retail - invest in the experience
DESCRIPTION
The Greater Omaha metropolitan region is a thriving area of more than 1.2 million people located within an hour’s drive of the urban center. Hundreds of leading national and regional retailers have found Greater Omaha to be a profitable location.TRANSCRIPT
INVEST IN THE EXPERIENCE
RETAIL
Welcome to the Greater Omaha metropolitan region, a thriving area of more than 1.2 million people located within an hour’s drive of the urban center. Hundreds of leading national and regional retailers have found Greater Omaha to be a profitable location, including:
Bonefish GrillColdwater CreekPottery BarnThe Cheesecake FactoryUrban Outfitters National retail chains thrive in Greater Omaha. From stand-alone facilities, to enclosed and lifestyle malls or mixed-use developments. Retail is growing! In fact, three recently developed mixed-use projects — Aksarben Village, Midtown Crossing and Coventry — all have significant retail options underway or open for business. Those three projects reflect a combined capital investment of nearly $1 billion.
Omaha: The $13 Billion Opportunity
With an average household income of more than $70,000 and a cost of living 10 percent to 12 percent lower than the national urban average, Greater Omaha is a strong regional retail market. In fact, total retail spending for the Greater Omaha metro is about $13 billion a year, with consumer demand showing opportunity gaps in significant categories despite Omaha’s retail growth. This spending power and demonstrated demand for retail products is evident in the outstanding success of many of Omaha’s national retailers. Omahans enthusiastically spend their money dining and shopping.
Greater Omaha was ranked among the top 5 Metro Areas
that are Hot Money – 2010
Watch – Omaha Retail – Invest in the Experience
“I invested in Omaha because it’s an upscale, attractive city with a lot of purchasing power.
I am exactly where I want to be.” – Ernesto Peralta, blanc burgers + bottles
Retail Sales Outlook
Omaha’s projected economic and population growth, along with its positive pro-business climate, promises continued momentum. Long termed a “recession-resistant” economy because of the diversity of business and industry present in Omaha, the foreseeable economic outlook is for continued growth.
Greater Omaha is the home of five Fortune 500 headquarters: Berkshire Hathaway Inc., ConAgra Foods, Mutual of Omaha, Kiewit and Union Pacific Railroad. Scores of other
Retail Opportunity Gap
Retail Category Opportunity GAP (Unmet Demand)*
Health & Personal Care Stores $ 265,894,949
Food & Beverage Stores $ 235,489,463
Clothing and Clothing Accessories $ 195,269,787
Home Centers $ 189,508,959
Miscellaneous Store Retailers $ 140,925,109
Department Stores Excluding
Leased Deptartments $ 126,570,884
Electronics & Appliances Stores $ 90,334,031
Home Furnishings $ 46,643,418
*Claritas 2010 RMP Opportunity Gap – Retail Stores
Fortune 500 companies have operations in the metro area. Including 3M, Aflac, CenturyLink, The Coca-Cola Company, General Dynamics, Kellogg’s, Northrop Grumman, Pacific Life and Schering-Plough. This diverse economy has kept Greater Omaha insulated, but not isolated, from the economic downturn. The area has more optimistic growth prospects than many parts of the nation.
The Omaha metro has experienced increased taxable sales, a positive retail property absorption rate and has attracted many new-to-market concepts. Aksarben
Village and Midtown Crossing, which both have a significant retail and entertainment impact, have opened during the recent national recession. As other communities’ retail environments have stagnated over the past few years, metro Omaha’s retail is vibrant and growing. In 2009, Forbes listed Omaha as the nation’s fastest recovering city. That recovery continues to positively manifest itself in all aspects of Omaha’s economy.
Diverse Industry Sectors = Economic StabilityGreater Omaha Employment Distribution by Industry - 2010 Construction/Mining 4.6%Manufacturing 6.8%Trade, Transportation and Utilities 20.6%Information 2.4%Financial Activities 8.8%Professional and Business Services 13.8%Education and Health Services 15.4%Leisure and Hospitality 9.5%Other Services 3.9%Government 14.3%Total Employment 100.0%
Bureau of Labor Statistics
Representative Properties
Sq ft Broker Major Tenants Households Median Income
3-mile 5-mile 3-mile 5-mile
The Shops of Legacy
130,000 Bear Properties Roja Mexican Grill, Upstream Brewing Company, Baby Blue Sushi Sake Grill, Dante's Pizzeria Napoletana
24,904 60,379 $101,741 $89,080
Midtown Crossing
225,000 Lund Company/ RED Development
Element by Westin, Midtown Marcus Cinema, Prairie Life Fitness, Wohlner's Neighborhood Grocery and Deli
45,627 94,727 $39,011 $41,335
Aksarben Village 300,000 Colliers International
Wohlner's Grocery, Aksarben Cinema, Godfather's Pizza, Jones Bros. Cupcakes, Aspen Fitness
47,985 100,518 $44,181 $45,609
Metro Crossing 551,376 The Lerner Company
Target, Kohl's, Bed Bath & Beyond, PetSmart, Famous Footwear, T.J. Maxx
12,554 41,750 $81,042 $67,258
Westroads Mall 1,210,156 General Growth Properties
Von Maur, The Cheesecake Factory, Rave Motion Pictures, Bare Escentuals, The Buckle, Forever 21
36,607 100,434 $59,054 $59,598
Shadow Lake Towne Center
689,573 The Lerner Company/RED Development
Best Buy, PetSmart, Hy-Vee, Dick's Sporting Goods, Borders, JCPenney, Gordmans
12,475 40,363 $86,378 $70,313
Regency Court 171,552 RED Development/Lund Company
Anthropologie, Borsheims, William Sonoma, Pottery Barn, White House | Black Market
36,251 101,408 $58,507 $59,435
Village Pointe 572,338 RED Development
Scheels, Old Navy, DSW Shoes, Best Buy, Marcus Village Pointe Cinema, Coach, Apple Store, Sephora
21,302 56,435 $97,280 $88,241
Oakview Mall 870,323 General Growth Properties
Younkers, Dillard's, JCPenney, Sears, Aerie, Crazy 8, Fossil, Authentic Jeans
30,477 77,388 $84,705 $81,097
One Pacific Place
91,514 Cole Real Estate Investment
Trader Joe's, Chico's, Talbots, Ann Taylor, Banana Republic, ingredient
33,198 101,702 $58,492 $61,715
Workforce and Consumers
As a regional service and trade center, Greater Omaha attracts workers and shoppers from an area far larger than the metro area. More than 1.2 million people live within a 60-minute drive time. An excellent highway transportation network, including the I-80 and I-29 corridors, provides a natural means of extending the Omaha market area.
With more than 710,000 workers, the Omaha metropolitan statistical area typically pulls in labor from a 60-mile radius.
A young, growing workforce is essential to ensuring a steady supply of workers and economic vitality. Omaha’s 24-years-old-and-younger population represents 36.3 percent of the total. Omaha’s median population age is 34.9 versus the U.S. median of 37.
When adjusted for inflation, household income in Omaha consistently ranks in the top five of the 100 largest metros. In addition, Greater Omaha maintains a higher concentration of high wage jobs in the financial activities, education and healthcare, and professional and business service sectors compared to the nation.
Representative Properties
Sq ft Broker Major Tenants Households Median Income
3-mile 5-mile 3-mile 5-mile
The Shops of Legacy
130,000 Bear Properties Roja Mexican Grill, Upstream Brewing Company, Baby Blue Sushi Sake Grill, Dante's Pizzeria Napoletana
24,904 60,379 $101,741 $89,080
Midtown Crossing
225,000 Lund Company/ RED Development
Element by Westin, Midtown Marcus Cinema, Prairie Life Fitness, Wohlner's Neighborhood Grocery and Deli
45,627 94,727 $39,011 $41,335
Aksarben Village 300,000 Colliers International
Wohlner's Grocery, Aksarben Cinema, Godfather's Pizza, Jones Bros. Cupcakes, Aspen Fitness
47,985 100,518 $44,181 $45,609
Metro Crossing 551,376 The Lerner Company
Target, Kohl's, Bed Bath & Beyond, PetSmart, Famous Footwear, T.J. Maxx
12,554 41,750 $81,042 $67,258
Westroads Mall 1,210,156 General Growth Properties
Von Maur, The Cheesecake Factory, Rave Motion Pictures, Bare Escentuals, The Buckle, Forever 21
36,607 100,434 $59,054 $59,598
Shadow Lake Towne Center
689,573 The Lerner Company/RED Development
Best Buy, PetSmart, Hy-Vee, Dick's Sporting Goods, Borders, JCPenney, Gordmans
12,475 40,363 $86,378 $70,313
Regency Court 171,552 RED Development/Lund Company
Anthropologie, Borsheims, William Sonoma, Pottery Barn, White House | Black Market
36,251 101,408 $58,507 $59,435
Village Pointe 572,338 RED Development
Scheels, Old Navy, DSW Shoes, Best Buy, Marcus Village Pointe Cinema, Coach, Apple Store, Sephora
21,302 56,435 $97,280 $88,241
Oakview Mall 870,323 General Growth Properties
Younkers, Dillard's, JCPenney, Sears, Aerie, Crazy 8, Fossil, Authentic Jeans
30,477 77,388 $84,705 $81,097
One Pacific Place
91,514 Cole Real Estate Investment
Trader Joe's, Chico's, Talbots, Ann Taylor, Banana Republic, ingredient
33,198 101,702 $58,492 $61,715
“Buckle has invested in the Omaha market for over 20 years. The community has an impressive cultural scene, extensive dining and accommodation options, a world-class zoo, museums catering to a variety of interests, as well as sporting and concert events that attract visitors to the city. We are pleased with the continued development and promotion of Omaha as a destination for entertainment, business and shopping.”
Dennis Nelson, CEO and presidentThe Buckle, Inc.
#1 America’s Most Affordable Cities
Forbes – January 2011
#6 America’s Most Livable Cities
Forbes – April 2010
Look Who’s HereRestaurants The Amazing Pizza Machineblanc burgers + bottlesBonefish GrillBuffalo Wild Wings Grill & BarCarrabba’s Italian GrillCantina LaredoThe Cheesecake FactoryChocolaterie StamCRAVEFirebirds Wood Fired GrillFive Guys Burgers and FriesFleming’s Prime Steakhouse & Wine BarFreddy’s Frozen Custard & SteakburgersGenji Japanese SteakhouseGranite City Food & BreweryingredientJason’s DeliJimmy John’sJohnny’s Italian SteakhouseKobe Steak HouseKona GrillLone Star SteakhouseMilio’s SandwichesOutback SteakhousePanchero’s Mexican GrillPanda ExpressP.F. Chang’s China BistroQdoba Mexican GrillQuaker Steak & LubeRock Bottom BreweryRoja Mexican GrillSmashburgerSullivan’s SteakhouseTaco BuenoTaco del MarTexas Roadhouse
Fashion Abercrombie & FitchAéropostaleAmerican ApparelAnn Taylor
AnthropologieBabies “R” UsBanana RepublicBuckleCarter’sCJ BanksChico’sChristopher & BanksCoachColdwater CreekDSWForever 21Francesca’s CollectionsGapJ.CrewThe LimitedNew York & CompanyOld NavyParsow’sRepublic of CoutureSephoraShoe CarnivalTalbotsUrban OutfittersVanityWet SealWhite House | Black Market
Other RetailersApple StoreBass Pro ShopsBorsheimsBounceUCabela’sCamping WorldCostcoDave & BustersFossilGolfTecLifetime FitnessNebraska Furniture MartTrader Joe’sULTAWhole Foods MarketWinestyles
Major Employers
#2 Best Cities for Business
MarketWatch – December 2010
Alegent Health Berkshire Hathaway, Inc. CenturyLink ConAgra FoodsFirst Data First National Bank of Omaha Google Gordmans Mutual of Omaha
Offutt Air Force Base Omaha Steaks Oriental Trading Company PayPal Peter Kiewit Sons’, Inc. TD Ameritrade Union Pacific West Werner Enterprises Yahoo!
Greater Omaha Demographics2010 metro area population 851,1942015 metro projection 887,017 Growth 2010-2015 metro population projection 4.2%Total metro area households 329,423Average household size 2.53Median all owner-occupied housing value $136,103
Populations by Single Race ClassificationWhite 712,916 Black or African American 64,851American Indian or Alaska Native 5,289Asian 17,005Native Hawaiian and Other Pacific Islander 595Some Other Race 32,072Two or More Races 18,457
Population Hispanic or Latino by OriginHispanic or Latino 67,151Not Hispanic or Latino 784,043
Households by IncomeIncome less than $24,999 59,905 (18.2%)Income $25,000 - $49,999 87,220 (26.5%)Income $50,000 – $74,999 71,573 (21.7%)Income $75,000 - $99,999 46,804 (14.2%)Income $100,000 or more 63,921 (19.4%)
2010 Estimate 2015 ProjectionAverage household income $70,415 $76,523Median household income $56,143 $60,435Per capita income $27,467 $29,976
Average effective buying income $55,533 $60,130Median effective buying income $44,850 $47,872
Population by AgeAge 0 – 17 228,338 (26.8%)Age 18 – 24 80,491 (9.5%)Age 25 – 44 232,375 (27.3%)Age 45 – 54 120,965 (14.2%)Age 55 – 64 92,842 (10.9%)Age 65 and over 96,183 (11.3%)Median age 34.9
Source: Claritas, 2010
“When we look at a potential site, we make sure that the demographics and population density meet our pre-determined criteria, but after that, we look at the culture of the surrounding area. Omaha, as a city, has its own unique culture, and the residents have a strong sense of the arts and culture as well. They also have a strong passion for food, and it is those types of intangible elements that really set apart some cities. Omaha has a strong culinary presence in the country, with Omaha beef, and we felt P.F. Chang’s China Bistro would be a great fit.”
Jason Miller P.F. Chang’s China Bistro
The Greater Omaha Economic Development Partnership represents a four county area that includes the Greater Omaha Chamber (Douglas County), Cass County Nebraska Economic Development Council, Gateway Development Corporation (Washington County) and Sarpy County Economic Development Corporation. This seamless regionalized economic development organization operates as a one-stop shop for all of your economic development needs.
May 2011. For additional data, go to SelectGreaterOmaha.com
SelectGreaterOmaha.com
Winsley Durand, [email protected] • 800-852-2622
1301 Harney St., Omaha, NE 68102 • 13206 Grover St., Omaha, NE 68144
Now that you’ve gotten a taste of the major retail players who have found
a home in Greater Omaha — why not you?
“Anything we needed, the Greater Omaha Economic Development Partnership was there to help. I have done real estate development for approximately 30 years and they are absolutely the best. I was greatly impressed by the enthusiasm, cooperation and overwhelming response.”
Susan Flesher, Panda Express real estate