Swedish retailer IKEA announced Tuesday it plans to build a store in Columbus near Polaris Mall.
Study: Columbus Downtown Can Support More Retail.
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A Columbus retail analyst says as City Center empties the city’s downtown is now a wide open field for retailers. The new study estimates untapped buying potential of nearly $300,000,000.
Analyst Chris Boring of Boulevard Strategies says downtown Columbus has become what he calls an “untapped market” for retailers.
“Retailers don’t understand what the market is for downtown.” Says Boring.
In his study done for the Capital Crossroads organization, Boring says with 100,000 workers, 5,000 residents, and 65,000 residents in adjoining neighborhoods nearly $300,000,000 in spending is lost downtown for lack of retail outlets. Boring counts 45 empty storefronts on High Street between Mound Street and Goodale Boulevard. Boring says the area suffers from the demise of City Center Mall.
“I think that alot of the bad publicity surrounding the demise of City Center has given all of downtown a bad image in terms of retail. And, its just not true.” Says Boring.
Boring says home furnishings, off-price fashion stores, niche leisure goods, and what he calls life-style businesses are most likely to succeed in downtown Columbus.
Tom Borgerding WOSU News.
To hear an excerpted interview with Chris Boring click the listen icon.