The first tenant to be announced for The Lake District (TLD) promises fresh, friendly and competitive.
But what exactly might you find when you shop this innovative first-of its kind, only-in-Lakeland grocery store? And why that name?
The Stock Market will offer a range of products and in the summer there could be a farmers market on the waterfront. The Market will be owned by The Lake District.
The Market is to be part an upscale 160+ acre mixed-use community surrounding a 10-acre lake and waterways at I-40 and Canada Road in Lakeland.
California-based Gilad Development Inc. with owner Yehuda Netanel is the man behind the project. Maggie Gallagher is head of development for Gilad.
Ms. Gallagher said site work begins this year on TLD with the entire project going vertical, out of the ground, in early 2019.
In the meantime, there’s one-half million cubic yards of dirt to move. “This is a huge site,” she said.
The grocery was announced March 1 in a ceremony celebrating demolition completion at the site of the former Factory Outlet Mall. Link to story: https://lakelandcurrents.com/ceremonial-final-wall-comes-crashing-down-at-tld-site/
The manager and operator of The Stock Market, Jeff Burkhead, says the grocery will offer a variety of products including natural, organic and specialty foods, as well as traditional staples for the household.
“We are in the planning and design stages,” said Mr. Burkhead. “And we plan for The Stock Market to have a complete bakery, with a variety of cakes, pastries and quality bakery products.
“Our deli will offer a variety of prepared foods including soup/salad, hot foods, as well as the traditional deli needs such as deli meats, salads and cheeses. Sushi is in our plans as well.
“To complement our food court, we also plan to have a large selection of wines and beer.”
He added, “We also recognize that there are a lot of local brands in the Memphis area, from beer to BBQ! We hope to take advantage of this as well.”
When talking “local,” he said plans include a local farmers market. “We are not sure how it work, but it’s a possibility!”
Patterned after a former Memphis grocer
The new grocer in town will be known for exceptional customer service, said Mr. Burkhead. “It will be reminiscent of Seessel’s Supermarkets during the 1980s and 1990s.” The upscale grocer was founded in Memphis in 1858 as a meat stand downtown and opened its first supermarket in 1941. After a succession of owners from 1997 to 2002, the former Seessel’s stores were sold to Kroger in 2011.
Why the new, unknown brand?
“The grocery space is in turmoil based on Amazon’s acquisition of Whole Foods and changes in how people shop,” said Ms. Gallagher. “Many national brands are halting expansion plans. As an example locally, Kroger put a hold on the Arlington store. The Lake District decided not to wait for the nationals and researched the market to find an operator who could deliver the concept and service in keeping with the integrity and cache’ of the project. Jeff Burkhead is that man! It was serendipitous to say the least. Jeff has experience and vision as well as a desire to create exactly what The Lake District had in mind. So the creative work began.”
And the survey says …
Frank Schmitt with Associated Wholesale Grocers (AWG), an independent retailer cooperative in Memphis, was instrumental in doing marketing and a study about the viability of a supermarket at TLD. “The survey gave us more detail on the area’s demographics, a detail of all competitive activity as well as projected forecast,” said Ms. Gallagher. The Stock Market will become a member of AWG which will be the primary supplier for the store, according to Ms Gallagher. “AWG will be a big part of our supply chain, as well as assisting in the design, layout and décor of The Stock Market.”
What’s in a name?
So why the name “The Stock Market?” “The name came from Yehuda, what can I say? He is extremely creative and the play on words is great! We were able to trademark the name. It’s amazing no one has used it,” said Ms. Gallagher.
The Market promises to be different from others, said Mr. Burkhead. “We feel that the Lakeland market continues to lack a supermarket which offers quality perishable and specialty foods, as well as the staples that are needed in all households. Not to mention the customer service that this clientele demands.”
Where at TLD and how big?
“The Stock Market is located on the end cap of the inline retail facing the lake,’ said Ms. Gallagher. “This allows for a summer farmers market on the waterfront.” Mr. Burkhead said the store will be 35,000 square feet. Store hours are to be determined. Our plans are to definitely be open seven days a week, said Mr. Burkhead.
A bit about the operator
Mr. Burkhead was raised in West Tennessee and lives in Memphis with his wife Debbie. They have two sons (married) and four grandchildren in Memphis. He is a graduate of State Technical Institute of Memphis.
Currently he is the owner/operator of Cash Saver in East Memphis. He began his management career with Seessel’s where he spent 17 years and was a store director. When Seessel’s was purchased by Bruno’s Supermarkets in 1997, he and his family moved to Birmingham. He worked with Bruno’s and Southern Family Markets, serving as district manager in 1997 rising to senior vice president/general manager, CEO in 2006. He returned to Memphis in 2010 as an independent retailer and owns Burkhead Enterprises.
How do the tax dollars stack up for Lakeland?
Dexter Muller, owner of Pinnace Financial Advisors and consultant for TLD, said the projected tax value to Lakeland reaches into the millions upon completion of the mixed-use community.
Currently the 160+acres which will become TLD produces only $25,000 a year in property taxes. Mr. Muller said the $300 million project will generate about $900,000 a year in property taxes for Lakeland when finished.
Sales tax is expected to yield about $2 million a year versus no sales tax today on the vacant property.
And, he added, this is during the TIF (Tax Increment Financing). The tax amounts will increase after the TIF, which runs 20 years. “That’s the beauty of a TIF,” he said. “You’re no worse off if they don’t build the project but get the windfall of $3 million if they do build.”
TIF for The Lake District is up to $39 million and is to be used for infrastructure.
Value of the project – 160+ acres $300,000,000
Property tax to be generated by TLD $900,000
Current property tax on vacant land $25,000
Retail square footage for TLD 400,000 square feet
Retail sales tax today ZERO
Projected retail sales tax $2,000,000
Additional hotel taxes $400,000
Total for Lakeland $3,000,000+
The planned urban village is to have 126,000 square feet of inline retail and restaurant space; 156,000 square feet of main street retail and restaurant space; two hotel sites; 283 single family houses; 381 apartments over retail; 15 pad sites; and 144 age-restricted apartments.
Link to the development: https://www.thelakedistrict.us/
Link to Facebook and March 24 special event — a sneak preview tour of The Lake District: https://www.facebook.com/TheLakeDistrictTN/
