Reggie Kuipers Talks Retail in Sioux Falls
Wednesday, July 29 2015
On July 29th, Reggie Kuipers sat down to live stream some of the trends and highlights of the retail market in Sioux Falls.
This mid-year retail report is very robust. Commercial construction numbers are up. They were at $11.4 million in 2014 and are now residing at $31.6 million in 2015.
“If you tear it down they will come” Reggie says.
As far as in-fill retail development sites come, a developer will pay a huge number for the land, tear the building down, and construct something new. For example, K&H Car Wash was torn down to make Aspen Dental and Caribou Coffee, Valentino’s site will soon be a Verizon Wireless, The Other Place is now the site of Graham Automotive, and the Burger King that resided on Minnesota Avenue will turn into a Caribou Coffee/ Einstein’s Bagels and a fast casual restaurant. According to Reggie, National Rents are high. They are from low to mid thirties.
There is also a surprising amount of banks entering the Sioux Falls retail market. Some examples of those included First Interstate Bank located on 57th Street and Western Avenue, Bank Midwest on 11th Street and Minnesota Avenue, American State Bank in the Carpenter Building, and Reliabank. Some other active banks in the market include First Savings Bank, First Dakota National, as well as Home Federal Bank.
Some retail developments to be entering the market include Lake Lorraine, which will include Senior Housing, a proposed apartment development, CarsForSale.com, a new strip, and 60,000 sq. ft. of retail. Another example of this is Dawley Farm. In this development there will be a new strip that will be about 15,000 sq.ft. of retail as well as Dublin Square Apartments. 85th Street and Minnesota Avenue will include Walmart, Subaru, a bank, a spec strip, as well as a possible restaurant.
Some of the active retailers in the market include Hy-Vee, Fareway, Caribou Coffee and Einstein’s Bagels, Marco’s Pizza, Popeye’s Louisiana Kitchen, Moe’s Southwest Grill, Red Robin, Toppers Pizza, as well as GreatLife.
Some of the closings in the Sioux Falls Retail Market include Great Harvest Bread Company, Pizza Inn, Big Lots, Radioshack, Lick the Spoon, Valentino’s, and Burger King.
Reggie predicts that retail construction will be north of $40 million by the end of the year. Downtown Sioux Falls is also gaining momentum by gaining stores such as Duluth Trading Company, MacKenzie River Pizza, and more.
In conclusion, the Sioux Falls Retail sector is very healthy and expected to expand for another twelve months.
To check out the video CLICK HERE!