Five years ago, Steve McKinley launched Urban Value Corner Store after seeing a gap for this type of amenity in the multifamily market.
“As someone deeply involved in retail leadership and connected with apartment developers, I noticed a consistent challenge: Residents wanted convenience without sacrificing quality,” he says. “Traditional convenience stories didn’t meet the expectations of modern apartment communities, especially those in luxury and high-rise environments.”
The Dallas-based firm opened its first location at Parkside at Craig Ranch in McKinney, Texas. Since then, it has opened nine more stores in the metro area. Its 11th location is scheduled to open in late February at Sapphire Bay in Rowlett.
McKinley says the full-service apartment amenity retail stores are a win-win for multifamily operators and their residents. “By partnering with property managers and developers, we’ve transformed amenity spaces into retail spaces, which are community assets that enhance resident satisfaction and increase occupancy and retention rates,” he says.
Six out of the 10 open stores have taken over existing amenity spaces that outlived their purposes, such as a work flex space that got built during COVID and is no longer being used, an old gym that was relocated, and an old leasing office that was moved during a remodel.
“Our sweet spot is 1,200 square feet with a couple hundred square feet for a back room,” notes McKinley.
The team pays attention to what residents want and gets fresh inventory in weekly. Products range from taco seasoning, sugar, and flour to prepared sandwiches, frozen meals, sodas and energy drinks, sweet and salty snacks, beer and wine, cleaning supplies, and pet treats. Being in Texas, having Blue Bell ice cream and other frozen novelties is also important.
McKinley says he also likes to support other local entrepreneurs, stocking locally made banana pudding, salsas, and spices. “We’re always on the lookout at farmers’ markets,” he says. “It makes us feel good because we are contributing to the local economy.”
Property managers say the amenity distinguishes their communities from the competition.
“Urban Value has set us apart by elevating our apartment amenities,” says Julie Holden, property general manager of Parkside at Craig Ranch. “Their store caters specifically to the needs of our residents, offering a curated selection of items and a rewards program that allows residents to earn points and redeem them for free items. With Urban Value conveniently located at the heart of our community, residents enjoy quick access to essential goods and services. This amenity contributes to a more convenient and enjoyable lifestyle, enhancing their overall living experience.”
Hebron 121 Station in Lewisville is another community with an Urban Value Corner Store.
“We already have amazing amenities, so when thinking about what the ‘next big thing’ would be to add, it was really one of the easiest and best decisions we could add for our residents,” says Lovie Andrade, area vice president for RAM Partners. “It’s definitely a luxury convenience store for everyone, including me. It’s all about our residents and making their lives convenient and easy when they come home every night.”
The stores also serve as socialization hubs for residents. “Urban Value Corner Store brings convenience for the residents, builds a stronger sense of community, increases a positive atmosphere and engagement, and sets us apart from our competitors,” adds Bree Dye, Weidner Apartment Homes community director at Harmony Luxury Apartment Homes in Rowlett.
Full-Service Apartment Amenity
In addition to loyalty rewards, McKinley says the Urban Value team stays close with the leasing staff, providing gift card prizes for resident activities as well as doing sample tables for movie nights. “We are an apartment amenity for the community. We highly suggest to the leasing team to leverage us,” he says. “When someone is thinking about moving to the community, the leasing agents will use our store as part of the tour. They have an account set up so a prospective resident can grab a drink or a snack.”
More growth is in the works for the firm. It is working on two additional stores that are tentatively slated to open in late summer. It also has been introducing a fully autonomous amenity concept with self-checkout to developers. In addition, the firm is developing an autonomous micro-market concept, which should be ready by the fall. It is also striving to expand outside of the Dallas market and is looking at opportunities in other high-growth Sun Belt locales.
“The most rewarding part of this journey has been seeing the positive impact Urban Value Corner Store has on residents’ daily lives and the value it adds to our development partners. Knowing that our stores make people’s lives easier and more enjoyable is incredibly fulfilling,” says McKinley. “Last, I’m proud of the incredible team behind Urban Value Corner Store. Their dedication, creativity, and focus on customer experience are the backbone of our success. Seeing our vision grow from a single store in McKinney to a model that resonates across multifamily communities has been amazing.”
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