Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
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62 S C T / A P R I L 2 0 1 7 Strong population growth drives Salt Lake City's retail economy By Ben Johnson City of opportunity S alt Lake City has a rich history in retailing that dates back nearly 150 years to the opening of the first department store in the U.S. Against the backdrop of that tradition, this year is set to be the city's best for retail growth since 2007. Fueling this growth are some bright demographic trends. 2016 was one of the city's strongest retail years on record, spurred by a low jobless rate of only 2.5 percent, together with a job growth increase of 3.5 percent. The Salt Lake City population grew by nearly 40,000 last year, and observers are expecting an additional 41,000 for this year. "You have a one-two punch of strong population growth with strong economic growth," said Darin Mellott, regional director of research and analysis at CBRE. "So you have more people, and they've got money to spend, which is a good recipe for retailers." The average family size in Salt Lake City is greater than that in any other U.S. major metro. "Those strong family ties along with the quality of life mean that word spreads quickly between retailers," said J.R. Moore, a first vice president and retail specialist at CBRE. "As soon as they start hearing MALL OF AMERICA'S RE TAIL NEIGHBORS FIND SUN IN ITS SHADOW 64 RE TAILERS ARE E AGER TO OPEN STORES IN DES MOINES 66 S I T E S & C I T I E S T H E P L AC E S W H E R E R E TA I L D E V E LO P M E N T I S H OT