Two Minute Tour: Nashville

The Numbers

Anchored by the health care, education, tourism and music industries, Nashville is home to nearly 2 million people. Its role as a major center for music recording and production accounts for $6.4 billion in yearly economic impact to the city. Since the 1990s, Nashville has experienced an increased focus on urban renewal and construction of several city landmarks, such as the Country Music Hall of Fame. Vanderbilt University ranks as the largest employer, with major retail headquarters including O’Charley’s Inc., Cracker Barrel Old Country Store Inc., Dollar General Corp. and AT&T (home office). Thirty percent of the population falls into the 25-to-44-year-old range and the median household income comes in at $52,136.

The Pulse

A devastating flood hit Nashville in summer 2010, resulting in damage totaling $1.5 billion. Since then, local businesses have been focused on rebounding, including Opry Mills Mall, which will reopen in spring 2012. Within the last year, nearly 40 restaurants have opened within a three-mile radius of downtown, according to The Tennessean. Eighty percent of those new locations are locally owned and much of the development is being driven by the new 1.2 million-square-foot Music City Center slated to open by February 2013.

The Hotspots

“Nashville is a city that supports individuality and the entrepreneurial spirit,” says Dana Nappi, who owns Peter Nappi, a custom boot maker located in a refurbished meat-packing plant in the Germantown district. Over the past decade, the boutique scene has flourished in a multitude of neighborhoods like Nashville’s newly popular 12th South shopping district, home to art galleries and one-offs, including Imogene + Willie, a denim retailer that occupies a former gas station. Nashville’s well-known antique scene is found at Eight Avenue South and Marathon Village, with newcomer Antique Archeology, owned by “American Pickers” TV show host Mike Wolfe. Just this summer, the Green Hills neighborhood, the spot for wealth and luxury shopping, welcomed Nordstrom to its shopping center, The Mall at Green Hills.

Obstacles/Opportunities

The city earned the third highest ranking on the Forbes “Next Big Boom Town” list in July 2011 because of its pro-business environment, rapid growth in ethnic groups, mild climate and effective transportation. Bellevue – a western suburb of Nashville – is seen as having a lot of potential following an increase in wealthy residents. However, Nashville possesses a low percentage of property vacancies, with the metro area in the 93 to 95 percent occupied range, says Drew Chorney, leasing agent with Nashville-based The Shopping Center Group.