While Economy Recovers, National Retailers
Climb in Through an Open Window
Although the nation's economy continues to recover, several national retail chains appear to view the economic lull as an opportunity to expand their presence in the Puget Sound region.
Striking the ideal balance between price and location has been easier lately, and brokers report that some retailers have even become more willing to remodel existing space to secure the location they're interested in.
Companies planning to expand in the Puget Sound region include Best Buy, which intends to open 60 stores nationwide this year, including six in the Pacific Northwest over the next two years; Circuit City, which recently launched a new prototype and may relocate older stores that don't fit the bill while also scouting for new sites; Cost Plus, which anticipates opening 29 stores this year and is currently looking for sites in the Puget Sound region; Fry's Electronics, which is just starting to do business with Seattle consumers; Lowe's Home Improvement Warehouse, which recently selected three local sites that could be built from the ground up; OfficeMax, which may relocate some of its less efficient older stores; Petco, which may relocate or expand some of its older units and plans 14 new stores in Washington state, including six in the greater Seattle area; The Home Depot; and TJX Cos. Inc., which owns TJ Maxx and Marshalls, is actively seeking sites for between six and 10 more stores from Everett to Olympia after already having opened six local stores in the past two years.
In addition, real estate rumor circles have speculated about a possible move into the market by Kohl's Department Stores.
While experts anticipate that the Puget Sound region will continue to move slowly toward economic recovery along with the rest of the country, it is clear that retailers have run into a rare open window. They have a unique opportunity to set the pace for future growth, and by all indicators, they are taking Seattle up on it.
Travel Returns to Being Big Business
Americans are returning to travel. According to the Travel Industry Association of America (TIA), 82 percent of respondents to a recent survey plan to take at least one trip this summer.
Still a prime destination
Tourism in Washington state is still big business. Last year, tourists spent $3.98 billion at Washington hotels, motels and bed and breakfasts. They also spent $11 billion on cabs, meals, recreation, airfares and other travel expenses.
Cruise control
Throughout this summer, approximately 400,000 cruise ship passengers will sail into the Seattle waterfront. This number is a sharp increase from last year's 250,000 passenger count. Port of Seattle officials expect cruise ships to pump about $75 million into the region's economy this year.
Outcome lies ahead
While it will be a few more months before the impact of travel on local and national economies can be assessed, retailers have reason to be optimistic about the summer's travel predictions. And local retailers in particular should look to guide tourists into their shops this summer.
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