The Pinnacle Sales Tax Generation and Traffic Reaches New All Time Highs
October 28, 2021
October 28, 2021
FOR IMMEDIATE RELEASE
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David G. Brashears
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The Pinnacle Sales Tax Generation and Traffic Reaches New All Time Highs
(Bristol, TN)— Consumers are loving the shopping, dining, and entertainment options at The Pinnacle retail complex this year. New sales tax and traffic data proves it. Sales taxes benefiting Sullivan County, Kingsport, and the City of Bristol, TN, were up 30% over the previous reporting period. Traffic statistics indicate more than 6.4 million shopper visits to The Pinnacle which has generated more than $200 million in sales, driving the increase in sales taxes from the retail complex.
New venues, such as a new Buddy’s BBQ, Chicken Salad Chick, Five Guys, and a Saladworks drew new diners as they shopped or went to the movies at the complex during their visit. In all, 71 establishments are part of the complex with the region’s first Walk-Ons Sports Bistreaux, and a Tommy’s Express Car Wash under construction or planned for The Pinnacle.
The retailers at the complex employ more than 2,000 workers from across the region benefiting almost every community in Northeast Tennessee and Southwest Virginia.
“Bristol is very fortunate to be the home of a world-class retail destination like The Pinnacle. Beyond the investment in our community for its initial development and the jobs that it creates, the continued growth in sales tax revenue is essential to a strong local economy and has bolstered our post-pandemic recovery,” said Bristol, Tennessee Mayor Mahlon Luttrell. “A greater share of revenue derived from sales taxes translates into more financial resources to support education, public safety and other community programs that do not have to be borne by the taxpayers of Bristol.”
“There is a taxpayer benefit to having The Pinnacle generating a 30 percent increase in sales tax dollars in our county,” says Sullivan County Mayor Richard Venable. “Those dollars help fund Kingsport, Bristol, Tennessee, and Sullivan County’s schools and government services, thus reducing the need for increased property taxes.”
“It’s important to note that the pay checks of those employed at The Pinnacle follow them to their home cities and counties to be spent with retailers there, benefiting their communities,” says Steve Johnson, The Pinnacle’s developer.
The new State of Tennessee data showed a 30 percent increase in sales tax revenues between July 1, 2020, and June 30, 2021, at The Pinnacle over the previous period.
“Our vision was to create a retail complex at the gateway of a five-state region and leverage The Pinnacle for future growth in jobs and unique retail and dining experiences,” says Johnson. “It’s working.”
Beth Rhinehart, Bristol Tennessee/Virginia Chamber of Commerce President and CEO says, “There are so many bright spots in our region today, and The Pinnacle is certainly one of them. From the jobs that it creates to the traffic that it helps bring to our local economy, The Pinnacle is certainly one of our economic engines.”
About The Pinnacle
The Pinnacle, the premier lifestyle shopping destination serving Northeast Tennessee, Southwest Virginia, North Carolina, and Southeastern Kentucky, is a 250-acre, open-air, mixed-use development complex located off I-81 at Exit 74B in Bristol, Tennessee. The complex can accommodate more than 1.3 million square feet of retail, restaurant, hotel, entertainment, and medical office space. To see a complete list of current and future stores at The Pinnacle, go to www.thepinnacle.com.