As Consumer Tastes Change, Strathmore Shifts Focus to Grocery Anchored Retail in Conover, NC
Strathmore Real Estate Group continues to pursue development of grocery anchored retail and mix-use projects in expanding markets. As markets and consumer tastes change, development strategies must evolve.
The City of Conover is located approximately 40 miles northwest of Charlotte and is the fastest growing city in the Hickory Metro Area. The City of Conover is east of Hickory, NC and west of Statesville, NC. The proposed retail center is located at the northwest corner of Interstate 40 (I-40) and NC Highway 16 (Thornburg Drive NE) and will feature a grocery anchor, local retail and outparcels currently referred to as Conover Commerce Center (CCC). Our development is adjacent to a Walmart Supercenter on the north side of Hwy 16 where currently there are; Dollar Tree, AT&T Wireless, AutoZone, Murphy’s USA, Burger King, Zaxby’s Chicken and Hwy 55 Burgers to list a few. The subject site is visible from I-40 westbound on ramp, and directly on Hwy 16 (Thornburg Drive NE) and 1st Avenue NE. Traffic Counts for I-40 is 65,000 Average Daily Traffic (ADT), for Hwy16 the count is 19,000 ADT and 1st Avenue NE the count is 10,000 ADT.
The Trade Area is a dynamic northeast market of Conover, that will support the proposed grocery shopping center from day one. The Trade Area has almost 54,000 population with a medium household income of $52,604. Currently there are 323 apartments under construction within a few blocks of the site and a proposed 60 apartment complex across the street from the site. As the population is expected to continue to increase, future customers will continue to increase as well.