Retail reshapes itself
The Albuquerque retail market continues its metamorphosis along with the rest of the nation. New retail concepts that cater to the modern consumer have emerged and spaces that were left vacant in the wake of growing e-commerce have continued to be filled as retail reshapes itself.
Cottonwood Mall introduced its first new major tenant since the former Macy’s space was purchased. Last summer, Washington Prime the owner of Cottonwood Mall purchased the former Macy’s box and announced an over $20 million redevelopment of the space. Hobby Lobby will occupy nearly 54,000 square feet, moving from their current location at 9350 Eagle Ranch Rd leaving 69,000 square feet vacant. This is the second announced Hobby Lobby in Albuquerque this year. Earlier in the quarter, Hobby Lobby announced that it would also occupy a free standing, build to suit location at Las Estancias in the South Valley submarket.
Key factors this quarter
- Cottonwood mall announced its first new tenant after$20 million redevelopment of former Macy’s location. Hobby Lobby will occupy 54,000 square feet of the mall.
- Three new trampoline park locations are currently in the works, two of which are new construction. Elevate Trampoline Park will open in Rio Rancho, Urban Air and Cool Springz will open in the North I-25 submarket.
- Medical tenants are the new retail darling. They are backfilling neighborhood strip centers that were vacated by mom-and-pop shops.