Weitzman’s annual retail update said more projects are in the pipeline for 2023.
A Murray cheese shop was added to the newly remodeled Kroger store in Allen at 1212 East Bethany Drive. Both Kroger and Tom Thumb have been actively remodeling their local stores in 2022 and 2023.For the second year in a row, new retail construction was well below the past decade’s annual average.
D-FW’s retail occupancy of available space hit a historic high last year and was above 94% for the first time since 1990 when Weitzman began collecting data on local shopping centers. The trend of fewer new developments and redeveloping existing space both contributed to that high. The recovery from the pandemic also reflects the retail industry’s recognition that it needs both physical and digital storefronts, Young said. “Brick-and-mortar retail proved to be more essential than ever thanks to the industry’s ability to transform with tech and mortar,” Young’s term for the seamless mix of physical and digital retail.
Based on what’s in the pipeline for 2023, new construction will likely top 1 million square feet again, Young said. Strong anchor development has already been announced for 2023, with a new Target under construction in Prosper and two H-E-B stores in McKinney and Allen. Big entertainment-focused concepts will open in Allen, Fort Worth and Grand Prairie.
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