Bloomingdale's, IKEA, and CineMark added as new retailers.
What area is your expertise?
Phoenix and Tucson
What trends do you see presently in retail development in your area?
Infill, redevelopment and lifestyle type centers.
What type of retail product is doing well in your area?
Grocery anchored, New Power Centers with added lifestyle hybrid, and Lifestyle Centers.
What retailers are new to your area?
Fresh N Easy, Cabellas, Bass Pro Shops, CineMark, Bloomingdales and IKEA.
Who are the active retail developers in your area?
Vestar, Macarich, General Growth, Kimco, DeRito Partners, and Pederson Group.
Please name one or two significant retail developments in your area. What impact will these projects have on the market?
City North is a 5.5 million-square-foot, mixed-use development by Thomas J. Klutznick Co. and Related Urban. The retail center is anchored by Bloomingdale’s and Nordstrom. The site will draw shoppers from all over the city, while initially hurting other successful retail development sales, but in the long term it will be a great addition to the Phoenix area.
Where is the majority of development taking place? Why is this area doing well?
Southeast Valley and West Valley. The new retail development is following the housing growth.
What area do you expect to be the next big retail development market? Why?
Redevelopment and infill.
Please describe the retail leasing activity in your area.
Leasing as a whole has slowed significantly, with franchisee and Mom and Pop’s seeing the biggest slow down.
What major leases have been closed recently?
Bloomingdales at City North — Phoenix; Super Target (177,500 square feet) at Mountain Vista Marketplace — Mesa.
Please give a measure of retail vacancy rates and a measure of available sublease space.
According to Costar, fourth quarter 2007, the retail market vacancy was 6.3 percent for greater Phoenix.
What types of retailers should look into your market in the coming year? What type of retail is needed?
Pets, computers and specialty electronics.
Submitted by Mark Sunkel with the Scottsdale, Arizona, office of CORE Realty Partners.