Best Buy Makes a Decision in Tupelo, MS Posted Monday, June 11, 2007 by tupelocommons
BY DENNIS SEID
TUPELO - Tupelo Commons has become a best bet for Best Buy, the nation's largest consumer electronics retailer.
"Site work has begun and we expect a late summer opening of 2005," said Kenneth Farrell, who heads Kenlan Development of Memphis.
The 20,000-square-foot store will be on a 3-acre site bordered by North Gloster, U.S. Highway 78 and Commonwealth Boulevard. That puts it directly west of the Cleveland Commons shopping complex that will be anchored by Ashley Furniture and Hancock Fabrics.
A site plan of the development also shows an FAA Credit Union plans to build a facility across Commonwealth Boulevard from the proposed Best Buy location.
The stand-alone store has a price tag of about $3 million, which includes the purchase of real estate plus the construction of the building. That figure does not include fixtures, lighting and other equipment for! the interior.
A Best Buy spokesman said he could not comment on whether or not the company was planning to build a retail outlet in Tupelo, citing the company's desire to announce its store expansion plans early next year. On its Web site, the company says it opens about 60 stores each year and that each retail location has an average of 150 employees.
In January, Best Buy was named Forbes magazine's company of the year. Clay Short, director of commercial sales and leasing for TRI Inc. Realtors, said having the likes of the company commit to Tupelo Commons says much about the development, which is growing rapidly.
Abner's and Olive Garden restaurants have been under construction for several months, joining Wendy's, Lenny's Subs and Chili's. With Lowes and Malco Theatres already in the mix, more retailers and restaurants are expected to look at the area.
Short also said he's been getting plenty of interest in the Courtyard Buildings adjacent to Malco.
"We're targeting specialty categories , where each has a niche they can fill," he said.
Those specialty shops could include spa and salon, a premium wine dealer, a gift shop and a bakery.
Already committed to the Courtyard are Stone Cold Creamery, High Point Coffee and AT&T Wireless.