S'haven Towne Center on the rebound

SOUTHAVEN — Despite the current economic downturn, the future looks promising for the Southaven Towne Center. After seeing four of its major retailers close in the past few months, the 35-store, 520,828 square-foot shopping center is showing signs of new life.

The former Circuit City store will soon have a new tenant in Indianapolis-based store hhgregg, Inc. The electronics and appliance company is scheduled to move into the building this year.

Vice President of Marketing for hhgregg Jeff Pearson confirmed Tuesday that his company has signed a lease for the store. Pearson said the company is looking at early fall for a possible opening.

The company, which has 111 stores in Tennessee, Alabama, Indiana, Kentucky and North Carolina, specializes in video products, brand name appliances, audio products and accessories.

As of March 31, 2008, hhgregg employed 3,808 employees nationwide — about 97 percent were full-time. On Wednesday, the company’s stock was trading at $17.17 per share. In the past year, it has seen a high of $19.10 and a low of $3.57.

Southaven Planning Director Whitney Choat said the city was obviously excited to have the vacant store filled again.

“Hopefully, it will bring new jobs to the area and keep our mall vibrant and lively,” she said.

Choat said the former Linens n’ Things and World Market stores will soon be occupied as well. Citing legal reasons, Choat said she could not yet disclose what businesses will be moving into the vacant stores. Circuit City, along with Linens n’ Things, World Market, and Sportsman’s Warehouse all closed this year due to the struggling economy.

DeSoto County Economic Development Council board member Chuck Roberts said the fact that the stores are filling within six months of being vacant speaks volumes about Southaven and the surrounding area. Roberts is also the president/CEO of Chuck Roberts Commercial Real Estate.

“It says a lot about the growth of Southaven and the quality of that growth,” Roberts said. “Even in bad economic times, you have an area with a very strong demographic that can continue to support the Towne Center. It will continue to be an economic positive for the city and the area.”

But it’s not all roses for the shopping center, which is owned by Chattanooga-based CBL & Associates Properties, Inc. Custom frame shop BA Framer is scheduled to close its doors for good Saturday.

Regional store director Bill Poole said the business just wasn’t making money anymore.

“We were losing money there,” he said. “But we still have seven locations open in Memphis.”

BA Framer has stores throughout Memphis and in several neighboring states. All of the Memphis locations will remain open.

Store manager Michael Chambers said any custom framing orders that aren’t picked up by Saturday will be taken to their Union Avenue location in Memphis.

The store has two full-time employees and one part-time employee.