The list of new retail stores planned for Dallas-Fort Worth (DFW) is short this year, and most projects complete developments that opened in 2009, according to an annual shopping center study released by Dallas-based Weitzman Group.
Last year, the region added 2.9 million sf of retail space, the lowest this decade and well below 2008's 4.7 million. The area just barely posted a gain in net leasing of 464,404 sf.
This year, DFW is poised to add a mere 1 million sf of retail space.
Occupancy rates are also the lowest of the decade. Last year, 86.4 percent of shopping center space was leased. The peak in recent years was 91 percent in 2002.
With 179 million sf, DFW is the largest retail market in Texas and one of the largest in the U.S.
While there are no major new projects in the works, the region is doing better than other U.S. markets, said Bob Young, managing director of the Weitzman Group. "Even with our challenges, DFW has performed as good, or better, than any market."
Kroger's director of real estate, Terry Evans, said the state is getting its fair share of the nation's No. 2 grocer's capital spending. Half of Kroger's 210 stores in Texas have been remodeled, expanded or relocated in recent years, and that has helped it increase its market share.
It's opening its first local Marketplace store in Frisco today and expects to open a second in Fort Worth's Alliance Town Center by year's end.
In 2011, Kroger is planning a third Marketplace store in Little Elm.
In March, German-owned discount grocer Aldi Inc. will start opening the first of its planned 27 stores for North Texas.
Whole Foods Market opens at Park Lane in March. Dillard's, The Container Store and Whole Foods are part of this year's expansion of the Village at Fairview.
Rounding out the list is a Tom Thumb-anchored center under construction in Rockwall and the first phase of Denton's Rayzor Ranch project of small-shop retail and possibly Walmart and Sam's Club.
[Dallas Morning News]
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