Cushman & Wakefield | Thalhimer projects that 2014 will be a good year for the Richmond retail market. As retailers and restaurants plan to grow and expand, a trend that started in 2013 and is expected to continue in 2014, the market will see stepped-up activity. It ended 2013 with more than 422,000 square feet of positive net absorption, an approximate 43 percent year-over-year increase, and with a vacancy rate decrease from 6.9 percent to 6.6 percent.
As a case in point, the Short Pump retail submarket is attracting robust activity. According to Cushman & Wakefield | Thalhimer, it has a vacancy rate of 3.1 percent, one of the lowest in the region, as well as the highest asking rent, $23.15 per square foot. It finished 2013 with 51,874 square feet of positive absorption and indications are that 2014 will bring more of the same.
Forest City Enterprises Inc., Short Pump Town Center’s owner, recently announced that it will add 15 retailers and restaurants occupying upwards of 62,000 square feet. The list includes:
- American Eagle Outfitters/aerie;
- Cooper’s Hawk Winery & Restaurants;
- Free People;
- Justice & Brothers;
- kate spade new york;
- Michael Kors;
- Rock Bottom Restaurant & Brewery;
- True Religion;
- Versona Accessories.
Forest City also plans to start work on a multi-million dollar renovation soon. It will include new gathering spaces, redesigned fountains, additional landscaping, enhanced way-finding signage, updated restrooms, canopies over walkways, a new elevator and a new pedestrian bridge that spans the Main Plaza. The project is scheduled for completion before the holiday shopping season in November.
Also in Short Pump, NVRetail announced in mid-February that Cabela’s, a leading specialty retailer of hunting, fishing, camping, shooting, and related outdoor recreation merchandise, has leased 97,500 square feet at West Broad Marketplace. This will be the Nerbaska-based company’s second Virginia location.
Situated in the heart of Short Pump, West Broad Marketplace is a new mixed-use retail development. It will offer 350,000 square feet of space and will feature a mix of retail shops, restaurants, and amenities. NVRetail is developing the center, scheduled to open in the spring of 2016.
In a statement, NVRetail said Cabela’s will construct its “next generation” store prototype at West Broad Marketplace, and that the store will “surround customers in a unique outdoor experience.” Cushman & Wakefield | Thalhimer’s Connie Jordan Nielsen has been retained to market and lease the additional retail at West Broad Marketplace. Mark Douglas is handling the mixed-use component.
Charts courtesy of Cushman & Wakefield | Thalhimer. Photo credits: www.facebook.com/shortpumpmall