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The only reason there is a lack of high-end stores here is because no metro area in South Carolina fits these retailers population demographics yet. The only reason Charleston has a Saks Fifth Avenue and Gucci is because of the rich tourists who visit the city every year.
The tourist comment on why there is a Saks in Chaleston is not accurate. Read a demographic report which clearly shows otherwise, hence the reason there is a Maybach dealer (cars starting at $250,00), Maserati (starting at $120,000), and soon to be Bentley (starting at $165,000) dealer.
Tourism certainly pushes sales but alone it's not enough of a deciding factor for luxury sale item retailers to open.
I'm just hoping and pushing for a wave of new business to hit MB that will attract bigger and better residents, etc.
Perhaps the process has begun with the opening of Market Commons. The Grande Strande is traditionally a very family oriented beach where families can afford to stay right on the beachfront. That is why millions of middle-class Americans vacation there with the kids. Places like Scottsdale or Naples or Miami or Palm Beach, have traditionally found a more upscale but smaller market.
Also the population base is somewhat small with only about 30,000 full time residents in Myrtle beach, which may explain the lack of Ferrari dealers
There are definately some very fine residential areas in the North Strand and in the golf communities of the South Strand including traditional southern plantations
The Market Commons which is modestly upscale was a concious effort to start the process of bringing an atmosphere that is not just for entertaining parents and teens and kids.
The tourist comment on why there is a Saks in Chaleston is not accurate. Read a demographic report which clearly shows otherwise, hence the reason there is a Maybach dealer (cars starting at $250,00), Maserati (starting at $120,000), and soon to be Bentley (starting at $165,000) dealer.
Tourism certainly pushes sales but alone it's not enough of a deciding factor for luxury sale item retailers to open.
I'm just hoping and pushing for a wave of new business to hit MB that will attract bigger and better residents, etc.
Actually it is accurate. Ever take an economics class? Saks Fifth Avenue wouldn't be there if it wasn't for the tourists who bring the money with them when they visit. That's why it's located downtown over anywhere else in the city. If you want a Nordstrom, move to Charlotte. You won't find one in this state until at least 2015. They don't care what the demographics are. They just care about population stats. You guys in Myrtle Beach already have plenty of tourist trap stuff like Hard Rock Park and Broadway at the Beach. Give somebody else a turn for once.
The only reason there is a lack of high-end stores here is because no metro area in South Carolina fits these retailers population demographics yet. The only reason Charleston has a Saks Fifth Avenue and Gucci is because of the rich tourists who visit the city every year.
Or all of the people who own 2,3,4,5,6,7 million dollar homes on Isle of Palms, Sullivans Island, Daniel Island, and downtown. I think the stores do fine when its not tourist season.
Or all of the people who own 2,3,4,5,6,7 million dollar homes on Isle of Palms, Sullivans Island, Daniel Island, and downtown. I think the stores do fine when its not tourist season.
Have you been to downtown Charleston in the summer? And what millionaire tourists go to Charleston for vacation? Very few. Most tourists here are middle to upper middle class. A good friend of mine worked retail downtown and they rely on their regular customers (locals) for their big sales. Most of the higher end stores get their business from locals. There are some high end stores (Gwynn's, Copper Penny, White- Bridal) that get pretty much all of their business from locals. I'm not sure you are very familiar with the Charleston area.
I think G-man is right - Charleston wouldn't have those stores if not for the tourism industry. Even though there are some very expensive homes South of Broad and on Isle of Palms, Seabrook, Kiawah, etc., they do not represent a large enough population to support high-end stores without the tourist trade. As to Myrtle Beach, it does not attract a large upscale tourist trade so I would expect high-end stores to more likely find a home in Hilton Head.
I think G-man is right - Charleston wouldn't have those stores if not for the tourism industry. Even though there are some very expensive homes South of Broad and on Isle of Palms, Seabrook, Kiawah, etc., they do not represent a large enough population to support high-end stores without the tourist trade. As to Myrtle Beach, it does not attract a large upscale tourist trade so I would expect high-end stores to more likely find a home in Hilton Head.
Once again I will mention the car dealers. Maybach (vehicles starting at $250-$450G), Maserati ($120-$180G), AMG S and SL class Benz (starting at $130G-$200G) etc. Tourists arent the market driving these car sales at Baker. Oh, and forgot to mention the Bentley franchise they're working on (cars starting at $165G)..
And according to Mercedes the average net worth of a person who purchases a SL 65 or S65 is $10 million ($200G cars).
Once again I will mention the car dealers. Maybach (vehicles starting at $250-$450G), Maserati ($120-$180G), AMG S and SL class Benz (starting at $130G-$200G) etc. Tourists arent the market driving these car sales at Baker. Oh, and forgot to mention the Bentley franchise they're working on (cars starting at $165G)..
And according to Mercedes the average net worth of a person who purchases a SL 65 or S65 is $10 million ($200G cars).
Car dealerships and high-end retail are two different things. There is a place in Greensboro that sells Ferrari's and Maserati's (my grandpa's brother has one of these ) and they don't have a Saks Fifth Avenue, Nordstrom, Barney's, etc. Heck, there's even car dealerships in Greenville that sell Bentley's and Aston Martin's: http://www.lexusofgreenville.com/VehicleDetails/959895924 (broken link) The only reason Charleston has those stores is because of the rich tourists who visit the city every year. Ask any retail consultant or economist if you don't believe me. I've been to Charleston plenty of times in the summer. I've been there in the winter even. The reason Myrtle Beach doesn't have these stores and Charleston does is because they got them first and the tourists who visit Charleston tend to be more wealthy and of an older age group.
High end retail stores open in areas where there is a market to support them. The people who run these stores do not take any chances. Everything is researched and checked and gone over by their experts. Then they spend millions opening a new store with a very sure idea that their investments will pay off big. When an area will support these high end stores they will open. By the way, I was just in Myrtle Beach last week and had a very fine stay there. Can't wait to move there soon. Now if only my house will sell here.. Still waiting....
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Saks Fifth Avenue wouldn't be there if it wasn't for the tourists who bring the money with them when they visit. That's why it's located downtown over anywhere else in the city. If you want a Nordstrom, move to Charlotte. You won't find one in this state until at least 2015. They don't care what the demographics are. They just care about population stats. You guys in Myrtle Beach already have plenty of tourist trap stuff like Hard Rock Park and Broadway at the Beach. Give somebody else a turn for once.
) and they don't have a Saks Fifth Avenue, Nordstrom, Barney's, etc. Heck, there's even car dealerships in Greenville that sell Bentley's and Aston Martin's: http://www.lexusofgreenville.com/VehicleDetails/959895924 (broken link) The only reason Charleston has those stores is because of the rich tourists who visit the city every year. Ask any retail consultant or economist if you don't believe me. I've been to Charleston plenty of times in the summer. I've been there in the winter even. The reason Myrtle Beach doesn't have these stores and Charleston does is because they got them first and the tourists who visit Charleston tend to be more wealthy and of an older age group.
