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The Courtyard at Tupelo is an open-air neighborhood shopping center in Tupelo, Mississippi, comprising about 60,000 square feet of retail space across 15 units. Located at the intersection of major arterials near residential areas and the Natchez Trace Parkway, it serves the local community with easy access via Highway 78. The tenant mix features a blend of essential services such as a grocery anchor, pharmacy, casual dining, and specialty shops focusing on apparel and home goods.
Occupancy stands at approximately 82% as of recent market reports, with average asking rents around $16-20 per square foot on a triple net basis. In the context of Tupelos retail landscape, dominated by the larger Mall at Barnes Crossing, this center positions itself as a convenient, everyday destination rather than a regional draw. Strengths include stable local footfall estimated at 5,000-7,000 visitors weekly, supported by a demographic profile of middle-income families (median household income $52,000) within a 5-mile radius of over 40,000 residents.
Leasing advantages encompass flexible space configurations from 1,000 to 10,000 square feet and opportunities for co-tenancy with established locals. Drawbacks involve moderate competition from big-box retailers like Walmart nearby, potential aging infrastructure requiring updates, and vulnerability to economic shifts in the manufacturing-heavy local economy.
Overall, it offers balanced risk for retailers targeting community-oriented operations, though market saturation in fast-casual dining poses challenges.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Accessibility
The primary trade area for The Courtyard at Tupelo encompasses a population of 45,000 within 5 miles, characterized by families with children and a median age of 36 years. Household incomes average $50,000-$60,000, aligning with value-oriented retail. Accessibility is strong with direct highway access and ample parking (300 spaces), contributing to daily vehicle traffic of 10,000+. However, pedestrian footfall is limited due to suburban layout, and public transit options are minimal, potentially restricting reach to non-drivers. Risks include reliance on local traffic amid Tupelos growing but stable population growth of 1.2% annually.
Competition and Tenant Mix
Competition includes the dominant Mall at Barnes Crossing (over 800,000 sq ft, 90% occupancy) drawing regional shoppers, and nearby power centers with Walmart and Target. The Courtyards tenant mix emphasizes convenience (e.g., grocery, pharmacy) over fashion, reducing direct rivalry but limiting synergy for apparel retailers. Occupancy fluctuations have occurred due to category weaknesses in electronics, with 18% vacancy in non-anchor spaces. Market reports indicate retail sales per sq ft at $350, below the national average, highlighting saturation risks in dining and services. Strengths lie in complementary positioning for quick-service needs, though anchor stability is key to overall performance.
Lease Terms and Operational Quality
Leasing terms feature NNN structures with base rents of $16-$22/sq ft, plus 5-7% annual escalations and common area maintenance fees around $4/sq ft. Terms range 5-10 years with renewal options and tenant improvement allowances up to $20/sq ft for qualified lessees. Operational quality is average, with the center built in the 1990s showing signs of deferred maintenance like outdated signage and landscaping. Management by a local firm ensures responsive service, but energy efficiency lags modern standards, increasing operating costs. Advantages include negotiable terms for longer leases, while challenges encompass potential capex needs for infrastructure upgrades amid rising insurance costs in the region.
Building Details
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City Snapshot
Tupelo, MS
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City Snapshot
Tupelo, MS
Comprehensive market intelligence for retail expansion in this city
