Price Edwards Releases Retail Market Survey
The Retail Market
Oklahoma City real estate is known for its relative stability and slow but steady growth. We typically don’t see the cyclical volatility nor the overexuberance of other markets. The numbers for the first half of the year reflect this even as retail nationally and locally is undergoing transformational change. Occupancy edged up the first half of the year to 90.6 percent from 90.2 percent at year-end. We attribute the improvement to a good but not great economy, the continued growth of discount retailers, and the marijuana industry (see our take on this below).
The transformation of retail has been ongoing for several years now and will continue for several more. Far from being an apocalypse, the changes are invigorating the industry and creating a far more vibrant shopping experience; retail isn’t dying, it is changing to meet customer preferences.