Patience is a virtue they always say. In this scenario, patience had escaped us and most of the community was in disbelief and had conceded that the ever promised Super Walmart Shopping Center would never become a reality. For all of the doubting Thomas types, seeing is believing.
The Wolfson Verrichia Group (developer of Main Street at Exton) has executed the site work and the in-line and free standing buildings have begun to take shape. In addition to the Super Walmart, the following retailers will be joining the party:
- Sleepy's
- Frankford Cleaners
- Panda Buffet
- Bravo Pizza
- Gamestop
- Snap Fitness
- Fulton Bank
- Verizon
- Citadel Federal Credit Union
- McDonald's
- AutoZone
Originally it was WVG's intention to place a Lowe's in the 175,000 SF Phase II portion, however Lowe's will not be coming to this location, so that space will become multiple in-line shops. The WalMart SuperCenter is scheduled to be open in the spring of 2012, a 24/7 operation.
With this development, various improvements to the existing route 10 are expected, as the center will require acceleration and deceleration lanes, etc.
What will the impact be for Southern Chester County? Primarily, it will add $500K per year into the Oxford School District's budget via taxes. Of course, new jobs will be created. But what kind of impact will this have on the Commercial/Retail real estate industry in this area of Chester County?
Here are some possibilities to ponder:
- With the addition of a "big box" store of any kind, the impact on small business can be detrimental and the local community will have to determine to "bolster" and support those mom and pop shops that have served them well for years.
- Also, when the "big box" comes in, gets established there is increasing possibility for other National Retailers taking vested interest in the area
- The Draw: On average people will drive 20-25 minutes to do their regular shopping - new clientele for the Oxford Area, feeding other businesses in that location
- Possibility of increased interest by business owners seeking new office/industrial/flex space in new growth area
- Relocations and new buyers to this region of the residential real estate market due to new offerings in the area making it more appealing to call this area home
It's an exciting time to be in the Southern Chester County area and watch as the local economy gets a boost from national retail presence. Being a Commercial Brokerage we are in anticipation of the "next wave" of activity on the horizon.
