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5/12/15
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2015 is already shaping up to be a robust year of retail expansion in San Bernardino County as national retailers seek out quality space and developers continue to build new centers to accommodate ongoing population growth.
According to Beacon Economics, the population of Southern California’s Inland Empire, comprised of San Bernardino and Riverside counties, is expected to grow by 1.5 million people during the next 20 years, more than any other market in the state except for Los Angeles and well ahead of San Diego and Orange counties.
The regional economy has added more than 30,000 jobs in the last twelve months and nearly 200,000 since the recession low. With more people working, the spending power in the area continues to drive retail demand. Economist Joel Kotkin noted that that region’s job creation rate over the past year of 2.2 percent rate is well above the 2 percent increase in Orange County and almost twice that of Los Angeles’ 1.3 percent.
Retailers and developers are taking notice. Some of the most significant retail expansions and growth include:
• Mountain Grove, Redlands: Majestic Realty will soon complete development of its 67-acre, lifestyle and entertainment retail center scheduled to open summer 2015. This project is contiguous to Majestic’s successful 53-acre Citrus Plaza which is 100 percent occupied. Some of Mountain Grove’s key tenants include Nordstrom Rack, TJ Maxx, HomeGoods, 24 Hour Fitness, Banana Republic, among other national retailers. Eighty-five percent of Mountain Grove’s 670,000 square feet of retail already has been leased, with negotiations underway for food court tenants.
• Montclair Plaza, Montclair: CIM Group, which acquired Montclair Plaza just over a year ago, is working on plans for a major renovation of the property which could begin as early as May 2015. Plans include high-end retail and outdoor shopping, a movie theater, other entertainment options, new restaurants and shops. No tenants have been announced at this point.
• Colonies Crossroads, Upland: Developers Colonies Crossroads and Pacific Development Group opened the first phase of this 1 msf power center about 10 years ago anchored by Target, Kohl’s, and Dick’s Sporting Goods. The center also includes tenants Nordstrom Rack and Toys R Us. New construction over the next year will bring an Oggi’s Pizza & Brewing Company and a California Fish Market to the restaurant mix.
• Victoria Gardens, Rancho Cucamonga: As it enters its second decade, one of the region’s premier shopping destinations, featuring 164 retailers including shops and restaurants, is getting a face-lift. Renovations include new building facades, wider sidewalks, expanded patio dining, drought-resistant landscaping, enhanced lighting and resting spaces known as parklets. About 20 retailers will look different inside or outside. Additionally, two restaurants are expected to arrive this summer – The Melt, an eatery known for its grilled cheese concept, and Blaze Pizza.
• Renaissance Marketplace, Rialto: Set to open in 2016, Renaissance Marketplace will encompass 600k sf of shopping, dining and entertainment. The new center will showcase prominent national retailers and eateries coupled with modern architecture and ambiance that is representative of the transformation in Rialto. It is being developed by Lewis Retail Centers.
“We’re experiencing an exciting wave of new housing, population growth and job expansion. All of that activity bodes well for existing and new retailers in San Bernardino County and the developers who are creating new places for our residents to experience,” said Larry Vaupel, Economic Development Agency Administrator, San Bernardino County. “At this year’s 2015 ICSC RECon event, we will have an opportunity to share the retail expansion opportunities that still exist in the County throughout its 24 cities and towns.”
About San Bernardino County: Located at the heart of Southern California, a lucrative economy of 22 million people, San Bernardino County is the largest county in the United States. Its vast borders stretch from the greater Los Angeles area to the Nevada border and the Colorado River encompassing a total area of 20,160 square miles. Comprised of 24 cities, San Bernardino County encompasses more than two million residents with a workforce exceeding 900,000. Its assets include an innovation corridor of close to two dozen colleges and universities supporting a strong, diverse workforce along with an unparalleled collection of roadways, runways and railways that lead to regional, national and international business centers. Some of the region’s advantages also include a lower cost quality lifestyle, compared to surrounding counties, and an engaged Workforce Investment Board that seeks to provide a skilled workforce that will help businesses thrive.
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