The Denver Post reports on the north metro area's decline in retail developments as home sales sag. They even include Lafayette as somehow part of the US 36 corridor.
I like this quote: "Retail ground that has been under contract or contemplated for retail development is not going to happen for three to five years," said David Larson, a broker with Legend Retail Group. "The saying is 'retail follows rooftops.' But rooftops alone don't go shopping. You need people."
Bad news for Countryside Village: "With new shopping centers totaling more than 4.8 million square feet under construction, vacancies - particularly in older properties - are likely to increase. "
Bummer, man.
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The article is quite lacking in facts. Sure, they list several properties on the Wadsworth corridor that have high vacancies. That's definitely not the whole story.
But, there is a lesson in this. Look at the timing. Those high vacancy properties listed were hot for about 15 years. Many EastBoCo residents drove all that way to shop because the choices in EastBoCo were nil, as recently as the late 90s. Builder's Square was down there, as was the nearest Best Buy, anybody remember Fred Schmid?
As residential development moved farther north, retail development followed. Those stores on Wadsworth can now only rely on local residents for business. That's certainly not enough for many of them. But it could be for new tenants, if the landlords upgrade the property.
EastBoCo will have the same issue in 15-20 years. WalMart may have moved on, as well as Lowe's, etc. Today, they're relying on the people even farther north to come down and shop. When there are choices up north, those people won't keep driving to EastBoCo.
The cycle of retail is important for local officials to understand as they court the major retailers. The retailers are not here permanently, and they're not negotiating in the best interest of the towns.
The "real" anchors are the strong local businesses who can compete with the big boys, and will be here long after the big boys are gone.
Don't have to wait 20 years. Larkridge Mall is there now at Hwy 7 and I-25 now. Wal-Mart owns a corner too and will build soon as is that restaurant complex. Seven miles east of Lafayette. Three miles east of Erie and Anthem CO.
The future is now. They have a great rib place out there and a Gunther Toodys too.
Oh my God, you shop outside EastBoCo? :)
Anything being built today will have issues in 15-20 years, including Larkridge. Where's the next big interchange north - Hwy 52?
That's why when the city wants to refinance a bond for 10 years based on its future sales tax projections, I get heartburn.
Didn't you know East Boco doesn't exist? We could use a Ouija or a crystal ball. Anyone who call forecast that should be in the stock market and retired to the Grand Caymans by now.
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