Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
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46 SCT / S E P T E M B E R 2 0 1 7 Low land prices and high demand are fueling a retail boom in Indianapolis By Spencer Rumsey Capital projects S ome call Indianapolis the crossroads of the country because this capital of the Hoosier State straddles four major interstates. The city is only hours away from Chicago; Cincinnati; Columbus, Ohio; Detroit; Louisville, Ky.; and St. Louis, making it a key Midwest hub. It boasts some 2 million people in the metropolitan area, its economy is stable, its unemployment rate is near historic lows, and the overall retail market is thriving. IKEA is set to open its first Indiana store this fall, in Fishers, an affluent suburb of 90,000 people about a half hour from downtown Indianapolis. The Scandinavian home-furnishings chain had been scouting the area for years, ac- cording to company spokesman Joseph Roth. "We were looking for cities that were receptive to the IKEA concept, that had a clear vision for the community, and, most importantly, had land available with good access and visibility from a major interstate, of course, too," Roth said. "That's exactly what we found in Fishers." This is IKEA's 45th U.S. store. What makes the site especially appealing, Roth notes, is its size: 35 acres, allowing for a single-level store spread out to some 290,000 square feet. The area is drawing attention from other retailers too. "Fishers is probably the hottest market in Indi- ana right now," said Tim Murray, an Indianapolis-based vice president of retail brokerage for JLL. Dallas-based Topgolf is opening its first Indiana store, also in Fishers — an $18 million, 65,000-square-foot, three-level golfing and entertainment complex right next 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