Will the Willows be a game-changer for the community
Target and Home Depot are opening at the future site of The Willows in Cookeville. First question: What is The Willows?
It’s called the Willows Shopping Center, and according to CHM Construction (CHM), the company that also helped develop the Shoppes at Eagle Point on Interstate Drive, construction will begin on the shopping center located at the Southeast corner of S. Willow Avenue and I-40 in Cookeville next month. The Willows will sit on the 40-acre tract of land and feature Target, Home Depot and other restaurants (check back for details).
“We have been working on bringing these two retail giants to Putnam County for several years, and it’s nice to finally see our efforts come to fruition. During my term as county mayor, these two retailers have been, by far, the most requested by our citizens. From day one, my goal has been to offer as many retail options here locally as possible, with large and small businesses both being important. It’s a win-win scenario when we can give so many of our citizens what they want while also keeping more of our sales tax dollars in our home county,” said Randy Porter, Putnam County Mayor.
So, why Target and Why now?
Target recently announced strategic plans to “drive more than 15 billion in sales growth by 2030” and recent growth in the so-called Cookeville Micropolitan area is a prime target. The area, which has been growing exponentially for years, finished ninth in the U.S. Census’ numeric growth chart with an increasing population from 148,351 to 149,929, a total population increase of 1,578.
Target’s growth plans include:
- Bringing consumers an on-trend and affordable assortment packed with style, newness and value
- Reinforcing Target as the destination for discovery by further blending its one-of-a-kind physical, digital and social commerce shopping experiences
- Increasing ease, reliability, and speed by investing in supply chain and fulfillment capabilities, and rewarding guests for choosing Target through Target Circle benefits
Target/Home Depot plans
Why Home Depot and why now?
Let’s face it. Lowes needs competition and Home Depot (HD) loves a great location. Expansion has always been a strategy within the company, and the growth of not just the Cookeville Micropolitan area, but the Upper Cumberland, with a location just off the most traveled road in the state is hard to pass up.
At the end of the fourth quarter, HD operated 2,347 retail stores and over 780 branches across all 50 states and the world while employing over 470,000 people.
Home Depot has guided for fiscal 2025 plans, a 52-week year compared to fiscal 2024, a 53-week year.
Plans include:
- Total sales growth of approximately 2.8%
- Comparable sales growth of approximately 1% for the comparable 52-week period
- Approximately 13 new stores
- Gross margin of approximately 33.4%
- Operating margin of approximately 13.0%
- Adjusted operating margin of approximately 13.4%
- Tax rate of approximately 24.5%
- Net interest expense of approximately $2.2 billion
- Diluted earnings-per-share to decline approximately 3% from $14.91 in fiscal 2024
- Adjusted diluted earnings-per-share to decline approximately 2% from $15.24 in fiscal 2024
- Capital expenditures of approximately 2.5% of total sales
“It is gratifying to see the long-anticipated development become a reality. We are most appreciative of Mike McGuffin and CHM’s commitment to Cookeville. The efforts of the City Council, the County Mayor and County Commission, our City Departments, and particularly Melinda Keiffer, our former Economic Development Coordinator and Jon Ward, our Director of Community Development, were vital in making this retail project happen. The economic impact of the Willows for the City of Cookeville will be substantial,” said James Mills, Cookeville City Manager.
Target says ongoing investments aim to accelerate its strategy and drive billions of dollars of profitable sales growth.
“Shoppers continue to seek differentiated options and distinctive shopping experiences without sacrificing value and Target has the scale, strategy and capabilities to support all the ways consumers shop and engage with brands,” said Brian Cornell, chair and chief executive officer, Target. “With gains in consumer traffic, continuing improvements in speed and reliability, and accelerating growth across digital capabilities, we are doubling down on initiatives that scale these capabilities and drive meaningful top-line and bottom-line growth. Our strategy is all about creating today’s Tarzhay, offering everyday discovery and delight for millions of families, and ensuring Target is a consumer favorite for years to come.”
Will the Willows be a game-changer for the community? Cookeville Chamber of Commerce President and CEO Amy New believes so.
“This development ensures that money once spent outside our community is reinvested right here at home, benefiting local businesses, workers, and families for many years to come,” said New.
Now that Target and Home Depot are official, and prophesizing can subside (until the next thing), let’s talk about that traffic situation. That’s a conversation for another day.
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