The October opening of Target at the Gates of Prosper, a shopping center that Jerry Jones’ Blue Star Land Holdings developed last year, provided one-stop shopping for residents of the booming town of Prosper, about 35 miles north of Dallas.
In real estate terms, the Metroplex’s first new-build Target in five years indicated something more significant.
Between the Great Recession, the explosion of e-commerce and the economic effects of the COVID-19 pandemic, the last 15 years saw a deluge of dire predictions for the future of retail real estate. New construction all but stopped.
Retail availability is at an all-time low, as a result, and retail rents are stronger than ever.
“Some retailers are paying more and biting into profitability to meet store count, while those with tighter rent thresholds are out of luck,” said Karla Smith of SRS Real Estate.
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