipotle, Dunkin Donuts||Surface Noise, Modern Trousseau||$26.00/SF||1,000 – 5,000 SF|
|Shelbyville Road Corridor||Affluent Locals||Michael Kors, Staples, Academy Sporting Goods, Crate & Barrel, Aeropostale, Forever 21, Jared Jewelers, Nordstrom Rack Shoes, Godiva Chocolatier, Hollister, Hot Topic, Pottery Barn, New York & Company, D&W, H&M, Drybar, Fresh Thyme Farmers Market||Bliss Home, BloFish, Spin Gym, OshKosh B’Gosh, Carters||$24.00/SF||2,000 – 5,000 SF|
|Northeast Jefferson County||Affluent Locals||Cabela’s, White House | Black Market, Banana Republic, Ann Taylor, Gymboree, Victoria’s Secret, Dick’s Sporting Goods, Kohl’s, Charteuse, Closets by Design, Build A Bear Workshop, Costco, Ulta, Talbot’s, Loft, J. Crew, Pier 1, Barnes & Noble, Quest Outdoors, Cabela’s, Academy Sports, Hobby Lobby||Carters, Total Wine & More||$30.00/SF||5,000 – 10,000 SF|
|Dixie Highway||Locals, Daytime Business||Home Depot, Kay Jewelers, Dots, Marshalls, Merle Norman Cosmetics, Sears, Staples, Target, K-Mart, Dillards, Guess, Radio Shack, TJ Maxx, Game Stop, Payless ShoeSource, Leroy’s Jewelers, Ashley Stewart, Herve Leger, Marshall Rousso, True Religion||Discount Tire||$18.00/SF||2,000 – 5,000 SF|
|Outer Loop/Preston Highway||Locals, Tourists, Daytime Business||Ross Dress For Less, Kay Jewelers, Yankee Candle, Motherhood Maternity, JoAnn Fabrics, Toys R Us, Old Navy, American Eagle Outfitters, Bath & Body Works, Hot Topic, PetSmart, Macy’s, Staples, TJ Maxx, Hibbett Sports, Foot Locker, Academy Sports, Michael’s||Menards||$18.00/SF||2,000 – 5,000 SF|
|Southern Indiana||Locals, Tourists, Daytime Business||Bass Pro Shop, Target, Walmart, Kohl’s, Kirkland’s Home, Ross Dress for Less, Dillards, Bed Bath and Beyond, Shoe Carnival, Journeys, Office Depot, Hobby Lobby, Foot Locker, Children’s Place, Sephora, Aeropostale, Victoria’s Secret, Hollister||$18.00/SF||2,000 – 5,000 SF|
Data as of January 2017
Louisville’s food scene has exploded in the past few years, but still maintains its relaxed Southern vibe. New businesses pack East Market Street, bringing buzz to the downtown area, and neighborhoods are hopping with fun new destinations. Chef Edward Lee (“Top Chef” season 9 contestant) and Damaris Phillips (winner of “Next Food Network Star” season 9 and host of “Southern at Heart” which is filmed in Louisville) are both riding the wave in this “foodie paradise,” and they are not alone. Louisville has attracted quite a bit of culinary and restaurateur talent.
Zagat’s Restaurant Guide has ranked Louisville amongst the Top US Foodie Getaways Around the World, and for good reason! As the start of the Bourbon Trail (one of National Geographic’s Best Trips in the World), and a host city for the Distinguished Restaurants of North America convention, Louisville has earned its well-deserved reputation by providing a great climate for local restaurants (and international players). Being a leader in the farm-to-table movement, marrying great locally grown and produced foods with talented chefs that know how to prepare them, and really pushing the culinary envelope in all directions have helped Louisville build a booming clientele of both tourists and locals.
From “stars” getting national attention like Mussel & Burger Bar (Trip Advisor says they have one of the top ten burgers in the nation), Proof on Main, Cake Flour and Lilly’s to local secrets like Garage Bar, Doc Crow’s Smokehouse, Mayan Café and Please and Thank You, Louisville’s diversity is definitely represented in its broad appreciation for delicious cuisine of all varieties. NuLu, of course, is the hottest area for new, hip restaurants and bars, but the Highlands, Old Louisville and Crescent Hill certainly have some shining stars. And you can find food trucks all around the city bringing options like Banh Mi Hero, Eats & Beats, Louisville Dessert Truck and MozzaPi to areas where you might not typically find them.
And no trip to Louisville would be complete without a little bourbon. Of course, bourbon is a staple at most local watering holes throughout the city, and the first two stops on the Kentucky Bourbon Trail are located here in the city. The Bulleit Experience at Stitzel-Weller Distillery and the Evan Williams Bourbon Experience whet your thirst for the remaining seven distilleries on the trail, all of which are located within an hour and a half drive of Louisville.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATORS INCLUDING||RENT FOR 3,500 SQFT UNIT (psf)|
|Downtown/CBD||Locals, Tourists, Daytime Business, Convention Attendees, Concert/Event Attendees||Morton’s Steakhouse, Jeff Ruby’s Steakhouse, The English Grill, Wild Eggs, Proof on Main, Vincenzo’s Italian Restaurant, Stout Burgers & Beers, Roux, Please and Thank You, Decca Restaurant, Red Hot Roasters, Martin’s Bar-B-Q Joint, Doc Crow’s Southern Smokehouse & Raw Bar, Rye, Panera, Saffron’s, Against the Grain Brewery and Smokehouse, Milkwood Restaurant, Patrick O’Shea’s, Sapporo Sushi & Sake, Dish on Market, Z’s Oyster Bar & Steakhouse, Buck’s, Eddie Merlot’s, Hard Rock Café, 610 Magnolia, Toast on Market||$26.00/SF|
|Shelbyville Road Corridor||Affluent Locals||Red Robin, Cheesecake Factory, Outback Steakhouse, California Pizza Kitchen, Panera, Yangkee Noodle, Blaze Pizza, Havana Rumba, Lotsa Pasta, Bonefish Grill, J. Alexandrers, Ruth’s Chris Steak House, Equus, Bluegrass Brewing Company, Carrabba’s Italian Grill, Buca di Beppo, Del Frisco’s, P.F. Chang’s China Bistro, Z’s Oyster Bar & Steakhouse, Texas Roadhouse, Mellow Mushroom, Romano’s Macaroni Grill, Zoe’s Kitchen, First Watch||$25.00/SF|
|Northeast Jefferson County||Affluent Locals||Comfy Cow, Napa River Grill, Wild Eggs, Mitchell’s Fish Market, Zoe’s Kitchen, Rafferty’s, Olive Garden, Longhorn Steakhouse, Panera, Five Guys Burgers, Stoney River Legendary Steaks, Corbett’s An American Place, Heine Brothers Coffee, Cake Flour, Tumbleweed||$25.00/SF|
|Dixie Highway||Locals, Daytime Business||Texas Roadhouse, O’Charley’s, Applebee’s, Qdoba Mexican Grill, Chili’s, J. Gumbo’s, Orange Leaf Frozen Yogurt, Penn Station East Coast Subs, Cracker Barrel Old Country Store||$20.00/SF|
|Outer Loop/Preston Highway||Locals, Tourists, Daytime Business||Longhorn Steakhouse, Olive Garden, O’Charley’s, Hooters, Red Lobster, Outback Steakhouse, Cheddars, Texas Roadhouse, Zaxby’s, McAlister’s Deli, Qdoba Mexican Grill, Starbucks, Panera, Main Event||$20.00/SF|
|Southern Indiana||Locals, Tourists, Daytime Business||Rocky’s Sub Pub, Cheddars, Kingfish, Buckheads, Bristol Bar & Grill, Ruby Tuesday, Tumbleweed, Cluckers, Ann’s by the River, Kobe Japanese Steakhouse, Mark’s Feed Store, Outback Steakhouse||$20.00/SF|
Data as of January 2017
CRAIG COLLINSSenior Brokerage Advisor
Commercial Kentucky, Inc.
333 E. Main Street, Suite 510
Louisville, KY 40202
Tel: 502 589 5150
JASON WOODALLBrokerage Advisor
Commercial Kentucky, Inc.
333 E. Main Street, Suite 510
Louisville, KY 40202
Tel: 502 589 5150