Denver's Love of Shopping is Fueling Increased Retail Sales and New Store Openings

Denverites love to shop and as a result, Denver’s retail sector is absolutely booming. According to a recent Monthly Economic Summary from the Metro Denver Economic Development Corporation, Denver retailers are reporting that sales have increased almost 10% from 2006. According to the report, all seven Metro Denver counties reported strong YTD sales through April of 2007 compared to the same period last year. The encouraging numbers include double-digit increases in retail sales in Broomfield County (16.7%), Adams County (12.6%), Boulder County (11.8%), and Denver County (11.2%). This is great for Denver’s economy since it not only means increased sales tax revenue, but also a slew of new retail jobs. Here are just a few highlights from Denver’s thriving retail sector:

• Cherry Creek Mall has several new stores opening including a brand new, The Container Store, which opens this weekend (August 11^th). The new store will donate 10% of all sales on August 11th and 12th  to The Denver Center for Performing Arts.

• The highly anticipated 140,000 sq. ft Cherry Creek Nordstrom is slated to open on October 19th at the old Lord & Taylor building at the Cherry Creek Mall.

• Park Meadows Mall opened a new Apple store a couple of months ago and is anticipating the opening a couple of new stores including a Lucky Jeans store.

• Castle Rock residents are among the Denver area residents who are doing a whole lot of spending. The Castle Rock Economic Development Council reports that its residents spend more than 175% of the national average. The Outlets at Castle Rock draw over 4 million shoppers per year.

• A recent article in The Denver Post reports that the Colorado Department of Labor and Employment projects an increase of 5,000 retail jobs in Denver by 2008.

• In Centennial, things are moving along on the site of the old Southglenn Mall, the new site of, "The Streets at SouthGlenn" a unique outdoor shopping area. Construction is expected to begin soon on the project, which includes the future anchor stores of Whole Foods Market, American Screen Works, Barnes & Noble, Best Buy and Dick’s Sporting Goods.

For more information on Denver’s economy or retail sector, please contact TeamCox Realtors. Happy Shopping!

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