More shopping coming to Silverthorne
October 19, 2010
SILVERTHORNE – With the announcement of another major retailer heading to town next spring, Silverthorne’s retail row along Highway 6 is thriving on the tail end of the current recession.
The Summit Place Shopping Center in Silverthorne announced last week it would add a major retailer to its mix in the form of Tuesday Morning – a name brand closeout store with a rotating inventory.
The store will occupy 11,576 square feet at the site of the existing Treasures consignments store and the UPS Store, along with some of the currently vacant spaces in the center. The project is slated to complete in spring 2011, according to Brad Kornfeld of Greenwood Village-based Kornfeld Companies – the firm that owns Summit Place. The UPS Store will relocate within the shopping center, while Treasures Consignments will leave the shopping center altogether.
The move will push Summit Place Shopping Center’s occupancy rate to a whopping 96 percent. Kornfeld said the shopping center’s location off of Highway 6 and its mix of businesses have attributed to the center’s resurgence.
“Summit Place is definitely on the upswing,” Kornfeld said. “We’ve renewed several existing tenants recently, and everyone is looking forward to the additional traffic that Tuesday Morning will generate for existing Summit Place businesses.”
The shopping center struggled in the late ’90s and early 2000s in the face of losing its grocery anchor – City Market – to Dillon Ridge Shopping Center on the other side of Highway 6. The shopping center has undergone a major renovation and has added anchors like Office Max, Brooks Furniture and Design and now Tuesday Morning to the benefit of both Kornfeld and the Town of Silverthorne.
“We’re very pleased to see Summit Place at that occupancy level,” said Silverthorne Town Manager Kevin Batchelder. “Tuesday Morning is a new retail outlet that has good pricing and a constantly changing inventory, and we’re hopeful that retail will continue to increase.”
The nearby Silverthorne Outlet Malls are also experiencing relatively high levels of occupancy at around 85 percent, according to General Manager Jane Esser. While the center has been losing some businesses, it has been replacing those losses with new tenants.
“We’ve been very fortunate,” Esser said. “The stores that did end up leaving for whatever reasons – mostly the economy – have often been replaced by bigger stores.”
The Outlets have fared well over the past year because of the outlet stores’ lower prices compared to full-price retail chains. Total sales tax activity at the Outlet Malls in August was down 1.5 percent for the same month last year from $253,410 in 2009 to $258,447 in 2010, but year-to-date revenue for the shopping center is up $12,625 – or 0.7 percent from this time last year.
“We don’t feel the economy effect here as much as a larger metro area,” Esser said. “We have a relatively low unemployment rate, and people are still vacationing, but doing shorter stays and staying closer to home.”
Esser said she believes the addition of Tuesday Morning at Summit Place will have a positive impact on both shopping centers.
“More retailers in the area is a positive for everyone,” Esser said. “Shopping centers rely on one another and draw off of each other’s traffic. Our sales are up, and people are spending more while they’re here”
The National Retail Federation is forecasting a 2.3 percent increase in holiday sales for retailers nationwide according to a recent press release. After year-to-year sales dropped 3.8 percent in 2008, they crept ahead by only 0.4 percent last year.
Esser said the Outlets are similarly prepping for a big holiday rebound after consecutive years.
“I talked to retailers, and they’re expecting an increase in hiring for the season,” Esser said. “There will certainly be no reductions here.”