Northside retail sitting prettiest in ugly situation
First, the good news, such as it is: North Oklahoma City retail is in the best position in the metro area to ride out the blasted coronavirus storm.
That's according to Price Edwards & Co.'s soon-tobe-released midyear retail property market summary, prepared by Jim Parrack, broker and senior vice president of retail.
"The North Oklahoma City submarket is our largest concentration of retail. Of the 7.2 million square feet of space in the submarket, nearly half is along the Memorial Road corridor," he reported. "Virtually every major national retailer in our market has a presence here and, while activity has slowed, retailers continue to look in this area to expand or possibly upgrade locations due to anticipated closures.
"This submarket will no doubt remain our primary retail corridor and will have the most activity, both good and bad, over the next year."
Let me add, since north Oklahoma City and Edmond are "my" submarkets:
I don't "shop," but even I miss casually going to stores and eating out. Not sure when I will again without a mask — and without glaring at the maskless. I simply know and love too many especially susceptible people to be so selfish as to take a chance with their health, if not life. One has died of COVID-19 already. I will not cavalierly, or even just carelessly, possibly make it two.
Price Edwards continued: "The current environment also may change the timing of future planned developments, including the next phase of Chisholm Creek and The Oak, the planned mixed-use development across from Penn Square.
Flix construction is nearly complete at the Half; but an opening date has not been announced."
And now, the rest of the story of stores, more highlights from Parrack and Price Edwards:
• Edmond: No construction to speak of, and "the pandemic and general economic conditions will no doubt constrain new development for some time. As with all the Oklahoma City metro, expect additional vacancy over the second half of the year as we see tenant bankruptcies and closures. Yet, Edmond will continue to be one of the most desired retail submarkets; virtually all multi-store retailers want to be in the market given Edmond's demographics, particularly incomes and disposable spending."
• Eastern Oklahoma County:
Center Marketplace, a 14,000-square-foot retro 1960s-style shopping center, broke ground in Midwest City the last day of June, "the only significant new construction anticipated in the near term." Bankrupt J.C. Penney's store at Midwest City Town Center is on the closure list but is still open short term. Warren Theater at Midwest City's Sooner Rose Shopping Center remains closed "and there is significant concern about the overall theater industry."
• Moore-Norman: "Very limited new construction in this submarket and very little anticipated in the year ahead as the market works through the current environment. Sooner Mall continues to have significant vacancy primarily due to the empty Sears. Should the (J.C. Penney) store close here, it could create real issues for the mall. Malls have been the hardest hit of all landlords during the shutdown. Costco's entry into this market in south Moore is still anticipated but has not been officially announced."
• South Oklahoma City: "Zerby Interests is moving forward with plans to reconfigure and expand Shields Plaza although timing is unknown. Until that redevelopment is started, no significant new development in this submarket is anticipated."
• West Central Oklahoma City:
"The Market at Czech Hall expects to add a new ground-up HomeGoods and a Crest grocery next to the Burlington. The corridor draws not only from the Interstate 40 traffic but from a large swath of homes north of Interstate 40 that have limited access to retail, particularly new retail.
The former Cotton Mill parcel is one of the possible locations for the MAPS 4 soccer stadium, which could jumpstart a larger mixeduse development there, although current conditions are likely to delay or preclude any significant new development for some time."
• Northwest Oklahoma City:
"Council Crossing and Market Place OKC, properties with long-term vacancy issues, have been able to address much of their vacancy and accounted for much of the improvement. It is one of the more mature submarkets in the city and continues to see limited new development. For many retailers, this market is their second or third choice. This is reflective of the area demographics and the distressed condition of some of these properties: the northwest submarket is characterized by established neighborhoods with limited population growth and relatively unchanged demographics. This is another submarket with a significant reliance on small shop and local tenants, many of whom are being hurt by the pandemic and resulting economic strains."