During these hard economic times, many new retail construction projects have been delayed or cancelled in Austin. Though the city remains one of the best new development spots for retailers, these are hard times to expect great return on investments. Northcross Mall, however, has seen the beginnings of a new addition in the form of [...]
During these hard economic times, many new retail construction projects have been delayed or cancelled in Austin. Though the city remains one of the best new development spots for retailers, these are hard times to expect great return on investments. Northcross Mall, however, has seen the beginnings of a new addition in the form of a 99,000 square foot Wal-Mart expected to begin building in the spring.
The weakening economy has caused many local investors to place retail opening on hold for now. Endeavor Real Estate in Austin has pushed back plans for its retail development called the Domain by a year. Retailers nationwide are doing the same. Many have already had to close down stores locally. Wal-Mart has done well during this crisis, reporting an increase of 3.4% in stores that have been open for at least a year. Due to this, many are happy to invite the store to the area. Sales tax revenue showed a decline in the last few months and is expected to continue to decline through 2009 in Austin. This new Wal-Mart will not only employ 250 to 350 people, it will also serve to create more revenue for the city to use in its budgeting.
Austin is not expected to be as affected by the economic downturn as severely as other cities. Despite many retailers holding off on new projects, there are still several who are forging ahead. Other local businesses are expanding as new mixed use developments are created downtown. Though tax revenue projections are not yet complete, Austin is hopeful the new Wal-Mart will further strengthen the local economy.
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