Have you had enough of the bad news about the economy and job losses? Are you someone who put in your time at some corporation to only be handed a pink slip? I think this is healthy for our economy. You know why? Because it challenges the best minds who are angry to channel their frustration into starting a business. Some of the country’s best brands and companies got their starts in recessions. There are major benefits to starting a retail business right now! As landlords of Lincoln Court Shopping Center, we thrive on helping those with great ideas to start a business, grow, and prosper. Here are the top 5 reasons why it is the best time to start a retail business in Arlington, TX:
1. The City of Arlington has done an excellent job of putting together the Cowboys stadium, Rangers Baseball stadium, and other venues that bring in business into the City. This creates jobs, as more people are spending money in the City. The cumulative effects of holding events at the stadiums goes way beyond one can imagine. Recently the City hosted the NBA All Star games with a record breaking crowd of over 100,000. Think of the effect of this on the local economy – immeasurable!
2. DFW is in much better economic health than the rest of the country. People are moving into DFW because of lower housing costs and better employment opportunities. According to a CBRE report, the current population of DFW is 6.35 million and it is projected to grow 11% by 2014. 11% equates to nearly 700,000 new residents in the next five years. These people will need retail services!!!!
3. According to the same CBRE report, Texas tops all states in job growth in the last 10 years and over 50,000 jobs in the 4th quarter of 2009. This is where companies are moving to for a better quality of life for their employees, lower taxes and less regulation, cost effective real estate, and lower housing prices for their employees. The future of retail is bright as services will be in demand for a growing employment base!
4. Shopping center rental rates have been declining since their peak in the fourth quarter of 2008, decreasing from $14.94 in the third quarter to $14.13 at the end of 2009. Average asking rates continued to decrease as well since reaching their peak in fourth quarter of 2008. In fourth quarter 2009, the average lease rate decreased $.15 from the third quarter and decreased 5.4% from year-end 2008. The growing number of available spaces has caused the rates to slowly decrease during the same time period. What better time to take advantage of falling rents!!!
5. Landlords are more eager to make deals right now. If you have a good business plan, the energy and enthusiasm, and can show the landlord that you know your market, products, competitors, etc., landlords will bend backwards to get you into their property. We at Lincoln Court Shopping Center are constantly looking for successful businesses in the DFW market or other parts of Arlington that we can recruit into our property. Don’t hesitate to take advantage of this opportunity!
Don’t hesitate any more. Take massive action. Put together you business plan and approach us. You’d be surprised how eager we are to be there for you.