Iconic Beale store A. Schwab for sale - WMC Action News 5 - Memphis, Tennessee

Iconic Beale store A. Schwab for sale

By Jason Miles - bio | email

MEMPHIS, TN (WMC-TV) - In a maze of self-described "mess" merchandising, Eliott Schwab realized his family's iconic Beale Street business is, in many ways, a relic.

"We're what Memphis was," said Schwab.  "I guess you could say it that way," he added.

Members of the family who own it have decided to sell the general store Abraham Schwab founded in 1876.  That was some 100 years before Beale Street was re-developed.

In fact, it remains the only property not owned by the city.

"We always discussed selling it," said Schwab.  "Half jokingly, half serious."

The decision to finally sell does signal a possible end to Beale's oldest business which comprises two buildings covering nearly 20,000 square feet.

"They could sell the building and with it they could sell the business," said real estate broker Adam Slovis.  "They could close the business."

Slovis has the listing and told Action News 5 that A. Schwab's best selling point is its location.

"It's centered between BB King's and Silky O'Sullivan's on Beale," said Slovis.  "Right in the middle."

Beale is now an entertainment district whose clientele may have a decreasing need for the things A. Schwab sells.

"I think there's a place for it," said Elliott Schwab.  "But it's coming to an end."

While the A. Schwab buildings are appraised at more than $400,000, an eventual selling price could reportedly reach the millions.

Copyright 2011 WMC-TV. All rights reserved.

Powered by Frankly