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There's only six shopping days left (or four if you're relying on Amazon Prime), so we figured it's a good time to share a few important trends driving North Texas retail real estate. 1) PopulationJLL SVP Mark Newman reminds us retail follows housing and housing follows job growth. The most significant trend in DFW retail: the challenge of serving the growing population in the urban core. There's an "exploding urbanization across the Metroplex, but especially in Dallas," Mark says. The result: more mixed-use projects. In June, there were 24,700 apartments under construction, with 16,200 delivering in the next 12 months. A significant portion of those are in the urban core and have a retail component. (More pedicures and Twisted Root pickles whenever you want.) 2) Food & drinkRed-hot competition between the supermarket chains will continue into 2014, Mark says. Fresh Market and Trader Joe's entered the trade area. Sprouts, Whole Foods, Tom Thumb, and Kroger will continue to expand. And, Albertson's and Market Street are also under new ownership, Mark says. DFW is possibly the nation's hottest market for food and drink, between restaurants opening and lifestyle retailers flocking to the area to serve the upwardly mobile consumers. 3) Deep discountsWalmart has continued to expand and will maintain its pace, trying new smaller concepts, Mark says. Target will restart an expansion here after a five-year hiatus. (Bring cash.) The big question: Will JC Penney (which is HQ'd here and has a large presence) rebound and survive? Mark's peek inside the crystal ball: value retail will continue to flourish, with discounters and outlets leading the way, reflecting the increasing income gap phenomenon in the US. |
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Retail Hits of 2013Ryan Seacrest should try this countdown–it's retail's top hits of 2013. Retail Street Advisors partner Zac Porter (here with wife Emily Ray-Porter in Paris in October) tells us he's seeing a tremendous amount of interest from retailers and restaurants looking to Texas from California, New York, and pretty much every other state. He's projecting 102% growth in 2014 for RSA. Some of the clients RSA picked up in '13: the 42-acre mixed-use Preston Hollow Village (Provident's project at Walnut & 75); the 186-acre mixed-use CityLine (KDC's project at GBT between 75 & Plano Road); and the 85-acre mixed-use Westlake Entrada (Centurion American and Jeff Blackard) at FM 1938 and Solana Boulevard. The Weitzman Group CEO/chairman Herb Weitzman (whom we snapped at ICSC in Las Vegas) tells us TWG's two biggest projects this year–Golden Triangle Mall and WinCo at Old Orchard East–reflect a major trend: renovations and redevelopments. Retailers are seeking older properties as the market tightens during a time of low construction, he says. (But we can't call old buildings seniors housing, cause that would be confusing.) It also reflects a trend of retailers seeking existing locations for new stores for the established traffic patterns during a time of limited residential construction. After years of work, the renovation at GTM is nearing an end–with new entrances, interior, food court, center court, storefronts, A-list tenants, etc. The renovation, designed to reverse the mall's decline, should finish in early '14. Transforming the Old Orchard Village East, grocer Winco is taking long-vacant anchor space for a new 85k SF store. Herb also says West Plano Village is a homerun spot at the NE corner of Parker Road and the Dallas North Tollway in Plano. EatZi's opened there in September, and AMLI is building apartments. Additional retail and office starts in Q1. |
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Great Causes: Salvation Army & The Red Cross |
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SRS Real Estate Partners partnered with Cypress Equities (an SRS affiliate) by adopting 70 angels, ranging from newborn to senior citizen through the Salvation Army Corporate Angel Tree program. SRS employees took gifts to the Salvation Army Christmas distribution center on Harry Hines Boulevard in Dallas. They also sorted gifts and stocked shelves. This is the company's ninth year participating. The firm also volunteered with Brother Bill's Helping Hand to prepare bags of food at the free grocery store and sort toys for its annual Christmas Eve celebration. |
The American Red Cross Young Professionals Auxiliary hosted its annual Wrapped in Red fundraiser last Friday at the Rosewood Crescent Hotel. Here's Colliers International EVP Mary Stoner Yost (honorary event chairwoman) with MAPP Construction's Caroline Hurley (the Wrapped in Red chairwoman). They tell us that more than 300 Dallas young professionals attended and raised more than $5,000 to carry forward its life-saving mission of assisting those affected by a disaster. |
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He's in the History BooksWe asked for your favorite holiday tunes and Regus area sales manager Janet Scholl tells us she loves Jewel's rendition of "Rudolph the Red Nosed Reindeer." She's getting a free ticket to Bisnow's fourth annual DFW Healthcare Real Estate Summit on Jan. 15. Want in on this action? Tell us your favorite holiday flick for a chance to win your own ticket to the healthcare summit or Bisnow's DFW 2014 Forecast and post-event power networking on Jan. 29. Email [email protected] |
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