West County retail centers thriving amid recession
It would appear to defy tough economic times, but a $40 million retail expansion is nearing completion at West County Center.
Already open on the site of the center’s now-demolished Lord & Taylor store are the restaurants McCormick & Schmick’s and a Bravo! Cucina. And on Thursday, the mall owner announced the upcoming addition of Prime Bar to the center’s "restaurant village." A North Face store opened nearby this month.
Well-established west St. Louis County retail centers in high-traffic areas will continue to do well despite the nationwide sales plunge that began late last summer, analysts say. It’s the strip malls that will struggle, said David Randolph, senior vice president at CB Richard Ellis. "Power centers" with high visibility give retailers the best chance to thrive, he said.
Plaza Frontenac and Chesterfield Commons, which sit along Highway 40 (Interstate 64), and West County Center along Interstate 270 benefit from their visibility to tens of thousands of drivers daily.
But consumers still have a ways to go before returning to their pre-recession spending habits, Randolph cautioned. Consider golf, he said.
"I think somebody will go out and buy a driver but not the whole new set of clubs, like they used to," he said.
Regardless, occupancy rates of 95 percent or higher have dipped only slightly in top West County areas since retail sales began to plunge, Randolph said. Chesterfield Commons continues to thrive with "a lot of foot traffic" and more than 50 restaurants, he said low fee cash advance.
Joshua Roedemeier, an analyst with commercial real estate firm Colliers Turley Martin Tucker, said West County residents’ high income levels and the area’s strong employment numbers bode well for retail.
David Freeburg, Plaza Frontenac’s general manager, said occupancy remains strong at the 45-store center. A bridal store is among a few St. Louis-based retailers that have recently found space at the center, he said.
"There are some opportunities for some local tenants that may have a deal we weren’t able to do before this time," Freeburg said.
Tim Lowe of Chattanooga-Tenn.-based CBL & Associates Properties is in charge of the West County Center project. He said the mall owner thought long and hard about tearing down part of the center, before changing his mind.
"After 10 or 15 tries, we decided to cut the building in half and build what you see around you," he said.
About 75 people, who appeared to be on a regular shopping outing, got caught up in Thursday’s announcement to promote the Prime Bar, which will open later this year.
They clapped as CBL executives proclaimed the mall’s new tenant from a makeshift stage. Des Peres Mayor Richard Lahr also was on hand to provide some encouragement to those in the crowd.
"It’s time to go shopping!" he said.
Filed under: business by Specialist