Closure of TGI Fridays Signals Shift in Steele Creek as Bank Plans Expansion

Closure of TGI Fridays Marks Change in Steele Creek

In Charlotte, North Carolina, a familiar name has officially bid farewell as the local TGI Fridays at 12811 S. Tryon St. has closed its doors for good. Initially labeled as “temporarily closed” on its website, the restaurant has now removed all its signage, indicating a permanent end to its operations. This shift comes just ten months after Fifth Third Bank filed a plan to demolish the restaurant as part of a larger expansion project.

Why the Closure?

Despite claims from TGI Fridays that there were no plans to shut down, the restaurant’s closure has been confirmed. A sign posted on the door indicates that the final day of operations was August 31. Customers have been directed to visit two remaining locations in Charlotte: one at Northlake Mall and another on 409 W. WT Harris Blvd. in the University area. While the exact reason for the closure wasn’t provided by TGI Fridays, it is clear that the restaurant chain is grappling with its own challenges.

Fifth Third Bank’s Expansion Plans

The closure of the Steele Creek TGI Fridays aligns with Fifth Third Bank’s ambitious plans for expansion in the Charlotte area. The bank seeks to enhance its footprint by opening eight new branches by 2028. These efforts mark a significant growth for Fifth Third, which aims to secure its place among Charlotte’s major financial institutions alongside Bank of America, Truist, and Wells Fargo. Currently, the bank ranks fourth in total deposits within the metro area.

The Steele Creek site, part of the 1.2-acre property located in RiverGate shopping center, will undergo demolition to make way for a new 1,900-square-foot bank branch, equipped with a two-lane remote drive-thru and ATM. The bank is projected to open its doors in late 2025. As per Fifth Third Carolinas retail executive Tommy Lloyd, the new branch will feature a more modern approach to banking, moving away from traditional teller windows. Instead, employees will engage directly with customers throughout the lobby, supported by tablet computers for a more personal experience.

Changes in the Neighborhood

As the old TGI Fridays transitions out, the RiverGate shopping center is welcoming new establishments. Recently, Total Wine opened its doors in June, followed by Sephora last month. This mix of new tenants indicates a revitalization of the shopping area, as businesses look to meet the evolving needs of the Charlotte community.

Impact on Employees

For those who worked at the TGI Fridays, the closure brings both an end and a potential new beginning. A TGI Fridays spokesperson, Maripaz Romero, noted that transfer opportunities have been offered to many employees, ensuring they have options following the shutdown of the Steele Creek location. It’s not uncommon for staff to seek new opportunities within the region, especially with the influx of new businesses.

A Broader Trend?

This closure is part of a larger trend in the dining industry where chains are reevaluating their locations and operational viability. Earlier this year, the TGI Fridays parent company announced the closure of 36 restaurants across 12 states, showcasing the ongoing challenges faced by casual dining brands. Though no North Carolina locations were initially affected, the recent developments at Steele Creek serve as a stark reminder of the restaurant industry’s fluctuating nature.

As residents of Charlotte watch the changes unfold, there are sure to be mixed feelings regarding the departure of a beloved eatery. But as Fifth Third Bank and new retailers take their place, the community is poised for a new chapter in Steele Creek’s ongoing story.