It's been a rough couple of years for retailers, and downtown Traverse City has been no exception. Economic troubles have kept many people from spending. But that seems to be changing once again, according to a report from the
Traverse City Downtown Development Association.
The to-be-quarterly Retail Report, released for the first time recently, says that the downtown retail vacancy rate has improved by a good chunk since 2009.
In 2009, about 8.5 percent of retail stores in downtown TC were vacant. This year, that vacancy rate is just 2.5 percent, says Rob Bacigalupi of the DDA, who wrote the report.
"Leasing has been particularly strong in 2010, and we are now seeing stiff competition for the few remaining spaces downtown," he says of the downtown's 468,000 square feet of retail space.
That brings the vacancy rate back to 2007 levels, which is good news for retailers, as that was a better year for retail.
And, there were more major leases in the works when the report was written. The DDA charted recruitment efforts so far in 2011 including 25 contacts with potential retailers in downtown Traverse City. More information is also available on the DDA's website.
Bacigalupi says the report will be produced quarterly to help business people, investors and realtors keep their fingers on the pulse of retail downtown.
Writer: Sam Eggleston
Source: Rob Bacigalupi, Traverse City Downtown Development Association
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