Germantown is a city in Shelby County, Tennessee, United States. The population was 38,844 at the 2010 census.Germantown is a suburb of Memphis, bordering it to the east-southeast. Germantown's economy is dominated by the retail and commercial service sectors; there is no heavy industry in Germantown. In the city center is the "Old Germantown" neighborhood, anchored by a railroad depot and railroad tracks that recall the community's earliest days of development as an outpost along the Memphis and Charleston Railroad.The city hosts many horse shows and competitions annually, most notably the Germantown Charity Horse Show in June. Other major annual events include the Germantown Festival, an arts and crafts fair, in early September.Germantown is one of a few cities in the nation possessing a triple-A bond rating from both Moody’s and Standard & Poor’s.