‘Energy' in retail
OK, so it's a different kind of energy driving retail: consumers' renewed energy for consumption and national chains' post-recession efforts to make up for energy lost.
The south and Moore-Norman submarkets, again, were hottest: 19 Street and Interstate 35 in Moore; University Town Center in Norman, and I-35 and I-240 in south Oklahoma City.
The areas were humming despite the May 20 tornado that devastated Moore and part of south Oklahoma City, including a shopping center demolished and removed from the retail property rolls.
“National retailers continue to pay premium rates to find locations in these areas in an attempt to cater to a seemingly underserved market,” according to CB Richard Ellis-Oklahoma. “Notable deals in these submarkets include Hemispheres at Fritts Farm in Moore, Life Church and LA Fitness in Moore, and Crest Foods, HomeGoods, Michael's and DSW (Designer Show Warehouse) at University Town Center in Norman.”
The newest project on the south side is the return of former Crossroads Mall and its 1 million square feet to the retail property rolls under the name Plaza Mayor, a Hispanic-oriented mall, which, the firm noted, “will bring addition energy to the south submarket.”
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