MarketWatch:Denver is nation's 6th-best city for business

Denver Business Journal - by Mark Harden | Tuesday, December 21, 2010

Denver is the nation's sixth-best city for business out of 102 major metro areas, MarketWatch declares in its annual ranking.

"[A] perennial top 10 city, Denver continues to attract businesses of all types looking for quality of life," the business-news-and-information website says.

It says Denver "seems to have no trouble attracting new companies," noting the recent decision by kidney-care giant DaVita Inc. (NYSE: DVA) to locate its headquarters here.

MarketWatch, which has compiled its ranking for four years, evaluated 102 large cities, using a variety of measures that break down into two categories: "company score," the concentration of businesses within a metro area, and "economic score," which takes into account unemployment, job growth, population growth, personal income and local gross domestic product.

It said it used more metric categories this year than before, partly to better reflect tourism business and the economic impact of military bases.

Denver's total score is 980, its company score is 599, and its economic score is 381.

Denver's company score is second-highest of the 102 cities, after Minneapolis' 601. That may surprise some locals, since the common wisdom is that the Mile High City is home to fewer large company headquarters than other cities its size.

Nevertheless, "the region is among the top 20 in six of the seven metrics that measure concentration of companies," MarketWatch's Russ Britt writes.

But MarketWatch downgrades Denver on personal income and in change in employment. "Its jobless rate rose half a percentage point" from last year, Britt says.

Denver ranked seventh in MarketWatch's 2009 best-cities-for-business ranking, third in 2008 and second in 2007.

Denver has done well recently in business, economic and career rankings. In November, career search engine Juju.com rated it the ninth-best city for job seekers. In October, the CareerCast.com/JobSerf Index placed Denver ninth as a place to find a managerial position. Businessweek in July called Denver the nation's eighth-best city for college grads to find work. And Forbes in June ranked Denver America's eighth-best city for young professionals.

MarketWatch ranks Colorado Springs No. 54 overall, with a total score of 715, a company score of 312 and an economic score of 403.

The top city is Washington, D.C., with a total score of 1100, a company score of 585 and an economic score of 515.

"Washington has made the most out of having the U.S. government, a very large customer for any company, to keep it chugging during the tough times," Britt writes. "But the region also has seen massive expansion in suburban towns in Virginia and Maryland over the years that has boosted its economy."

Rounding out the top 10 after Washington are Omaha, Neb.; Boston; Des Moines, Iowa; Minneapolis; Denver; Richmond, Va.; New York; Harrisburg, Pa.; and Seattle.

Fresno, Calif. is at the bottom of the list at No. 102.


Read more: MarketWatch: Denver is nation's 6th-best city for business | Denver Business Journal

Lonely Planet rates Denver a top 10 U.S. place to go

Denver Business Journal
Date: Thursday, December 16, 2010, 5:44pm MST

Denver has been named one of the “Top 10 Places to Go in the U.S. for 2011” by travel-guide publisher Lonely Planet.

“It’s like Paris in the West,” Lonely Planet gushes.

The 10 destinations were chosen via a staff survey. In a press release, Lonely Planet praises Denver’s cultural attractions and shopping as well as its access to “some of the best skiing in the country.”

“Even though Boulder often gets all the love, we highly recommend Denver,” Lonely Planet says. “This sparkly-clean mile-high city is nestled amid beautiful mountains yet urban delights abound.

“The Denver Art Museum, designed by Daniel Libeskind, is an architectural feat where you can see modern art as well as historical exhibitions. The shopping area near 16th Street features some fabulous stores including Tattered Cover – one of our favorite independent bookstores in the U.S. And I.M. Pei, who designed the Louvre pyramid, also designed several projects in Denver like the Mile High Center and Courthouse Square.”

It’s the first time Denver has appeared on the annual list.

Richard Scharf, president and CEO of the Visit Denver visitors and convention bureau, compared the Lonely Planet accolade to “winning an Oscar.”

Speaking at Thursday’s ribbon-cutting ceremony for the new Embassy Suites hotel downtown, he noted that several of the cities in Lonely Planet’s 2010 top 10 saw increases in visitors this year.

“It’s great news that the rest of the world is beginning to discover what we Coloradoans have known for a long time — that Denver is an exciting city and a wonderful travel destination,” Scharf said in a statement.

Denver appears at No. 6 on Lonely Planet’s 2011 list. Also included:

• 1. Southern Utah, including Zion and Bryce Canyon national parks.

• 2. New Orleans.

• 3. New York City.

• 4. Austin and west Texas.

• 5. Savannah, Ga.

• 7. Northern California.

• 8. Grand Canyon National Park.

• 9. Palm Springs, Calif.

• 10 Hawaii.

Forecast sees slow, steady growth in Colorado

Denver Business Journal - by Neil Westergaard

The new year likely won't herald a big economic recovery in Colorado or the rest of the nation, with slow, steady growth predicted to continue in 2011, according to a new forecast.

That's the view of University of Colorado economist Richard Wobbekind. He's scheduled to present his annual forecast on Monday.

In a preview Friday put out by the Economic Development Coalition of Colorado, Wobbekind is quoted as saying employment growth will continue to lag next year.

"I think the overall economic picture for Colorado in 2011 is slow, steady growth much like the national economy," Wobbekind said. "We would all like a more rapid recovery, especially in terms of jobs, but we're just not going to see that yet."

His forecast is a big improvement over the 140,000 jobs lost in the state between 2009 and 2010. Wobbekind pegs total job gain in 2011 at about 10,100 jobs.

Wobbekind will expand on his predictions Monday during the 46th annual Colorado Business Economic Outlook Forum, hosted by CU-Boulder's Leeds School of Business and BBVA Compass Bank.

Strongest employment sectors appear to be professional and business services, including engineers, computer systems designers and scientific research and development groups. The sector is expected to add 7,000 jobs in 2011, well off of the 16,100 jobs the sector added in 2007, before the recession.

The construction, manufacturing, information and government sectors are likely to shed jobs, according to Wobbekind.

Leisure and hospitality, education and health services and trade, transportation and utilities sectors jobs are expected to add 9,800 new jobs, but together they can't completely offset job losses in the other categories.

"All the job growth in these sectors is still subpar in a historical context," Wobbekind said. "It will not be enough to bring down the unemployment rate in any meaningful way or create great momentum in the state economy, but at least it's moving in the right direction. It is just moving at a slower pace than we would like."

Colorado's jobless rate was 8.4 percent in October, the most recent month reported. The national rate was 9.8 percent in November.

Looking back on 2010, Colorado did not see the recovery in employment anticipated by many economists, the new forecast says. From that perspective, the state lagged the nation in recovery.

"We went in thinking we would be in the top 15 or states for job growth in 2010, but came out in the bottom 10," Wobbekind said.

The financial recession has caused many businesses to do more with less. Until businesses are sure that revenues are back up, it's unlikely to see large increases in total employment, he said.

"We've seen tremendous investment in capital in the economy in the last year and a half," Wobbekind said. "Companies are buying machines as opposed to hiring people. In the long run this is great for the U.S. economy, but in the short term it is very painful in terms of unemployment rates."

Until banks and other lenders start lending again, economic growth is going to be blunted, he said.

"As we've seen, we're out of the recession a year and a half now and we're still not seeing lending back at pre-recession levels," Wobbekind said.

One somewhat bright spot is Colorado's tourism and hospitality sector. Most categories are predicted to remain level or increase slightly.

"Unfortunately, there remain a number of concerns in the tourism sector," Wobbekind said. "The hassle factor is coming up to the top of the list. It's not only driving to the high country, but in terms of flying, between security issues and rising ticket costs, a lot of people just don't know if they want to take it on anymore. But, overall, we're expecting a pretty good year for tourism."

SmartCo Foods to close all Colorado Stores

Denver Business Journal - by Paula Moore

SmartCo Foods to close all Colorado stores after just a few months
Denver Business Journal - by Paula Moore

SmartCo Foods opened in Colorado earlier this year, and now all five of its grocery stores in the state will close in December because of “disappointing sales,” according to the retailer.

SmartCo Foods is a chain of value-oriented grocery stores owned by discount grocery company Smart & Final Stores LLC of Commerce, Calif.

“Despite our best efforts, the level of sales achieved in the SmartCo Foods stores, after several months, did not meet our goals, and is not sufficient to sustain continued operations,” Dave Hirz, president of Smart & Final Stores, said in a statement.

The retailer didn’t reveal Colorado sales figures.

Smart & Final said earlier this year it hoped in the next few years to add another 20 to 25 stores in Colorado to the five it opened in 2010.

The company said it will provide severance to Colorado employees who get laid off, and encourage them to apply for positions at other company stores in western states. Earlier this year, Smart & Final said it planned to employ 100 people per store, for a total of roughly 500 store personnel.

Closing sales will start Wednesday at the local SmartCo Foods stores.

Smart & Final announced its debut of stores in the Front Range area in March, opening its first location here at 1442 S. Parker Road in Denver in June. The retailer opened another four stores along the Front Range this year, at the following locations:

• 5141 Chambers Road, Aurora;

• 1750 N. Main St., Longmont;

• 16746 E. Smoky Hill Road, Centennial;

• 3615 W. Bowles Ave., Littleton.

Started nearly 140 years ago, Smart & Final now operates more than 280 stores nationwide, under the names Smart & Final, Cash & Carry Smart Foodsevice, Henry’s Farmers Market and Sun Harvest Markets.

Smart & Final was acquired in 2007 by an affiliate of Apollo Management LP, a New York-based private equity firm that formerly was majority shareholder of Colorado’s Vail Resorts Inc. (NYSE: MTN).

Retail Space In South Fort Collins Filling Up

New tenants plan to move into two long-vacant big-box stores at Harmony Road and College Avenue, boosting one of Fort Collins' major intersections and filling some of the city's 800,000 square feet of empty retail space.

Harbor Freight Tools, a longtime tenant at 105 W. Prospect Road, has signed a lease for about half the former Circuit City building, or about 14,000 square feet, on the northeast corner of Harmony Road and College Avenue. The move doubles its retail footprint and provides more visibility, said Realtor Debbie Tamlin with SullivanHayes Commercial Real Estate in Fort Collins.

Sitting empty behind Circuit City is Linens 'N Things, which closed in December 2008 when its parent company went bankrupt.

A national retailer is interested in signing a lease for much of that building, according to David Spriggs, a Realtor with Legend Retail Group of Denver, which is marketing the building. Spriggs declined to name the store.

"We've picked our horse ,and we're going with it," Spriggs said.

Harbor Freight will occupy about half of its building, leaving 14,000 square feet vacant at the Circuit City site.

Tamlin has a second retailer interested in sharing the building with Harbor Freight, although there is no signed lease yet, she said.

The move to one of the city's busiest and recently reconstructed intersections with more than 70,000 cars passing by each day is part of Harbor Freight's new business model intended to compete with home-improvement stores Lowe's and Home Depot, Tamlin said.

"They have not been a drive-by location that people think to stop and see what they have," Tamlin said.

Harbor Freight, tucked next to Chuck E Cheese at College Avenue and Prospect Road, "was more of a destination location," Tamlin said.

The new location "will give them a higher presence of mind that they're here in Fort Collins. They didn't get that before. You saw it if you took your kids to Chuck E Cheese, but that's not the time to think about buying a new drill."

If Legend Retail nabs a new tenant for Linens 'N Things, it will help fill a large percentage of retail space that has languished unoccupied for almost two years and boost retail activity at the intersection that has suffered under the weight of three large, empty buildings including Walmart, Circuit City and Linens 'N Things.

"Getting any of that vacant space retenanted along College is only going to have positive effects," said Josh Birks, the city's economic adviser. "Harbor Freight is the shifting of one place to another, so it's not as positive as some of the other national tenants considering the space, but filling vacant space ... can only do good things."

The Harmony/College intersection is a key component of the recent midtown corridor study that looked at redevelopment opportunities along College Avenue from Prospect Road to Harmony Road.

BY PAT FERRIER • PatFerrier@coloradoan.com • October 19, 2010

September Retail Sales Rise For Third Consecutive Month

Washington, D.C. ( October 15, 2010 ) The Commerce Department reported Friday that retail sales rose 0.6% in September, the third month in a row of sales gains. In August, sales rose 0.7%, the biggest advance since March.

Excluding autos, sales rose 0.4% in September after a 1% August gain. Auto sales, which had fallen 0.5% in August, rose 1.6% in September, the best showing since March.

The furniture category had a strong showing, as furniture retail sales rose 0.5%, the best showing since July. Electronic and appliance stores posted a 1.5% rise, the best since February. Sales at hardware stores rose 0.6%, the biggest increase since April.

Sales at general merchandise stores, which includes department stores and the big discounters such as Wal-Mart and Target, were flat in September. But the zero gain followed a 0.5% jump in August, which had been fueled by back-to-school shopping and discounting by many retailers.

Sales at specialty clothing stores dropped 0.2% in August after posting a 0.5% rise in July.

Even with the solid overall gain in September, economists remain concerned that consumer spending will not rebound until households have the income growth to spend at a faster pace. And the income growth will not come until businesses start hiring back laid-off workers at a faster pace.

Unemployment has been at or above 9.5% for a year and two months, the longest stretch since the Great Depression.

Retail sees promise - Strong September sales bode well for important holiday season

By Mae Anderson
The Associated Press

NEW YORK» Americans proved in September they are willing to spend, as long as the price and the product are right. Stores including Abercrombie & Fitch, Limited Brands and Macy’s posted strong September sales figures, helped by customers lured to malls by back-to-school discounting. That strength was partly offset by erratic weather in the last week of the month, including a heat wave on the West Coast and tropical storms on the East Coast.

The results are a positive sign that shoppers will be willing to spend during the upcoming holiday season. “I think the doom and gloom that many of us anticipated for the quarter appears unfounded,” said Stifel Nicolaus analyst Richard Jaffe. “Credit goes to the U.S. consumer and the U.S. retailer for sleuthing out what she wants and giving it to her.”

The International Council of Shopping Centers’ index of September retail sales rose 2.6 percent, near the low end of its forecast that ranged from 2.5 percent to 3 percent growth.

But the number is stronger than it appears, since retailers were up against year-ago results that were the first positive numbers in a year, making comparisons more difficult.

Mike Niemira, ICSC director of research and chief economist, said he expects holiday sales to rise 3 percent to 3.5 percent, slightly better than results in September, which is the third-largest sales month in terms of volume.

Still, results remain moderate compared with pre-recession performance. Analysts do not expect any major sales surge until unemployment, housing and consumer-confidence sectors markedly improve.

“Our holiday projections are not for a gangbuster season,” Niemira said.
A hot August and a late Labor Day helped push more back-to-school sales into the month.
In Denver, some young shoppers acknowledged that they had postponed some of their back-to-school purchases.

Breanna Seaton, a student at East High School, said she waited because there tend to be more sales in September.

Outside Forever 21 in downtown Denver, other shoppers agreed. “I’ve been barely starting to get stuff for school,” said Claudia Adame, a college student in Denver.

Nationally, top performers were stores that offered attractive prices or unique items that consumers feel are “must-haves.” Bright spots included teen retailers and luxury stores.

Fed's Beige Book sees 'modest' growth in Colorado region

Denver Business Journal - by Mark Harden

The economy in Colorado and six neighboring states saw "modest" growth in late July and August, the U.S. Federal Reserve reports in its latest "Beige Book" survey of the region’s business executives.

The Fed's 10th District, which includes Colorado and some or all of six neighboring states, was one of five Fed districts nationwide, most of them in the West, that saw modest growth during the six-week period covered by the latest report.

Growth was slower in eastern states, the Fed reported.

The Fed’s 10th District is based in Kansas City. Each district released its own Beige Book Wednesday.

The Beige Book is based on interviews with a sample of business executives representing key industries in each district. The reports are anecdotal and do not contain statistics, but they are widely followed and help the Fed to set national economic policy.

The latest report is based on information collected through Aug. 30.

During late July and August, consumer spending in the 10th District "increased slightly from the previous period, and high-tech and transportation firms reported moderate growth," the local Beige Book said.

Energy activity "continued to expand solidly, and agricultural conditions improved with higher crop prices. Manufacturing production was flat, and factory orders declined slightly."

The Beige Book said the downturn in commercial real estate across the 10th District "eased somewhat, while residential real estate markets weakened further."

It said that bankers "reported steady loan demand and an unchanged outlook for loan quality."

The region's business executives interviewed for the Beige Book "were moderately optimistic about future sales, but few planned to change employment or capital spending levels in the months ahead. Retail prices were largely unchanged from the previous survey, and wage pressures in most industries remained limited due to soft labor markets."

The Fed’s 10th District includes Colorado, Kansas, Nebraska, Oklahoma and Wyoming as well as western Missouri and northern New Mexico.

Formally known as the “Summary of Commentary on Current Economic Conditions by Federal Reserve District,” the Beige Book is published eight times a year. The nickname refers to the color of its cover.

New medical New medical office building planned for Denver's Uptown hospital

By Margaret Jackson
The Denver Post

Rapid growth in the health care industry is fueling the development of a 95,000-square- foot medical office building on the southern edge of the Uptown hospital district.

A major Denver medical practice has agreed to lease 25 percent of the building, said Glen Sibley, president of Denver-based Fleisher Smyth Brokaw, which is developing the project. He declined to disclose the practice because employees have not been notified.

"The real drivers are the growth in the health care industry because of the aging baby boomers and the anticipated expansion of health care that comes with insuring another 35 million Americans," Sibley said.

In 2008, physician office visits by people ages 45 and older accounted for a greater proportion of all office visits than in 1998 (57 percent vs. 49 percent), according to a report by the National Center for Health Statistics.

Designed by Denver architects Mulhern Group, the building will have floor plates of up to 25,000 square feet on floors 5 through 8 and will be able to accommodate an ambulatory surgery center, imaging services and a variety of other medical services. Retail and restaurant space is planned for the ground floor. Structured parking for more than 300 cars is planned for the project.

Groundbreaking for the project at the southwest corner of East 17th Avenue and Lafayette Street is slated for the middle of next year. It is expected to take a year to complete.

The project will be the seventh medical office building for Fleisher Smyth Brokaw, which focuses on the acquisition, investment and development of office and medical office properties throughout Colorado.


Read more: New medical office building planned for Denver's Uptown hospital district - The Denver Post http://www.denverpost.com/search/ci_15944574#ixzz0yTUYvtmb

Fuller Exits Company He Founded - August 27, 2010

Denver Business Journal, By Paula Moore

John Fuller has split from the Denver commercial real estate company he started 55 years ago because of Fuller Real Estate’s new affiliation with a national brokerage firm.
Fuller said he doesn’t want to be in the national real estate business, so he’s resigned from Fuller Real Estate, sold his stock in the company and acquired full ownership of the Fuller Western Real Estate LLC ranch brokerage firm. He declined to reveal terms.

The veteran Denver commercial broker also is adding local commercial real estate sales and leasing services at Fuller Western, and hiring seasoned brokers for that venture.
“My vision is to keep Fuller Western as a boutique firm, serving clients we have served for many years,” said Fuller, who’s now chairman and CEO of Fuller Western. He founded the company in 1994.
Fuller decided to leave his former company, which he no longer controlled, because of Fuller Real Estate’s recent affiliation with St. Louis-based Cassidy Turley, a national provider of commercial real estate services. With that deal, the firm now is Cassidy Turley Fuller Real Estate, and uses Cassidy Turley branding.
“The old company is losing its identity, including the black-and-white Fuller logo … We have the Fuller brand, the name, and we want to build on that,” John Fuller said.

Greg Morris, Fuller Real Estate’s CEO for 15 years, continues as president/CEO of Cassidy Turley Fuller. When the affiliation was announced Aug. 9, Morris said in a statement that it allows his company “to take advantage of [Cassidy Turley’s] national platform and international reach … while still remaining Denver based and employee owned.”
Fuller expects to hire six to eight commercial brokers at Fuller Western. One of Fuller’s first hires was his son, John Fuller Jr., a longtime broker at Fuller Real Estate handling office, industrial, retail, land and investment properties. Another son, Burt Fuller, is Fuller Western’s president and chief operating officer; he formerly was vice president of operations there.
Veteran Denver-area commercial broker Bob Leino, who formerly was with what’s now Fuller Real Estate and has had his own company, started with Fuller Western the week of Aug. 27.

Fuller Western has relocated its main office from Cassidy Turley Fuller’s headquarters, at the Park Central building in downtown Denver, to 7901 Southpark Plaza in Littleton. The ranch brokerage, which owns the Littleton building, also has a satellite office in La Veta.

Fuller and late partner Al Strauch started Fuller Real Estate, as Fuller and Co., in 1955 as one of metro Denver’s first commercial real estate firms. Through the years, the company added branches such as Fuller Management Services, residential brokerage Fuller Town & Country Properties and Fuller Western. The companies built the total staff to 300 people and annual gross revenue to $2 billion by the mid-2000s.
“In building a company, John surrounded himself with bright, competent people,” said John Bitzer, partner at Bitzer Real Estate Partners in Denver and former managing broker at Fuller and Co. “He knew he couldn’t do it all.”

The company changed its name to Fuller Real Estate in 2006, and sold Fuller Town & Country to Sotheby’s International Realty in 2008.
Large, national commercial real estate firms have gotten bigger and more global in recent years through mergers and acquisitions. To compete with that growth, locally owned firms such as Fuller and the Frederick Ross Co. have formed alliances with networks.

Fuller previously was associated with NAI Global, a Princeton, N.J.-based network of independent commercial real estate firms with operations in more than 50 countries.
The Denver company dropped its relationship with NAI to form a closer alliance with Cassidy Turley, details of which haven’t been revealed.

Cassidy Turley formally launched in early 2010, and is the combination of eight firms that broke away from Colliers International, Grubb & Ellis Co. (NYSE: GBE) and NAI Global.
The new company has more than 60 offices across the country, and its founding firms did more than $13 billion in real estate deals in 2009.

Cherry Creek Mall Milestone

Now in its 20th year, the shopping center remains a huge draw
By Rita Wold

The Denver Post
Age is just a number for Denver’s Cherry Creek Shopping Center, whose allure for shoppers and tourists appears as strong today as at its inception.

Today marks the 20th anniversary of the opening of the mall that replaced a 1950s-era shopping center. And although outdoor shopping centers have become the hot new trend for retail development, the center remains the dominant shopping center in a six-state region.

Over the years, the center also has remained the No. 1 or No. 2 tourist destination in Denver, said Rich Grant, communications director for Visit Denver, the city’s convention and visitors bureau.

About 20 percent of the Cherry Creek mall’s transactions come from out-of-town visitors, said Nick LeMasters, general manager of the center.

“There’s a lot of wealthy people in the states around us, and there’s not a place like Cherry Creek,” Grant said. “A lot of people do shop.”

Cherry Creek aims to maintain its relevance to shoppers by having the right mix of products. To do this, LeMasters said, merchants are reevaluated annually, and targets are set to attract retailers that are in high demand.

Seven new stores have recently opened or are set to open soon, including Façonnable, a high-end French retailer, and the first S.A. Elite, a new format from Sports Authority that sells high-performance apparel.

“This center is a powerhouse of business,” said Cynthia Petrus, fashion director of the center’s Saks Fifth Avenue. “This is an extremely competitive place.”

The center includes about 1.1 million square feet of space with more than 160 shops. It houses boutiques unique to both the region and the nation. For example, Denver-based Classic Creations Eyewear opened its doors along with the mall 20 years ago and remains the only one of its kind.

“We’ve been successful here,” said Ray Ressin, the store’s owner. “We have a very loyal customer base that keeps us going even through tough times like these.”

Nordstrom joined the lineup at Cherry Creek in 2007 after years of trying to garner a spot that would be conducive to its needs.

The Cherry Creek location has exceeded expectations, said Dan Jones, general manager of the center’s Nordstrom.

“We had been looking for ways to better serve our Denver-area customers and knew this was a premier shopping destination that we needed to be a part of,” he said.

Many things have changed since the center first opened its doors.

Originally, jewelry and apparel were the primary shopping categories, LeMasters said. But recently, trends that have come to dominate include electronics and home furnishings.

The age of the shopping center comes as a surprise to many shoppers because of its appearance, LeMasters said.

“To be 20 years old and to perhaps still look like a teenager is a compliment,” LeMasters said. “We feel like we have a lot to celebrate right now.”

New deals with Legend Retail Group

John Eliot of Legend Retail Group recently represented Marshalls for a 26,000 s.f. store in the Park Meadows area going in to the South Denver Marketplace. The lease was signed in late July. Other great tenants in the center include Best Buy, Nordstrom Rack, BC Sports and David's Bridal.

Also at Legend, David Larson picked up the Carter's Clothes tenant rep account this week.

Stay tuned for more from Legend Retail Group.

www.legendretailgroup.com
www.twitter.com/LegendRetail

A fifth for SmartCo Panera opens at University Hills

SmartCo Foods completes its mission of opening five new Colorado locations this summer with the Littleton store on Wednesday.

The 42,000-square-foot store at 3615 West Bowles Ave. will be run by store manager David Crookston, who has 17 years of grocery industry experience with companies such as Sunflower Farmers Market, Wild Oats and Reay’s Ranch Markets.

“SmartCo Foods is thrilled to open our fifth store in Littleton, offering shoppers a new, smarter, more economical and convenient way to shop for their home or business,” said Crookston in a statement. “We’re overwhelmed by the excitement and support from the Littleton community in welcoming our unique grocery store concept to the neighborhood and look forward to being a part of this community for many years to come.”

SmartCo bills itself as a hybrid of a local supermarket, warehouse club store and a farmer’s market.

The Aug. 4 grand opening starts at 6 a.m., and SmartCo is giving gift cards randomly valued from $20 to $100 to the first 250 customers. There will be kids activities, live entertainment and more.

During the grand opening week, the company will make $2,500 donations to the Littleton Public Schools and the Women’s Bean Project.

“As SmartCo Foods’ new Littleton store manager, I’m committed to supporting the local community, delivering quality food and products at excellent values, and providing top-notch customer service,” Crookston said.

SmartCo opened in Greenwood Village in June and the Centennial store opened July 28.

The other two Colorado stores are 5141 Chambers Road in Denver and 1750 North Main St. in Longmont. SmartCo Foods reported it plans to significantly expand its presence in Colorado over the next few years, opening an additional 20 to 25 stores.

The Littleton SmartCo Foods will be open from 6 a.m. to 11 p.m. daily.
U. Hills gets a Panera

Panera Bread opens its 28th Colorado restaurant Aug. 11 in the University Hills shopping center.

The 2466 S. Colorado Blvd. location is the second Colorado restaurant to feature a drive-through window.

Panera Bread's new University Hills location. [Credit: Panera Bread]

“We look forward to serving customers in the University Hills area with our new bakery-cafe and drive-thru and becoming a greater part of the community,” said Craig Flom, regional operating partner of Colorado Panera Bread, in a statement.

During the grand opening celebration, some customers will receive mystery gift cards and a free cinnamon crunch bagel.

Throughout the year, the new Panera Bread will support local community organizations such as Food Bank of the Rockies, officials said.

“We feel strongly about being a responsible corporate citizen and plan to support University Hills-area events, fundraisers and other charitable efforts on an ongoing basis,” Flom said.

Known for its fresh-baked specialty breads, Panera Bread’s menu offerings also include a wide variety of sandwiches, salads and soups.

The restaurant is open Monday through Thursday, 6 a.m. to 9 p.m., Friday and Saturday, 6 a.m. to 10 p.m., and Sunday, 7 a.m. to 8 p.m.

Read more: A fifth for SmartCo; Panera opens at University Hills - Denver Business Journal

Sam Zaitz of Legend Retail Group recently leased the former Blockbuster at University Hills Shopping Center in Denver, Colorado to Garbanzo and Panera Bread totalling 6,400 s.f.

www.legendretailgroup.com

David Spriggs - Colorado Real Estate Journal

Legend Retail Groups very own David Spriggs was published this week in the Colorado Real Estate Journal. Click on the link to read the article about the current retail trend in the Denver market.

138,000-SF Retail Center Trades for $15M

GlobeSt.com

DENVER CO-The 138,334-square-foot Mission Commons Shopping Center in nearby Westminster has sold for $14.5 million, according to brokers from the local office of Marcus & Millichap who negotiated the sale. The center, at the at northwest corner of West 88th and Wadsworth Boulevard, a six-lane highway, is 89% occupied by a mix of national and local retailers, including anchors Sears Outlet, Big 5 Sporting Goods and Bally Total Fitness.

The property, which was built between 1983 and 2006, was listed by senior vice president Garrette L. Matlock, senior director of the Marcus & Millichap National Retail Group, along with Jon D. Hendrickson, senior associate and member of the national retail group. The property attracted multiple offers, primarily from private investment groups.

The buyer, a locally based private investment group, acquired the center from a Colorado-based private investment group and assumed a $12 million loan in the mid-5% interest range with four years remaining before maturity. The sale included a $150,000 credit to the buyer toward maintenance.

The center is situated on a 14.68-acre site and is in a market area with an average household income of more than $73,000 per year within a one-mile radius, with traffic counts averaging more than 60,000 vehicles per day. One of the anchors, Bally Fitness, has emerged from bankruptcy and reaffirmed its lease. Other tenants include the Hoffbrau Bar and Restaurant, Souper Salad, Wild Birds, Long John Silvers, America’s Best Contacts, Beauty Supply and Great Clips.

CU Boulder survey: Colorado business leaders expect growth Read more: CU Boulder survey: Colorado business leaders expect growth

Colorado business leaders are expecting "solid expansion" in the state's economy for the first time in three years, according to the latest quarterly Leeds Business Confidence Index from the University of Colorado at Boulder's Leeds School of Business.

The index, released Thursday, rose to 54.8 for the third quarter, up from 51.7 in the second quarter.

The index is based on 268 survey responses from state business executives. An index reading of 50 is neutral; a reading over 50 signifies positive growth expectations.

“The greatest point of optimism is that business leaders expect increased investment in labor and capital for the third quarter,” said Richard Wobbekind, director of Leeds' Business Research Division and associate dean for MBA and enterprise programs, in a statement.

“Investment and employment are two important components that will help bring us out of the recession," said Wobbekind, who oversees the survey. "Now that business leaders are expecting these to increase, we think that things are looking up in Colorado.”

Five of six index components in the third quarter indicated expectations for moderate gains and one remained flat, the index report said.

"Hiring and capital expenditures had indexes of 53.3 and 53.7 respectively," the report said. "About 30.2 percent of panelists foresee moderate or strong increases in capital spending in the third quarter, while about 55.2 percent anticipate no change and 14.6 percent project moderate or strong decreases in capital spending. About 29.5 percent of panelists believe that hiring will increase in the third quarter, while 55.2 percent project no change and 15.3 percent anticipate decreased hiring."

The report said that "business leaders’ sales expectations for the third quarter were strong at 59.4, with more than 51 percent of respondents saying they expect sales to increase in the third quarter, while about 35 percent believe sales will stay about the same. Only 14.2 percent expect a decline for their third quarter sales prospects.

“Colorado business leaders remain optimistic that we will outperform the national economy, even though from an employment perspective Colorado has lagged the nation in terms of entering and exiting the recession,” said Leeds School researcher Brian Lewandowski, who compiles the survey results for the index.

The optimistic index report follows a recent downgrade of the Leeds School’s forecast in projected job losses in Colorado, from a loss of 3,200 jobs in 2010 predicted last December to the current prediction of 22,500 jobs lost this year.

“I think the evidence at this point in the year shows that Colorado is lagging the national recovery based on employment data," Wobbekind said. "So that’s pushing back our job growth to a little bit later in the year.”

One factor behind lagging job growth, he said, is that Colorado manufacturing isn’t doing as well as elsewhere in the nation.

Read more: CU Boulder survey: Colorado business leaders expect growth - Denver Business Journal

Welcome to the Legend Retail Group Blog

This is the first of many postings about Legend Retail Group. This will give LRG a chance to tell the community about all we are working on. The exciting new deals being made and the great opportunities available.

Please subscribe to this blog and stay in touch with the retail community in the Denver Metro area.

Stay tuned for more...