Ultimate Woodlands
The Woodlands is one of a few communities in the Houston region to remain strong in the retail market, and it has the new stores to prove it.
Market Street has added or will add about a dozen new stores by summer. The Woodlands Mall is welcoming a major new anchor tenant and is fully leased. Village shopping centers and specialty areas also are signing up new tenants.
“Market Street has seen a lot of activity in the last six months,” said Jenny Taylor, activities coordinator for the lifestyles shopping district. “Market Street is well over 90 percent leased with occupancy levels at their highest point since the award-winning project opened in 2004. Market Street currently houses 90 tenants, including 18 restaurants.”
The Woodlands is the second best selling master planned community in the country and offers a full array of amenities within its boundaries and an excellent quality of life , said Rip Reynolds of SRS Real Estate Partners, which represent The Woodlands Development Co. in the Waterway Square Area.
In addition to high income levels within the community, the area also has become a tourist destination for the international market, said John Pew, general manager of The Woodlands Mall.
“The economic problems haven’t affected The Woodlands as much,” Pew said. “It has a diversified industry base and the area continues to be one of the fastest growing in home sales. While people may be spending less, there are more people spending.”
The Woodlands offers more than five million square feet of shopping, dining, hospitality and entertainment, Taylor said.
“It’s one of the greatest places for leisure and corporate travel with the proximity to the airport and the national and global headquarters that are housed here,” Taylor said.
Besides its strong base, Market Street got an extra boost this year with the opening of AVIA, a boutique hotel within its 500,000 square foot development.
Besides its immediate impact on Market Street’s existing tenants, the presence of the new, boutique hotel has led to an avalanche of new lease deals, Taylor said.
The shopping district added Red Mango, Thomas Markel Jewelry, Tattu Denim, Charming Charlie, 1252 Tapas Bar and All About Feet Open. Scheduled to open this month are LMD Boutique, Langford Market and Glo Sun Spa. Stadia Grill & Bar is expected to open in May, and Bobby Chan will open in late summer.
The Woodlands Mall will open a new anchor store, Forever 21, across from Sears by the summer and a popular store in Mexico, Shasa, will debut one of its first stores in Texas at the facility. While some stores are undergoing renovations, the mall is fully leased, said Pew.
Rip Reynold of SRS Real Estate Partners, which represents The Woodlands Development Co. in The Waterway Square area, said interest is on the rise. In fact, Waterway Square is expected to add a sushi restaurant by summer.
“It’s going fine,” Reynolds said. “There is very substantial interest primarily in the entertainment district. We continue to have a lot of dialogue and property tours. We approach it systematically because we are looking for the right use and right operations.”
Because Waterway Square is considered a niche market, the developer is trying to find the right mix of retail and restaurants in the prime corridor.
There also been growth in the village shopping center around the community.
Regency Centers, which owns five of the six village centers in The Woodlands, said they continue to sign leases with experienced, established Mom and Pop operations as well as first time franchises for the area.
“We have seen some slight rental growth in The Woodlands porfolio,” said Ben Brown, a leasing agent for Regency Centers Corporation. “People and retailers have focused back on the retail centers close to home.”
Brown said he is particularly excited to welcome The Woodlands Children’s Museum, a former mall tenant, to the Panther Creek Village Center. They will lease 12,000 square feet at that location.
“It is a strong local business that will hopefully thrive at its new location,” Brown said.