Plugging New Orleans’ 'Retail Leakage'
The Orleans Parish Retail Report, published by the New Orleans Business Alliance in 2013, analyzed the retail spending of New Orleans residents. The report identified a “retail leakage” in Orleans Parish of $1.9 billion dollars in 2012 – or retail spending by Orleans Parish residents in surrounding parishes, other cities and online.
“Our retail report provides clear data highlighting the tremendous opportunity for retail growth in New Orleans,” said Rodrick T. Miller, President and CEO of NOLABA. “We are working diligently with the city and other partners in the real estate and brokerage communities to expand retail in New Orleans through pointed attraction and retention efforts focused on what New Orleanians have said they desire.”
Addressing this “retail leakage” gap has been a top priority for the city under the Landrieu Administration. Mid-City Market opened in 2013, featuring tenants such as Winn-Dixie, Panera Bread and Five Guys. Also, Costco opened its first store in Louisiana in New Orleans; Tiffany & Co. opened at Canal Place; and H&M opened in the French Quarter. New retailers to the New Orleans market also opened doors at the renovated Algiers Plaza – including Ross Dress for Less, Petco and Mattress Firm. In New Orleans East, CVS and Big Lots have opened locations.
“We are committed to attracting new retail options, which creates jobs and revitalizes the community,” said Aimee Quirk, Mayor Mitch Landrieu’s Advisor for Economic Development. “New retail also means more tax dollars that the city can dedicate to police, fire, roads and other essential services.”
More retail growth is expected in 2014. The Outlet Collection at Riverwalk will feature upscale outlet retailers such as Last Call Studio by Neiman Marcus, Tommy Bahama and Coach Men’s Outlet. Additional retail developments scheduled to come online in ’14 include South Market District, which will feature upscale apartments and ground floor retail. Additionally, New Orleans East will welcome a new Wal-Mart and Hibbet’s Sports. Magnolia Marketplace is projected to open in ’15 on South Claiborne Avenue and feature national retailers TJ Maxx, Ross Dress for Less, Michael’s, PetSmart and Ulta Cosmetics.
Miller added, “With over 1.5 million square feet of new retail development to be completed by 2014, New Orleans’ rapid and unprecedented retail growth will create jobs, increase the city’s tax base, provide expanded amenities for residents, and support a vibrant business climate.”