Economic Profiles

Affordable Housing, Market Rate Housing, & Commercial Investment

MARKET ASSESSMENT

Retail in Winston Salem is Highly Concentrated

  • Retail is primarily located near the Hanes Mall and the two medical centers
  • Almost no retail is found in the northeast quadrant of the city
  • Closest retail to the study area: MLK Drive & New Walkertown Road
    • About a 1-mile trip from study area (one way)
    • Main stores: Food Lion, Save-a-Lot, CVS, Family Dollar, fast food, banks

Retail Employment in Winston Salem

Retail Leakage Analysis: Untapped Potential

5-Minute Drive Area:

  • $11.5 million potential demand for warehouse clubs and supercenters (Walmart, Target, Sam’s Club, Costco, etc.)
  • Average sales per store for this type in North Carolina is around $7.6 million
  • $500K potential demand for grocery stores – probably not enough to attract a new store

10-Minute Drive Area:

  • $31.3 million potential demand for grocery stores – area is underserved
  • No available demand for supercenters
  • This area and most of the city appear to be underserved by grocery stores, but supercenters may be capturing the grocery demand

Implications

  • There may be demand for a new supercenter or a full-line grocery store on the northeast side, but it will depend on the location
  • Location would need to be highly accessible to the broader area with a parcel of around 20 acres

Retail Drive Time Areas

Retail Drive Time Areas

  • Most of the city can be reached in 15 minutes or less from the study area
  • Study area residents can reach the primary retail concentration areas within 10-15 minutes by car
  • Bus access will be different