HOUSTON -- Consumer confidence, a measure of how Americans feel about the economy and the job picture, is at its highest level since 2008.
An industry group says it up for the third straight month. Analysts say that means people are likely to spend more and a modest recovery is in the works.
There’s also good news when it comes to the retail market, according to several developers in Houston.
“We’re seeing retailers of all sizes and types now showing an interest in this market,” said long-time real estate developer Ed Wulfe.
Wulfe is the developer behind the Galleria area’s BLVD Place. Like many other developers, he was forced to scale back and put parts of his project on hold after banks stopped lending and retail expansion came to a standstill.
In his 46 years in the real estate business Wulfe says he’s never been so happy to see the New Year.
“2009 was probably the worst,” he said.
The developers of the mixed-use development WEST Ave, located at the corner of Westheimer and Kirby, are also seeing signs of improvement. Gables Residential and Northwestern Mutual just announced new tenants. The women’s clothing store Tootsie’s is moving from its current location and restaurants such as Zaika, a contemporary urban café, Eddie V’s, a seafood and steak place, and an upscale lounge will be taking up space.
“We’ve got many new restaurants, restaurants are getting locations that normally they could not have gotten in the boom times,” said Wulfe.
In other parts of town stores left vacant because of bankruptcies and foreclosures are starting to fill up.
“We’re beginning to fill up the LINENS ‘N THINGS, the Circuit City’s and Blockbusters and we’re going through that process of working through,” he said.
But while Wulfe says retail is showing signs of improvement, you won’t see these new restaurants and stores until the end of 2010 or 2011.
The market is still soft and there are still problems in the lending market. Getting money to finance a new project, especially for small retailers, is not easy to do.
