As we wrap up April, Columbia’s retail market is growing in two distinct directions. Out in Lexington County and the northeast Richland County, new retail-anchored mixed-use projects are stepping up to meet the demands of a booming housing market. At the same time, downtown is getting a major facelift as new infill developments reshape the city center.
Historically, Columbia has always had a reputation as a steady, reliable market — thanks to our major hospital systems, state government, universities and Fort Jackson. But that steady market is officially evolving. Between tightening vacancy rates and the massive wave of economic confidence brought on by the Scout Motors plant, Columbia has moved beyond just being a “safe bet” and is quickly emerging as a highly competitive powerhouse in the Southeast.
Suburban powerhouse
Platt Springs Crossing (South Lexington/Red Bank): A centerpiece of this growth is Platt Springs Crossing, a $65 million, 57-acre mixed-use development at the intersection of Platt Springs and Old Orangeburg roads, has seen overwhelming interest from national brands.
• Anchor success: Lowes Foods opened its 51,000-square-foot store in late 2025, serving as a massive traffic driver.
• Tenant velocity: Confirmed regional and national tenants include Chipotle Mexican Grill, Panda Express, Whataburger, Tropical Smoothie Café, Heartland Dental, Tidal Wave Auto Spa, Longhorn Steakhouse, Fifth Third Bank and Planet Fitness, with more announcements coming soon.
Victory Village (West Lexington): Equally transformative is Victory Village, a brand new, 224,000-square-foot retail development situated on Augusta Highway near Lexington High School. Developed by 413 Solutions — a firm co-owned by NFL legend Emmitt Smith and CEO David Mosley — this project represents a major “win” for the West Lexington submarket.
• The Target influence: The development is anchored by a 128,851-square-foot Target, which has already acted as a driver for surrounding interest. Academy Sports + Outdoors is also under construction, and both anchors are slated to open in late 2026.
• High-octane demographics: With a five-mile radius boasting average household incomes exceeding $110,000 and a 94.8 percent homeownership rate, Victory Village is capturing the “top-tier” consumer base that is increasingly choosing Lexington over more established urban nodes.
• Complementary growth: Victory Village is filling a “retail desert” for residents who previously had to travel miles for national department store options.
Spears Creek surge
The Northeast Columbia/Elgin submarket has seen a rapid transformation, anchored by two newly delivered grocery centers that have solidified the Spears Creek Church Road corridor as a premier retail hub:
• Market at Spears Creek (Publix): Anchoring the southern end of the corridor at 185 Earth Road, Publix opened its 46,791-square-foot flagship store in April 2025. This location serves as a vital neighborhood anchor for Woodcreek Farms, supported by a strong tenant mix including Parker’s Kitchen, Wingstop and Heartland Dental.
• Pontiac Towne Center (Food Lion): Located at the high-traffic intersection of Two Notch Road (24,100 VPD), Pontiac Towne Center debuted in January 2026. As the first national grocer in the immediate Pontiac area, it acts as a primary catalyst for the northern corridor alongside co-tenants like Ace Hardware, Eggs Up Grill and Cold Stone Creamery.
Downtown infill density
While the suburbs expand outward, downtown Columbia is growing upward and inward. The focus has shifted toward high-density infill projects that prioritize walkability and curated retail experiences.
The BullStreet District remains the most significant urban transformation in the Midlands. Recent milestones include:
• Anchor success: Construction has begun on a new 50,000-square-foot Publix, a critical missing piece for downtown residential density.
• Hospitality and lifestyle: Plans for the seven-story Grand Willow Hotel and the soft opening of Methodical Coffee and Gather Cola have established BullStreet as a premier retail destination.
Other notable infill projects include Seaboard Vista, which is restoring four historic buildings into a 47,000-square-foot mixed-use district, and the LOCAL Columbia development near the State House, an $80 million mixed-use development.
By the numbers
Columbia’s retail fundamentals remain exceptionally tight as we enter May 2026.
• Rent and vacancy: Vacancy rates for Class A space remain low — often below 5 percent in core corridors — while rents continue a steady upward climb.
• Investment velocity: Investment sales are characterized by a “premium pivot.” Institutional and private buyers are aggressively pursuing well-located, grocery-anchored centers and single-tenant net-lease assets.
• Macro drivers: Scout Motors’ massive investment in nearby Blythewood is creating a ripple effect across the Midlands, driving industrial absorption, which fuels retail demand as thousands of new employees seek services and housing.
Conclusion
The Columbia retail market is no longer a wait-and-see environment. Between the suburban deliveries in Lexington and Northeast Columbia and the infill of the BullStreet District, the city has proven it can support both large-scale national expansion and boutique urban density. For developers and retailers, the message for 2026 is clear: well-positioned projects with a mix of uses are the gold standard in the Midlands.
— By Ben Kelly (shareholder), Patrick Palmer (principal) and Patrick Chambers (principal and senior broker) at NAI Columbia. This article was originally published in the May 2026 issue of Southeast Real Estate Business.