Welcome to zany retail world of Prescott, Arizona and it’s surrounding market service areas, including Prescott Valley and Chino Valley.
The market is once again racing ahead of demand. There is a shrinking pool of tenants with limited access to the capital necessary to sustain them and a blotted growth in space.
We have an idea…stop the insanity by curtailing the retail glut.
While the central neighborhood malls are doing exceptinally well, the larger malls such as Crossroads, Frontier Village and yes, Gateway Mall are struggling, with the later two still showing less than optimal occupancy rates. Crossroads, located in Prescott Valley, is building as they come but this too creates issues of survivability for some retailers, since the income growth is negative within the consumer market and jobs are still nowhere near normal.
The retail market is overbuilt and under-sustained, making it a tenant market.
Contact CPNA about a lease review.