Medical marijuana isn't the only retail sector . "Consumers who have been on a high the past three years due both to increased pandemic savings and higher debt loads are running out of both. All of this creates uncertainty and lessens consumer confidence, neither of which bodes well for retail," according to specialists at OKC's But, the firm said: "Locally, we’re in much better shape than some of the rest of the country," with "moderate growth" expected for the rest of this year and into 2025.
"The good news continues for Oklahoma City retail," Price Edwards reported in the market overview introducing the report, by Jim Parrack, senior vice president and retail specialist. Here are some "centers of growth" you might not have noticed, and a recap of some projects that have been under development for awhile. "Discounters continue to grab a growing share of the market," Price Edwards said.
, with five in OKC, and one each in Edmond, Moore, Yukon, Stillwater and Tulsa. , with three in OKC, one in Norman, one each in Ada, Ardmore, Durant, Enid and Lawton, and two in Tulsa. , with three in OKC, one each in Choctaw, Del City, Edmond, Norman, The Village and Yukon, and 23 more across the state.
, with 34 in OKC alone and 279 more in the suburbs and across the state. Report of the death of malls are greatly exaggerated, at least in OKC. "Three of our biggest retail projects are our regional malls.
They remain a huge driver of retail sales and their success ebbs and flows like the overall market," Price Edwards said, however, "Walking through them today gives you a much different feel than it did 10 years ago." " (in Norman) is the smallest and has the most vacancy, primarily due to the vacant Sears store (owned separately from the mall). You notice the vacancy when you go there and it is beginning to look a little tired.
" "The same is true of , although they’ve seen some success the last few years filling large vacancies with (aquarium) and (bowling and arcade). But, the west upper level of the mall is a bit problematic." " remains our premier mall and generates significant traffic and sales even as it has a few of what you would think of as temporary tenants.
, the mall owner, has entered into a number of relationships to in essence buy failing tenants, like Forever 21, allowing them to stay open." "Expect the look and feel of the malls to continue to change over time, but we have confidence that Simon and (owner of Sooner & Quail) will do what’s needed to evolve with consumer tastes," Price Edwards said. What are some signs that OKC retail is in better shape than much of the rest of the country? Price Edwards pointed to new stores restaurants and entertainment venues that are on the way.
"The first to open will be the high-end mixed-use , a retail, luxury apartment, hotel and office project that will be a hub of activity that our market hasn’t seen." " is another very unique offering that will open in early 2025 very much focused on entertainment and dining." "A slightly smaller version of will open later this year, called , bringing a new array of dining and shopping options to the Yukon market.
" "There are a number of other planned projects equally exciting, perhaps the most talked about being the restaurant and ," Price Edwards said. "All in all, a number of developers are making big bets on Oklahoma City retail.".
