California Centers

MAY 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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Page 46 of 58

38 California Centers Magazine | May 2018 C C Amazon has presented to the retail industry overall, the Inland Empire is actually benefitting from their growth. There are currently over 16,000 Amazon employees in the Inland Empire working at 10 ecom- merce centers with two more under construction. Looking back less than eight years ago, there were not any people employed by Amazon in this market. Amazon is just one example of the many e-commerce players that are creating jobs in the region by serv- ing the Western United States from this marketplace. 8. Retail vacancy is down to 7.4 percent overall – There is 14.5M mil- lion square feet of vacant retail space but if you remove spaces that are 20,000 square feet and larger the va- cancy rate drops to 4.6 percent. This is because 43 percent of the overall vacancy is in only 1.3 percent of the buildings. 9. Retailers, restaurants, and service businesses are expanding – The list of users that are expanding is sub- stantial. Most fall into the grocery cat- egory with Stater Bros., Aldi, Smart & Final, and Sprouts leading the charge. All the fitness users are active in- cluding 24 Hour Fitness, LA Fitness, Chuze, EOS, Fitness 19, Planet Fitness and Crunch. Restaurants are another category that is expanding with most of the players being in the quick ser- vice/fast casual sectors. That being said, Black Bear Diner, Golden Corral, and Cracker Barrel are amongst some of the newer sit down restaurants that are also opening new locations. 10. Retail sales exceed 71 billion in 2017 up from 46 billion in 2009 – Tax- able retail sales are up almost 55 per- cent since 2009 demonstrating strong consumer purchasing power. As you can see there is a lot of pos- itive economic activity happening in the Inland Empire and the changing retail environment is definitely ac- celerating. Montclair Place (formerly known as Montclair Plaza) is a great example of this transformation. The center recently started demolition of the former Broadway building and will construct a new AMC Dine In theater along with a few sit down restaurants. Even more intriguing, it has just been announced that The Anchored by a Walmart Supercenter, the recently opened Perris Marketplace in Perris is 100 percent leased and features an impressive line-up of popular food and service tenants. The center was originally planned to include two shop buildings, but due to high demand a third shop building was added to accommodate interest from retailers. W H A T ' S B U G G I N ' Y O U ? Pest Control for Professionally Managed Properties OFFICE RETAIL INDUSTRIAL RESIDENTIAL Eco-Friendly Solutions | Serving Southern California Pest Control Pigeon Control Termite Control Rodent Control Bee Control Gopher Control 1.877.522.2377 |

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