Historic downtown Memphis storefront sold to new owner, seeks new headquarters

WATCH: Developer buys Royal Furniture building

MEMPHIS, Tenn. — A business in the heart of Downtown Memphis has a new owner.

The New York developer has big plans for the Royal Furniture store on South Main.

The plan will make the building taller by adding new floors. However, the project won't start until Royal Furniture finds a new location for its headquarters.

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The 71-year-old building is in the early stages of expansion. Royal Furniture off South Main was sold to a new owner who plans to use the space for retail, hospitality or office space.

“I think it’s a good thing to renovate it. We want to keep the downtown area modern and shoe growth of the city,” said Walter Person, a resident in Downtown Memphis.

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FOX13 went into Royal Furniture to speak with the manager about its upcoming move – but he wasn't available.

According to the family-owned store's website, Royal Furniture was founded in 1946 as a single storefront.

Over the past 70 years, the store has expanded into a leading furniture company in the Mid-South with 14 different locations, serving six states.