Wednesday, October 15, 2008

2008 Retail Market Overview

Posted by: Kelly Bland
Retail Specialist
775 336 4662

Kelly specializes in anchor tenant representation and shopping center anchor leasing, acquisition and site sales for both retail land and shopping center sites. Additionally, Kelly is involved in investment sales of retail properties..

The Reno retail market continues to see new retailers moving to the area. Recent openings include Cabela’s, Scheel’s, Target, and Whole Foods. Others anchor tenants such as Wal-Mart, Lowe’s, JC Penney, Staples, CVS and Walgreen’s are finalizing new sites as well. Development has been focused in the growing areas such as Spanish Springs, the Marina in east Sparks, west Reno and South Reno. Even with a slowdown in the pace of residential housing developments, retail projects that are under development are continuing to march forward to completion.

Downtown Reno continues to see residential condo projects such as Palladio’s and the Montage finishing their build-out. Ruth Chris’ Steak House will be joining the mix of restaurant choices downtown with their new site in the Montage. A significant change to downtown is the recently approved new minor league baseball stadium to be located on the eastern edge of downtown. All of this new activity is expected to lead to a significant addition of new restaurants and retail shops.

As a result of mergers, national tenant bankruptcies and anchor store cut backs, Reno is seeing an up-tick in the vacancy rates. There have been a several announced closures of big box tenants including Wild Oats, Comp USA, Super Kmart, Mervyn’s, Linen’s and Things and Shoe Pavilion. It is a great time to be looking for good deals within the second generation space category.

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