Mall
TEXT walkable communities, Wolfchase Galleria made front-page news the past year by landing Cheesecake Factory.
Remember that long-planned exit of Malco Theatre from Wolfchase? The theater chain did a 180. Malco is not only staying in Wolfchase Galleria, it is undergoing a major renovation.
And the wider commercial district Wolfchase helped to create is doing just fine, too. Opening just across I-40 in December was Ikea, the only Ikea in Tennessee. Sure, Sports Authority vacated its big box across Germantown Parkway, but the mammoth bar and video game pub Dave & Buster’s will fill that space.
Commercial real estate broker Danny Buring of The Shopping Center Group has a nickname for regional-draw, national brands like Ikea, The Cheesecake Factory and Dave & Buster’s: “One And Dones.” Meaning, they will build only one location in a mid-size market like Memphis. For Memphis, all three of them chose to be in or near Wolfchase Galleria.
Even the executive who heads The Outlet Shops in Southaven, Highland Row mixed-use development in the University District, and Carriage Crossing lifestyle center in Collierville acknowledges the continued strength of Wolfchase Mall.
“Obviously, I’m pro-lifestyle center,” Josh Poag of Poag Shopping Centers said. “But the reality is this: Location is vital to any kind of development ... Wolfchase has remained a dominant mall in the market.
“That partly is because (owner) Simon Properties is large across the country. They can use leverage to bring tenants in and keep tenants there. But on top of that, it’s a really good location,” Poag said.
Wolfchase Galleria anchors the northeast quadrant of I-40 and North Germantown Parkway.
“Now there is such a good conglomeration of retail, and with Ikea opening, it further solidifies it into the largest retail hub in the Memphis area,” Poag said.
Development continues to push farther east along I-40, but neither Buring nor Poag believes that some future shopping district will do to Wolfchase what Wolfchase did to the Raleigh Springs Mall. That inner-suburban mall steadily emptied and failed, and is being demolished and redeveloped for mixed use by the City of Memphis.
Both Buring and Poag said it is likely that a smaller “power center” will emerge east of Wolfchase, but not another retail hub nearly its size.
Hundreds of businesses have been housed since 1997 in the mall, anchored by Macy’s, Dillard’s, JC Penney and Sears. The roster includes 44 charter tenants like Gap, Express and Disney Store that have operated in Wolfchase since the day it opened.
For more information, call 901-3729409 or visit www.simon.com/mall/ wolfchase-galleria.