Peabody Place is a mixed use residential, retail, and office redevelopment project located in Downtown Memphis, Tennessee that covers eight city blocks.
[2] In 2012 the Economic Development Growth Engine (EDGE) announced that it would establish its headquarters in the Tower at Peabody Place,[3] taking about 4,931 square feet (458.1 m2) of space on the 11th floor.
[4] An enclosed mall, with 300,000 square feet (28,000 m2) of space,[5] was opened in 2001[6] and was initially anchored by a 22-screen Muvico cinema, Jillian's, and Tower Records; other chain stores, such as Ann Taylor and Gap joined.
While it was initially successful, the excitement quickly fizzled out and the enclosed mall proved to be unable to compete with more convenient suburban alternatives in more affluent neighborhoods that were perceived as safer, due to their demographics.
Afterwards, Ann Taylor Loft moved from Peabody Place to Germantown, Tennessee (closer to its main customer base), Tower Records went into liquidation, and Napoli Pizza and Subs closed.
[12] The Jillian's had higher sales in 2007 than in 2006, and Owen Reed, the assistant general manager, said that business was robust especially while games occurred at the FedEx Forum and while concerts took place in Downtown Memphis.
[5] In June 2008 the Dan McGuinness Irish pub in the Peabody Place Retail & Entertainment Center announced it was moving to Olive Branch, Mississippi, a nearby suburb.