Greetings! Happy Holidays! In this issue we're covering the decline of brick-and-mortar retail stores, what's proving to be successful in retail and The Foundry's progress on securing tenants.
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The Shifting Landscape of Retail
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In Larimer county the current vacancy rate for retail is 4.7%, up 0.8% from 2018, whereas in Weld county the vacancy rate for retail is 2.0%, down 1.3% from 2018. The continued rise in online shopping and consumers’ need for a wider selection of products have played a large part in the decline of sales for brick-and-mortar locations.
Sales for this years’ Cyber Monday reached $9.2 billion
, a 17% increase from 2018, whereas Black Friday sales in brick-and-mortar locations dropped 6.2% compared to 2018. The steady increase in gross rents has also impacted businesses’ ability to stay open. The average market rent per square foot in Larimer county increased 1.1% from 2018 and in Weld county increased 1.5% from 2018.
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Health & Wellness Taking Over
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Vatos Tacos and more on their way to The Foundry
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The Foundry, downtown Loveland
As of mid-November,
The Foundry
, downtown Loveland’s major redevelopment project, has secured an additional tenant,
Vatos Tacos and Tequila
. The Mexican restaurant will occupy a 3,740 square foot retail location that faces the plaza. At the end of November construction began on the new location for
Mo’ Betta Gumbo
, a current downtown Loveland favorite. The Southern-style restaurant will fill a 3,700 square foot end cap.
Colorado Coffee & Café
was announced back in August and will be located in a 2,000 square foot space. Construction for Mo’ Betta Gumbo and Colorado Coffee & Café is anticipated to be completed by the end of January, with Vatos Tacos’ construction completed by the beginning of March. With Vatos Tacos’ signed lease, this brings The Foundry’s 15,000 square foot commercial space to 61% leased.
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CoStar Market Reports - Larimer and Weld County
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GREELEY
(970) 346-9900
1711 61st Street, Ste. 104
Greeley, CO 80634
Mark Bradley, SIOR, CCIM
Nick Berryman
Tom Reznik
Gage Osthoff
Lanny Duggar
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FORT COLLINS
(970) 229-9900
400 E. Horsetooth Road, Ste. 200
Fort Collins, CO 80525
Steve Stansfield, SIOR, CCIM
Michael Ehler, CCIM, MAI
Erik Broman
Jeff Doran
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LOVELAND
(970) 593-9900
200 E. 7th Street, Ste. 418
Loveland, CO 80537
Ron Kuehl
Larry Melton
Patrick O'Donnell
Bruce Campbell
Jamie Globelnik
Justice Rhodes
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