Dallas, Texas – In a landmark decision, the Dallas City Council has approved $3.5 million in incentives to support the establishment of an H Mart store within city limits, signaling a significant boost to the local economy and the Asian grocery retail landscape.
The implication of this move is profound; it marks an end to the often-inconvenient journeys made by Dallas residents to either Carrollton or Plano to avail themselves of H Mart’s offerings. The imminent establishment of the acclaimed New Jersey-based chain in Dallas promises to redirect consumer expenditure, thereby retaining crucial tax revenue within the city’s fiscal ambit.
H Mart’s new store in Dallas could be beneficial in many ways
Beyond this, the project also carries the potential to invigorate Dallas’ Koreatown by ushering in other nationally recognized Asian retail brands. This could emulate the dynamic commercial expanses witnessed in Carrollton and Plano, providing a vibrant and culturally rich hub for the Asian community.
As part of the project details, H Mart, considered the largest Asian grocery chain in the U.S., intends to rejuvenate a once-thriving shopping center on Royal Lane, transforming it into a sprawling 74,000-square-foot grocery store, supplemented by a variety of retail outlets and office spaces.
Estimated at $28 million, according to city documents, the ambitious two-story undertaking has been further buoyed by Dallas’ incentives package. The package includes a hefty $2.5 million economic development grant, bolstered by a potential sales tax grant of up to $1 million over a decade.
H Mart in Dallas’ Koreatown will be great addition to the existing offering
Dallas’ Koreatown, distinguished by its multilingual street signs in English and Korean and a vibrant mix of businesses and restaurants, is an established cultural hub within North Texas. The region, extending across several blocks around Royal Lane and Harry Hines Boulevard, is a distinctive area widely recognized as the original Koreatown of North Texas. However, its only shortcoming lies in the relative dearth of grocery stores.
In an intriguing twist, it was revealed that city officials, including Council member Omar Narvaez, have been striving for nearly seven years to secure an H Mart presence within Dallas’ Koreatown. This announcement, made during a recent council meeting, underscores the long-held anticipation and the potential positive impacts of the project on the community and economy.
“H Mart is not just a grocery store. H Mart is an experience. They have other stores inside H Mart — not just the grocery, but they typically have banks, shoe stores, hair salons, gadget stores, boba tea. You name it, they’ve got it inside their stores,” said Narvaez, whose district includes Koreatown Dallas.
Several City Council members extended their welcome to the H Mart team after approving the incentives.
“This is economic development 201 … I love that we’re taking an old shopping center that could have gone into decay, and we’re actually using resources to bring an amenity here for the community,” Council member Chad West said.
Construction is scheduled to begin in January 2024 and end by December 2025, per city documents.
H Mart set to invest $28M in new #Dallas location. The store will be located in Dallas' #Koreatown and offer variety of products for local residents.#DallasNews #DallasTX #Texashttps://t.co/2SfjxaHXZ7
— DallasMetro.news (@DallasMetroNews) June 22, 2023