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Kannapolis lures rug firm with incentives

Staff report

Published: October 4, 2009

The Kannapolis City Council awarded an economic development grant to Rug and Home to draw a new tenant for the old Target building on Cloverleaf Parkway.

The company, headquartered in Asheville with a location in Gaffney, S.C., is seeking a location for an expansion and is interested in the former Target location at 3333 Cloverleaf Parkway.

Target abandoned the building when it opened a new Super Target off Kannapolis Parkway.

"Finding uses for vacant big box stores is an interesting challenge," Irene Sacks, Kannapolis business and community affairs director said in a statement. "Rug and Home provides an ideal mix of back office, retail and distribution for the former Target site."

Rug and Home will use the space for warehousing, distribution and office space. There would also be a retail presence. The firm plans to spend $750,000 retrofitting and upgrading the facility and hire between 40 and 75 people.

"Kannapolis' strategic location in the Charlotte market is a good fit for our current store footprint," said Rug and Home Chief Operating Officer Aanchal Agarwal in a statement.

The grant the Kannapolis City Council will consider is for $9,371.25 spread over three years.

"While major relocations may grab larger headlines, helping smaller companies grow and expand is a critical component of economic development," said Ryan McDaniels, vice president of economic development for the Cabarrus Economic Development Corporation. "Rug and Home will increase our property tax base while creating new employment."