This region represents 23 percent of store bases and 25 percent of population, so there's room for growth.
A post from Marcus & Millichap provides more good on the retailer expansion front. Analysis of recent sales results indicate that retailers will increasingly be in a mode of adding new stores.
The trend offers traditional store-based retailers a positive sign, as consumption appears to have regained much of its vigor lost during the recession. Historically, surges in store-based retail sales have triggered an expansion cycle by retailers. Given the strength of recent retail activity, an accelerated pace of expansion will likely ensue once confidence in the sustainability of the recovery overrides caution.
Another piece that caught my eye is an update on the redevelopment of the Bannister Mall in Kansas City. The latest plan--which we wrote about last summer was endorsed unanimously by the Kansas City Tax Increment Financing Commission, bringing the redevelopment one step closer to reality.
Here are some other notable news and notes from around the retail real estate world.
- From TIC-ed Off Tenants-In-Common to Common Shares of a non-traded REIT? (Llenrock )
- Borders Looking To Cut Rent Deals or Cancel Leases (CoStar)
- Retail developer Vestar hopes to repeat feat of 1990s, acquire distressed properties for a song (Azcentral.com)
- The British Are Coming: Overseas retailers flock to NYC (New York Post)