The Belz Report - 2004, Summer

ICSC Report, 2006

Eastgate Shopping Center Rejuvenation

Eastgate Shopping Center is a retail mecca located in the heart of Memphis. Originally developed by Belz Enterprises in 1964, Eastgate always has been a strategically located property in the Belz portfolio.

When Belz originally developed the property, the area around the shopping center was relatively rural and White Station Road did not connect Park Avenue to Poplar Avenue. The area to the east of the center along Poplar was a ‘forgotten area,’ with run-down buildings and little retail. Now it is one of the busiest sectors in East Memphis, with a daily traffic count in excess of 40,000 vehicles. Easily accessible from the I-240 corridor, Eastgate is close to major office and professional buildings, two hospitals and other medical facilities.

Eastgate Shopping Center is close to the wealthiest population concentration in East Memphis. Due to its convenient location, and easy access to the shops, offices and medical facilities, the area surrounding Eastgate is now one of the most expensive areas in Memphis per squarefoot to live.

The focus for Eastgate has always been retail. In the 1970s it was the first shopping center that people from the Laurelwood area of Memphis to the area around the I-240 Loop went to for shopping. Key tenants included Woolco Department Stores, Paramount Theatre, Shoney’s Restaurant and Radio Shack, making it an attractive venue for shoppers at the time.

In the late 1980s, the old Paramount Theatre space was replaced with SteinMart Department Stores. Belz began to create a new long-term strategic plan for Eastgate Shopping Center that included renovating store fronts and signage, and attracting new tenants to create a one-stop shopping area that would appeal to the large business, medical and residential communities surrounding the center. Belz also worked closely with their tenants to help improve the interiors of their stores to make them
more visually appealing and customer friendly.

Following a successful renovation, Eastgate Shopping Center experienced a surge of leasing to quality tenants including Fresh Market,Michael’s Arts and Crafts, Burlington Coat Factory, Rack Room Shoes and TJ Maxx. The center’s changes and subsequent successes gave the surrounding areas and White Station Plaza across the street the incentive to make their own renovations. The renovations had ramifications beyond Eastgate. The improvements extended along the Poplar Corridor leading to the redevelopment of a ‘forgotten neighborhood’ into additional retail space, including the first Home Depot within the I-240 Loop.

The area surrounding Eastgate Shopping Center is now one of the most popular in Memphis. Belz’ long-term vision of a one-stop shopping center became a reality. Clothes, groceries, gifts, housewares, and arts and crafts are all available at the shopping center. Eastgate is a thriving center that capitalizes on the restaurants, shops and businesses that have flourished along the Poplar Corridor.

Due to its strategic location, the shopping center is now 100 percent leased. The complimentary mix of current tenants includes The Fresh Market, SteinMart, Ike’s Pharmacy and Michael’s Arts and Crafts, Burlington Coat Factory, Dollar Tree, TJ Maxx, and Rack Room Shoes. Eastgate Shopping Center is located on Park Avenue between White Station Road and Mt. Moriah. The center has 484,384 square feet of space.

For more information on Eastgate call or other retail properties (901) 260-7300.