More businesses are coming to downtown Myrtle Beach. And demand is expected to rise in 2023

Nearly 80% of storefronts between Collins Street and 8th Ave. N in the heart of Myrtle Beach’s retail sector are occupied — bringing 184 jobs to the city’s downtown.

That’s according to a recent Myrtle Beach Downtown Alliance economic snapshot that found 59 of the district’s 88 parcels are currently in use.

“Myrtle Beach’s historic Broadway Street shopping and dining corridor has been a vital community focal point for over a century, and presents entrepreneurs and developers tremendous opportunity for instituting a strong, walkable commercial core,” the alliance wrote in its Jan. 2 analysis.

Downtown Alliance president Amy Barrett said officials expect even more activity throughout 2023.

“We attribute the increase in occupancy to a culmination of positive momentum happening in downtown Myrtle that includes not only new tenants but also great leadership from the public and private sector, and the financial investment to match the vision,” Barrett said in an email.

Two more businesses are slated to open along 9th Avenue in the coming weeks: Boteco VIP at 503 9th Ave N. and the Lucid Coast Candle Bar, which is set for a Jan. 14 grand opening at 512 9th Ave. N.

The city has been aggressively snagging parcels for nearly a year, putting almost $30 million worth of funding into the plan to date.

In 2021, the city agreed to spend $15 million for a 10-parcel land buy targeting locations that have fallen into disrepair near its Arts and Innovation district: Two commercial properties, seven hotels and a vacant lot.

And three more were snapped up over the summer as part of an aggressive redevelopment plan covering its downtown and arts and innovation districts, approving $1.5 million worth of purchases for parcels along 8th Avenue North and North Kings Highway that will aid in stormwater retention and allow for future private sector investment.

The big ticket item is a one-time doughnut shop at 712 N. Kings Highway located in the oceanfront district.

Retail demand in the Myrtle Beach-Conway-North Myrtle Beach saw year-over-upticks in average rent prices but a drop in total sales value between the third quarter of 2022 and the same three months in 2021, according to the latest National Association of Realtors market report.

This story was originally published January 9, 2023 at 6:00 AM.