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After eighty years, Carytown continues to thrive as Richmond’s premier shopping district. (Photo by Ash Daniel)

The rise of e-commerce and Amazon.com. The decline of American shopping malls. Stock market crashes and two recessions. And, of course, a global pandemic that forever changed American shopping patterns. 

“E-commerce was supposed to kill off brick-and-mortar retail. But the fact of the matter is, brick-and-mortar retail still has a place for consumers,” says Tom Arnold, professor of finance at the Robins School of Business at the University of Richmond.  

In fact, you could say that Richmond retail not only weathered those storms but thrived in spite of them — to the point where the local market’s biggest challenge may be a dearth of real estate for physical storefronts, says Liz Greving, associate director of research for Thalhimer, a commercial real estate firm based in Glen Allen.  

“Richmond is kind of an interesting market. We’ve been a little insulated from the heaviest peaks and valleys, or at least the valleys,” she says. “The metro area vacancy rate is just over 3%, and it’s hovered there for the last several years. There are a lot of national brands who have been circling the market trying to land but have been unable to find space.” 

Of late, Arnold sees a a merging of e-commerce and physical retail spaces. Stores like Warby Parker and West Elm, which have big online footprints, have also opted to open physical locations. Arnold says some retail stores have become their own distribution centers for consumers who shop and order online, then pick up — or make returns — at the local store. “That’s a more recent thing. We’ll see if it takes,” he says.  

Despite the low vacancy rate, many of the region’s traditional malls have struggled and shuttered. However, pedestrian-centered mixed-use shopping districts have gained popularity, including places like West Broad Village and Libbie Mill - Midtown in Henrico County, and Westchester Commons and Winterfield Crossing in Chesterfield County.  

Those shopping districts are reminiscent of a local stalwart: Carytown. Stores have come and gone, but the Mile of Style retains much of its original character, if not its foot traffic. “You used to not be able to walk down the street in Carytown, it was so packed,” says Ben Blevins, who opened AlterNatives in Carytown 31 years ago. The store sells handmade clothing, jewelry and handwoven textiles, including rugs or pillow covers made by local and international artisans.   

Blevins says the opening of Stony Point Fashion Park and Short Pump Town Center impacted his business like nothing else, including the 2008 stock market crash and the rise of e-commerce. “The foot traffic, especially of certain key demographics, like suburban teenage girls, has never returned from pre-2004.” 

Recently, though, he’s noticed another shift. “It used to be, before Stony Point, before Target, if you wanted something with any kind of design aesthetic, you came to Carytown,” he says. “Nowadays, we’re getting a sense people [are] not happy with what they get online and want to touch it and feel it.”