Continued improvement in store for retailers

BOULDER — Retailers and others are predicting continued improvement in the retail sector in the Boulder Valley in the coming year.

Retail sales in Colorado have increased an average of 7 percent per year during the last three years as the industry continues to rebound from the recession in 2008. More growth is expected in 2014, according to the Colorado Business Economic Outlook report from the University of Colorado-Boulder’s Leeds School of Business.

Jennifer Pinsonneault, director of research and marketing at the Boulder Economic Council, said the region’s healthy housing market, lower fuel prices and improved job growth all have contributed to retail sales gains. But, a slowdown in the housing recovery could slow that growth in the coming year.

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Sales are expected to improve at the Twenty Ninth Street shopping district in Boulder throughout 2014, building on growth experienced during the last several years, said Kate Honea, a spokeswoman for the shopping district. She attributes the growth, in part, to Boulder shoppers supporting the city’s “shop local” movement. Several new restaurants will be in mix this year, including an as-yet unnamed new restaurant, created by the owners of Hapa Sushi, and the Protein Bar restaurant, which will feature salads and sandwiches.
Tourism boosters in Boulder are working with national sports companies to hold events to draw in new destination visitors who will spend their money here, said Mary Ann Mahoney, director of the Boulder Convention and Visitors Bureau.

Boulder will be the host of running and national cyclocross events in the coming months, along with the annual Boulder International Film Festival, and an arts week, Mahoney said. An Ironman triathalon will be held in Boulder for the first time this summer, and the city will host the beginning of a stage of the Pro Challenge bicycle race in August, she said.
“We’re looking forward to (these events) with great enthusiasm and know that tourists eat out and shop while they’re here,” Mahoney said.

In Longmont, Nancy Rezac, Visit Longmont’s new executive director, wants to create a new signature event to draw visitors to the community in 2014, which would boost retail sales. The redevelopment of Twin Peaks Mall into the Village at the Peaks in Longmont has been delayed by court proceedings, and likely will not be generating sales-tax revenue for the city of Longmont until 2015.

In Broomfield, the retail mix is changing in and around the city’s civic center, as well as around Flatiron Crossing mall, said Bo Martinez, economic development director for the city and county of Broomfield. But whether these changes will impact sales-tax revenue for the city in 2014 is unknown.

City officials have put out a request for proposal to developers to come up with a plan for a “town center” area on the northeast corner of First Avenue and Main Street that could include residences, restaurants and shops, he said.

Flatiron Marketplace shopping center just north of Flatiron Crossing mall may be redeveloped in 2014 into an area with more mixed uses, including a hotel, Martinez said.
To the northeast, more restaurants and retail shopping for the area around Interstate 25 and State Highway 7 are expected to come online in 2014, Martinez said, without giving specifics. Martinez said he encourages Broomfield residents to shop locally as well as to patronize all small businesses in town.

“We’re very optimistic about the retail opportunities in Broomfield in 2014,” Martinez said.