OWASSO – The retail development consultancy Retail Attractions has enjoyed a welcome business upswing from an area once largely lost to recession – expanding brick-and-mortar storefronts.
Rickey Hayes, who founded the Owasso-based firm five years ago, said Retail Attractions is working with five retail chains seeking to expand in Oklahoma.
While his firm has served such clients before, Hayes said the large number marks a prominent increase – and a positive sign of market improvement.
Although Oklahoma’s shopkeepers fared fairly well during the last downturn, across the nation retail proved one of the first sectors to suffer the brunt of the 2008 recession. The effects lingered, dampening most expansion efforts as cost-conscious customers trimmed their debt or tried online shopping.
“Even Target and some of the big-box guys haven’t done anything in a number of years,” said Hayes, marking one change of direction. “I think what we’re seeing is a number of retailers actually going ahead and investing in the future, just betting on better days to come.”
His observations parallel impressions Bob Parker drew from attending the International Council of Shopping Centers’ Dallas convention earlier this month.
“There were more active retailers by far than the year before, and certainly than the year before that,” said Parker, vice president of leasing for GBR Properties. “There were a couple of ghost years before that.”
Hayes said many chains are studying the success of T.J. Maxx and other off-the-rack retailers, hoping to learn new insights for effectively presenting goods and services in today’s economy. While competitive concerns remain high – he suspects many retail executives kept a close eye on how Monday’s cybersales progressed – he said many firms still see opportunity in new physical locations, as demonstrated by last week’s Black Friday activities.
“There’s still a lot of things they could improve, but we’re seeing nodes of retail growth around the country where in a lot of places there hasn’t been any, so I think it’s exciting,” Hayes said.
Adding more retail customers provided his firm a bulwark for Retail Attractions’ bread-and-butter clientele, city and other governmental bodies. With 20 under contract across five states, Hayes is in negotiation to land another eight.
“We just renewed another 12-month contract with McAllen, Texas, which was a big deal for us,” Hayes said.
He first signed up that Rio Grande River city in September 2010.
Retail Attractions has similar contracts with 12 Oklahoma communities, ranging from Altus to Miami, Enid to Henryetta.
“We’re doing great things in the city of Enid,” said Hayes, who headed Owasso’s economic development department before launching his firm. “The city of Owasso hired us back in August.”
In Rogers County, Retail Attractions dropped its contract with the city of Claremore to take instead a contract with the county. That allowed the company to help smaller cities like Chelsea and Catoosa as well as Claremore.
“That was a good move for them and a good move for us,” Hayes said.