The Denver Office of Economic Development recently released a comprehensive retail study which explores Denver’s potential to become a national shopping destination. Prepared by retail consultant Economic & Planning Systems, The Denver Retail Conditions and Opportunities Study features an in-depth analysis of the current Denver retail market as well as strategic recommendations for future growth.
“Denver has so many incredible assets, particularly in new urban housing, a booming business climate, and a strong array of entertainment options and dining experiences,” said Denver Mayor Michael B. Hancock. “But in several critical ways, our retail environment has not kept up with the growth in Denver. While we know the city offers a number of fantastic venues and stores for our neighbors and visitors to check out, this study demonstrates we have great capacity to support many more. That is why we will use this study as a roadmap to realize our existing potential to become a truly landmark retail city.”
The study’s development was supervised by a 12-member, public/private Denver Retail Strategic Advisory Council. Formed a year ago the council will offer insights and advice in order to create a former strategic plan for retail development in Denver.
The identified weaknesses include Denver’s lack of general-merchandise retailers, such as Costco and Super Target, meaning that 65 percent of what the residents of Denver spend at warehouse stores goes outside the city. Around 40 percent of their expenditures for home improvement, furniture, hobby, garden supplies and music and books also add to the troubling rate of “leakage” of sales tax revenue out of the city.
Sites which offer a number of opportunities for growth and retail development within the city have also been identified. These include the former University Hospital site at 9th and Colorado, the University Hills Plaza around the I-70 and Brighton interchange and Sun Valley.
“Shopping center development, and shopping in general, has changed dramatically in just two decades,” he said. “OED is developing a toolkit of policies, programs and incentives for approaching retailers as well as GIS mapping technologies to enhance the city’s retail development projects. Our pressures come from growth in online shopping and a lack of ready inventory of physical spaces to develop in the way that today’s shoppers want. This plan will help Denver adapt to this reality.”
For more in-depth information you can find The Denver Retail Conditions and Opportunities Study here.
For more market data from Denver, click here.
Map Courtesy of: www.denvergov.org – The Denver Retail Conditions and Opportunities Study by Economic & Planning Systems, Inc.