Jackson Miller

When we were deciding on a location for our retail store we wanted to pick a location that would be good for the long term. As we looked at the available markets we settled on Cool Springs. At the time the population density and demographics didn’t look great, but we felt that Cool Springs would be a regional shopping destination for a long time to come. Because of the high per-capita income in the area, we were not worried that Cool Springs Galleria would become another has-been like Bellevue or Harding Malls. We also felt that there was still room for the area to grow.

There is an article in today’s Tennessean that talks about growth in the area. It is validating to see that 3 out of the top 5 fastest growing areas in middle Tennessee are surrounding our store in Cool Springs. At 100% growth in the last 5 years, Spring Hill is by far the fastest growing by percentage. When you roll the Spring Hill, Franklin, and Brentwood areas together you have combined growth of more than 32% over the last 5 years. The cool thing is that the sales in our store are reflecting the growth of the communities we primarily serve. If you ask me, we picked the right market at the right time.

The next sure-fire retail bet in the middle Tennessee area is Murfreesboro. The area around Medical Center that this Nashville Business Journal article references is hot. There is a ton of traffic going by these new developments and businesses are clamoring to get in. With 92,000 people in the area these developments represent an under-served market that is ready to have more local options. I also think that the rapid growth in La Vergn will help support these businesses as more people opt to go out to shop in the vibrant Murfreesboro instead of in to the depressed Hickory Hollow area. While Smyrna is not on the list of fastest growing areas, there are still a large number of families there and Murfreesboro ismuch more convenient than any other shopping destination.

What is next up after Murfreesboro? Hendersonville. While the commercial development is not nearly as far along as in Murfreesboro, there are a lot of families moving into Hendersonville and Gallatin. The residential real estate markets in those two communities is super hot. The families that are moving there have money too; many of the new homes being built out there are selling for over $400,000. I am hearing the Indian Lake Mall being billed as the Cool Springs of the North. Hendersonville is going to be an area full of people who appreciate the finer things. I assume we will start to see luxury car brands moving into Hendersonville. As an independent entrepreneur I think there is a huge opportunity for some good independent restaurants to move into the Hendersonville market before it gets flooded with top-tier corporate concept brands. I could see a chef-run restaurant like Margot’s becoming a local favorite in Hendersonville while still being able to draw in customers for outside of the area.

So what is my sleeper pick? Mt Juliet. While it has grown 30% over the last 5 years, it does not have other fast-growing communities surrounding it. I have heard good things about the area and the last time I was out there it seemed nice. I also understand the real estate market out there to be holding steady with new construction still thriving (though I don’t think the per-capita is as high as in Hendersonville). I am thinking I need to take a trip out there and see it for myself. Maybe I will take the Music City Star.