Charlotte Hornets partner with hometown retailer Belk
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A century before the Hornets hit the court at the old Coliseum, Belk put Charlotte on the map, as Axios' Katie Peralta Soloff wrote. Now, the NBA team and hometown retailer have entered into a multiyear partnership.
Why it matters: Creating new revenue streams like this is part of the plan with Spectrum Center's $245 million upgrades and the planned $150 million standalone practice facility across the street.
Zoom in: Belk is the first title sponsor for Spectrum Center's main concourse and the arena's new Light Rail entrance. The Light Rail entrance was part of the arena's first round of renovations during the last NBA offseason. Renovations to the main concourse will take place during the upcoming NBA offseason, per the Hornets.
- The partnership will extend to community initiatives and game broadcasts.
- Terms of the deal were not disclosed.
The big picture: This year, the Hornets added First Horizon Bank as the title sponsor of their new theater box as part of the first round of renovations.
- City leaders and team owners are bullish that their investments along Trade Street will spur economic growth in the area, meaning you'll probably see more brand partnerships like this in the future.
What they're saying: Hornets Sports & Entertainment president of business operations Shelly Cayette-Weston says they aren't looking to have a ton of partners in terms of volume, but rather the right partners.
"This first-of-its-kind partnership between Belk and Hornets Sports & Entertainment reunites two of Charlotte's most beloved hometown brands," Belk CEO Don Hendricks said in a statement.
- Belk also works with the Charlotte Sports Foundation and Tepper Sports & Entertainment.
What's next: The Hornets host the Memphis Grizzlies at 7pm today.
What we're watching: Spectrum Center will close later this month for renovations, Cayette-Weston says, and will reopen in late October.