More stores and restaurants are closing in the San Antonio area, but space may not be empty for long, as little retail space is under construction.
A flurry of retailers have filed for bankruptcy protection in recent months, closing hundreds of stores and restaurants while leaving behind gaping holes at malls and strip centers in San Antonio and other cities. Discount chain 99 Cents Only Stores LLC shuttered all 371 of its stores, including five locations here. A store near Loop 410 and U.S. 281 was one of 42 stores nationwide that musical instrument retailer Sam Ash Music Corp. closed.
Less than two years after launching, Kroger to shut down delivery service in San Antonio More closures could be on the way. Dollar Tree, which has more than 40 Family Dollar stores in the San Antonio area, has said it plans to shutter 600 locations of that retail brand this year alone. Macy’s, which has stores at South Park Mall, the Shops at La Cantera, Ingram Park Mall and North Star Mall, said it plans to close 150 locations in the next few years.
San Antonio firm reveals renovation plans for iconic Villita Assembly Building downtown The vacancy rate for retail space is sitting at 4.1%, below the 5% threshold under which it is generally considered to be a landlord’s market, said Steve Triolet, senior vice president of research and market forecasting at commercial real estate firm Partners. Average annual rent is $19.68 a square foot, the highest on record, he said.
Jim’s Restaurants owner weighs in on San Antonio chain’s future Traditional sit-down restaurants are among those struggling to stay afloat because of high rents, inflation, hefty debt loads, competition from fast casual chains and customers searching for cheaper options. In some cases, leases that executives signed years ago are coming up for renewal and “the numbers don’t make sense” any more, Triolet said. “There is pent-up demand for second-generation restaurant space.
Japanese dollar store chain Daiso to open multiple stores in San Antonio area As some apparel and restaurant chains struggle, fitness and entertainment businesses are expanding. Crunch Fitness, Tru Fit and Fitness Connection have taken over empty space at local shopping centers, as have Best Buy Outlet, Five Below, Daiso and DD’s Discounts. Construction has remained at near-record lows for years because of rising costs of materials and financing.
Partners Sam Ash Music Corp. Dollar Tree Daiso Half Price Books Macy's Rue21 Dick's Sporting Goods Ollie's Bargain Outlet Jim's Restaurants Family Dollar Red Lobster Kroger Crunch Fitness Stein Mart Sears Bed Bath Nordstrom Rack Homegoods Mega Furniture Steve Triolet Noble Hooters DD Tru Fit Weitzman Michael Schoenbrun San Antonio Antiquarian Book Mart Broadway U.S. 281 Loop 410 Burlington Shops Rivercenter Interstate 35 South Zarzamora Street Live Oak Town Center Houston North Star Mall South Park Mall Ingram Park Mall Villita Assembly Building Shops At La Cantera Old Thousand Oaks Drive Barnes San Antonio Zoo Adair Kitchen Japanese South Texas Adair Concepts Best Buy Outlet House Of Sport
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