Posts tagged: economic development

More on the Cheesecake Factory and Memphis

Shawn Massey, partner with The Shopping Center Group LLC, which previously worked to bring The Cheesecake Factory to the Ridgeway Trace development at Poplar Avenue and Interstate 240, said the restaurant chain’s location inside Wolfchase Galleria makes perfect  sense.

“Wolfchase is the strongest regional trade area in the Memphis MSA,” Massey said.  “This is evident by the fact that Ikea recently chose the area for its first Tennessee store.”

“Cheesecake Factory has traditionally been a part of many malls and with Simon being the largest mall owner in the world the relationship between the two companies is quite strong,” said Massey.

“Cheesecake Factory knows the mall is successful in attracting visitors from the greater MSA and beyond,” he said.  “A store in East Memphis or Germantown may not be as far reaching.  That is open for debate. ”

Cheesecake Factory is a high performing retailer and would be considered a catalyst-type retailer that attracts people from a greater distance than the typical restaurant.  It will appeal to out of Towner’s in the city as well as draw locals from 20- 50 miles or greater, Massey said.

“I think the location was a safe location,” Massey said.

“I have told many restaurants and retailers that Wolfchase area is a guarantee success and potentially a home run location,” he said.  “There is no pioneering going on in the Wolfchase area and it is a consistent top performer for many restaurants and retailers.”

People who shop at malls are loyal to chain type stores and restaurants, Massey said, and  they understand what they are getting and seek out these chain restaurants and retailers.

“Personally, I would like to have seen it in East Memphis where I  trade on a more frequent basis, but I am not their core customer,” Massey said.   “I think the Wolfchase location will be very successful and continue the success or Northeast Shelby County.”

Phil Trenary and the Greater Memphis Chamber

Phil Trenary has been named the new president and CEO of the Greater Memphis Chamber.

Trenary is the second leader of the economic development agency in a row to come from the aviation industry. Trenary, the former president and CEO of Pinnacle Airlines, is taking over from former Northwest Airlines executive John Moore, who retired in January. And the previous chairman of the Chamber’s Board of Directors was former Memphis and Shelby County Authority president and CEO Larry Cox.

Though the Chamber hired the Centre Group to conduct a national search for Moore’s replacement, the Chamber Board’s executive committee selected Trenary, at least in part, because of his established roots in economic and community development circles.

City Councilman Harold Collins, who privately urged Trenary to stay in Memphis and consider the leadership position at the Chamber, applauded the selection.

“I always thought (Trenary) would be an excellent choice because he already knows the lay off the land in Memphis having spent a considerable amount of time leading Pinnacle and being a good corporate citizen in Memphis,” said Collins. “I think (Trenary) being named the new president and CEO makes it a seamless transition.”

Trenary takes the reigns of the organization as it seeks to loosen poverty’s grip on the Memphis area through job creation and retention efforts, which include an increased focus on early childhood education and local politics. Currently, the Chamber is urging the city to switch to a 401(k) retirement system instead of relying on its traditional pension program, which is severely underfunded.

Trenary said this week he has been impressed with the coordinated commitment local stakeholders – from individuals to neighborhood organizations, community groups and companies – have shown toward moving Memphis forward. Trenary also said he was particularly excited  by the prospect of a new generation of Memphians getting involved.

“The young people understand that something is happening here and we have to understand and embrace that and if we do we’ll be off to the races,” Trenary said.

Trenary, 59, lives Downtown with his wife, Bridget and their children, Justin, Brittney and Pearce.

Dansette

google