Grocery Store War Brewing With Retail Space Shortage
Believe it or not, theres actually a shortage of quality retail space in Atlanta--quite a change from our situation only a handful of years ago. One of the legacies of the recession is that new construction stopped, says The Shopping Center Group chairman and CEO David Birnbrey.That's creating a tight market for key retail sites, particularly within the Perimeter. And that could lead to a retail development revival later this year. Theres still pretty steep pre-leasing qualifications [to get construction loans], but theres still steep demand from retailers. David isone of our keynotes at this monthsBisnowAtlanta Retail Real Estate Summit on March 28 at the Grand Hyatt (Join us!)
Restaurants have lead retail growth, but David says "chain stores are following close behind. Were in a serious grocery war right now. (Duck and cover if anyone releases the Food Lion.) Perhaps the most anticipated of the grocers entering the fray is Sprouts Farmers Market, which has been scouting sites in metro Atlanta for 30k SF spaces.