Jan 27, 2008

Say hi to places to go buy, buyBy Pam LindloffColumbian.com

Clark County shoppers have shown their approval of new and expanding retailers in this market by increasing the amount of retail spending they do at home, and retailers are responding with even more new stores and shopping centers.

During 2007, major new openings included two new Best Buy stores; Steve and Barry’s, which opened for the first time in this market; a second Kohl’s department store in Hazel Dell; and LA Fitness, which also entered this market for the first time. A total of 310,000 square feet of new retail space was added during the year, bringing with it 800 new retail jobs.

Steady population growth in Clark County continues to create demand for new retail stores and services. Estimates are that at the end of 2007 the county’s population had increased for the year by 2.8 percent, reaching 403,000. Retail sales have outpaced population growth for the past several years, increasing by 6.2 percent to $4.87 billion ($2.15 billion in store-only sales) at the end of 2006. Although the rate of increase in sales slowed from the prior three years, the annual sales growth percentage is still outpacing population growth.

During the second quarter of 2007, sales increased in the categories of motor vehicles and parts, home furnishings, and sporting goods. A big increase occurred in grocery and beverage sales, and restaurants and drinking establishments – sales were up almost 7 percent for the quarter.

Consumer spending fell in electronics and appliance sales and took a solid dip of almost 9 percent in building materials and garden supplies, likely reflecting the slowdown in new home construction and home sales, off 20 percent last year from 2006.

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