NASHVILLE, Tenn. (WTVF) — Out with the old, in with the new.
The places you love to shop and dine are closing and getting replaced with non-local businesses.
We see the turnover in our retail districts and wanted to know more about the economic factors influencing the commercial real estate market in Nashville.
12 South is a prime example of some dramatic changes in a short time. Take White's Mercantile. The fixture in the retail district at 2908 12th Avenue South will be demolished, according to permit applications recently filed with the city.
"People love White's Mercantile — it's the smaller, home-grown businesses that have been in 12 South historically. I think over time we're going to see change, for better or worse, and sometimes that is at the expense of our local small business," said Liz Gatlin of Southern Athena, a real estate development firm.
Gatlin is a Nashville native. In college, she was a host at Mafiaoza's. The restaurant has been in Nashville since 2003. She's watched the neighborhood evolve into what it is now.
"It went from more of a local business owner market to a national, brand name, competitive big city market," Gatlin said.
Nashville's popularity brings out buyers with money to burn. It's a little unclear what a buyer paid for the White's Mercantile building. There was a sale for $1.05M and $1.95M in the same week. To give you some perspective, a property just down the street that is half the size sold in 2023 for $3.5M.
"We've seen that time and time again with bigger merchants and sellers coming to town and they can really out-compete the small guys," Gatlin said.
We reached out to White's Mercantile to find out if they'll relocate. We are waiting to hear back.
The store will be replaced with a two-story shell building. No specific tenants have been named.
Do you live or work near 12 South and want to share your story? You can email me at hannah.mcdonald@newschannel5.com.
