A Virginia Seaside-based chain of low cost equipment retail shops is hoping to make a splash within the Richmond market.
East Coast Equipment will plant its first flag within the space with a 16,000-square-foot retailer at 11000 Midlothian Turnpike, close to Chesterfield Towne Middle. The constructing was beforehand residence to a Salvation Military thrift retailer.
The corporate purchased the property from the Salvation Military for $2.4 million in a deal that closed Sept. 25.
It plans to open at that location earlier than the top of the 12 months. The property was most not too long ago valued at $2.4 million, in keeping with Chesterfield County property information.
Whereas the Chesterfield outpost would be the smallest of the corporate’s seven places — different shops common about 20,000 sq. toes — proprietor Rob Nicholson stated the previous thrift retailer was the most suitable choice that’s come alongside after a protracted seek for an area within the Richmond space.
“There’s 1,000,000 and a half folks (in Hampton Roads) and 1,000,000 and half folks in (the Richmond space),” he stated. “The realm has an analogous profile, in order a retailer it’s a pretty market.”
Nicholson stated he’s optimistic he can carve out a distinct segment for his firm in new territory. He plopped his newest retailer down on a significant roadway and close to a Lowe’s and a House Depot, from which he hopes to peel off a couple of clients by pitching his model as an reasonably priced choice for brand new, refurbished and scratch-and-dent home equipment.
“If you must drive previous me to get to them, you’re going to provide me a shot,” he stated.
Nicholson is also bullish on the way forward for retail, regardless of a string of bankruptcies within the sector exacerbated by the financial disruptions of the coronavirus pandemic. He argued that retailers with a specialised focus nonetheless stand an excellent probability of creating a buck. The corporate locations a robust emphasis on its brick-and-mortar operations, although it does have an ecommerce arm.
“What’s working in retail is being specialised. At the moment’s society expects to exit and get the identical value wherever. If they’ll’t do this in a retailer, they’ll sit in an armchair and wait 4 days,” he stated.
Nicholson stated he plans to open one other three or 4 shops within the Richmond area. The corporate makes some extent to personal its amenities and he’s excited by shopping for properties in Colonial Heights and Innsbrook.
Nicholson opened his first retailer in 1988 after he served within the Navy. The corporate has two shops in Virginia Seaside, and shops in Chesapeake, Newport Information, Norfolk and Fredericksburg.
The Salvation Military shuttered the thrift retailer, together with two different native places, in Might. The shops have been not wanted after the nonprofit closed its Central Virginia rehabilitation program, which was supported by revenues from the shops, a Salvation Military spokeswoman stated.
Brian Glass of Taylor Lengthy Properties represented the vendor. Rob Heavner of Yorktown-based Retail Advisors and Learn Goode of Divaris Actual Property assisted the client.