(Courtesy of Weitzman)

Commercial Real Estate

CRE Opinion: Why an East Coast Conference Is Good for Texas Retail

No market offers more opportunities for retailers than Texas. That's why Weitzman is headed to ICSC New York.

A well-known quote holds that “80 percent of success is showing up.” Like many popular sayings, the quote has been attributed to more than one person, but those people have one thing in common: They are successful.

For me, the quote perfectly sums up why Weitzman is headed to the East Coast this month. We, along with other regional, national, and international retail real estate firms, invest both human and monetary capital in hosting a booth at the International Council of Shopping Centers New York National Deal Making Conference.

Bob Young

This year’s show, to be held December 6th and 7th at the Javits Center, is expected to attract a record crowd of nearly 15,000. That makes it the second most-attended ICSC show in the nation, attendance-wise behind only the international RECon show held every May in Las Vegas.

The record attendance is expected because the overall retail market, while it continues to evolve and still faces some challenges, is enjoying its strongest performance in years.

No market offers more opportunities for retailers than Texas. The Federal Reserve Bank of Dallas reported a week or so ago that Texas’ unemployment rate of 3.9 percent is the lowest it’s ever recorded for the state.

All our major markets reflect this strong employment, led by Austin with an astonishing sub-3-percent unemployment rate! And it’s not just jobs. Our major metros of Austin, Dallas-Fort Worth, Houston and San Antonio all report retail occupancy rates above 90 percent (healthy!), incredible population growth and strong housing demand.  These are factors that all retailers love.

We’re not naïve enough to think that every retailer will come to Texas, but our state is too attractive for them not to at least have it on their radar as location decisions are considered.

The New York ICSC show attracts almost every active national retailer out there, along with developers, REITs, lenders, and other professionals. They will show up at ICSC in New York City because they’re looking for their next opportunity.

And when they do, Weitzman and other Texas firms will be there to show them why that opportunity can be found in our great state. So for us, simply stated, we love being a part of New York ICSC, because it creates a positive buzz and momentum that vault us into a strong new year, filled with energy, optimism, and Texas retail success.

Bob Young is Executive Managing Director at Weitzman.