News Article: Frisco shows resilience despite recent national retail closures
In the April issue of Community Impact Newspaper, Tony Felker weighs in on retail and recent closures in Frisco.
A large “Store Closing” sign droops in front of Payless ShoeSource at the Centre at Preston Ridge, one of Frisco’s largest shopping centers along Gaylord Parkway. The windows are plastered with “Going out of Business”˜signs.
National retailers—such as Payless, Beauty Brands, Charlotte Russe and Gymboree—have announced nearly 5,300 store closures across the United States so far this year, including some in Frisco, according to Coresight Research. That is more than twice the number of store openings announced this year. Numerous other national companies have announced closures but not whether any Frisco locations are affected.
But in Frisco, these closures are just a blip on the city’s economic radar, retail and local business experts said. With the city adding about 10,000 people each year, a low commercial vacancy rate and a number of new businesses moving in, Frisco seems poised to weather an ever-changing retail landscape, they said.
“There’s an overall health in Frisco because you’ve got population growth, you’ve got commercial and job growth, and then you’ve got an infrastructure of [major roads],” said Robert Young, executive managing director of Weitzman, a real estate company that multiple properties in Frisco.
These factors help protect Frisco’s retail sector from economic cycles that affect other areas of the country, said Tony Felker, Frisco Chamber of Commerce president. Read more