ICSC2011Countyof San Bernardino


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ICSC 2011 County of San Bernardino Where America's Future Lives, Works and Shops

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ICSC2011Countyof San Bernardino

  1. 1. San Bernardino County Where America’s Future Lives, Works and Shops Kelly Reenders Deputy Director Economic Development Agency
  2. 4. San Bernardino County: Market Profile <ul><ul><li>24 Unique Cities & Towns </li></ul></ul><ul><ul><li>Largest County in the U.S. in terms of land area </li></ul></ul><ul><ul><li>The 12th largest County in terms of population in the U.S. </li></ul></ul><ul><ul><li>More residents than 15 U.S. States </li></ul></ul><ul><ul><li>900,000 Plus Workforce </li></ul></ul><ul><ul><li>Young population: Median Age 31 years </li></ul></ul>
  3. 6. Where Southern California Is Growing <ul><li>Annual Growth Rate 3% (2000 to 2005) </li></ul><ul><li>SCAG forecasts that San Bernardino and Riverside Counties, will grow by 1.7 million between 2000 and 2020 - more than all but three states (California, Texas, and Florida) </li></ul><ul><li>Experts say a burgeoning Latino population and an influx of young families seeking less expensive homes is keeping the Inland area's population among the youngest in the state </li></ul>
  4. 7. San Bernardino County Retail : Positive Momentum ! <ul><li>Vacancy Rates: </li></ul><ul><ul><li>Leveled out – remained at 11% over the last 3 quarters </li></ul></ul><ul><ul><li>Decline in vacancy rate from 1 st Quarter 2008 </li></ul></ul><ul><li>Net Absorption: </li></ul><ul><ul><li>1 st Quarter 2011 witnessed an improvement from the previous quarter , posting 24,730 square feet of POSITIVE net absorption </li></ul></ul><ul><ul><li>EXPANSION among stronger tenants is helping pave the way for a slow and steady rebound </li></ul></ul>
  5. 8. San Bernardino County Where the Future Lives: <ul><li>Housing Starts: </li></ul><ul><ul><li>929 annual starts in the County - 6.3% increase from the previous year </li></ul></ul><ul><ul><li>430 Sub-divisions are currently under construction </li></ul></ul><ul><ul><li>Home Sales are expected to increase </li></ul></ul><ul><ul><li>Foreclosures are falling at a steady rate </li></ul></ul><ul><ul><li>Personal income to increase 7% </li></ul></ul>
  6. 9. Opportunity from Emerging to Mature Markets <ul><ul><li>WEST END : Ontario, Rancho Cucamonga, Chino Hills – infill, vertical development occurring </li></ul></ul><ul><ul><li>EAST END: Fontana, Rialto, Loma Linda -- traditional community expansion, developable land, more population growth and expanding housing tracts </li></ul></ul><ul><ul><li>HIGH DESERT: Adelanto, Apple Valley, Victorville -- remains affordable, opportunity for service-oriented retailers, restaurants, market prime for re-building </li></ul></ul>
  7. 11. San Bernardino County Where Retail Works: <ul><ul><li>Reinvestment in Ontario Mills, Ontario </li></ul></ul><ul><ul><ul><li>1.7 MSF Shopping Destination; Attracts 23 Million Annually </li></ul></ul></ul><ul><ul><ul><li>Added stores during downturn: Coach Mens, Tommy Bahama, Betsey Johnson, Foreign Exchange, J Crew </li></ul></ul></ul><ul><ul><ul><li>Major Re-Investment - Adding Sports Authority, Expanding Forever 21 and Burlington Coat Factory </li></ul></ul></ul><ul><ul><ul><li>Adding even more: First Lacoste outlet location </li></ul></ul></ul>
  8. 12. San Bernardino County Where Retail Works: <ul><ul><li>Strength of Existing Retailers, Luxury </li></ul></ul><ul><ul><ul><li>Victoria Gardens 1.4 MSF Open Air Town Center </li></ul></ul></ul><ul><ul><ul><ul><li>Rancho Cucamonga </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Adding Toby Keith’s I Love This Bar & Grill . </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Strength of Flemings, Cheesecake Factory </li></ul></ul></ul></ul>
  9. 13. San Bernardino County Where Retail Works: <ul><ul><li>Strength of Existing Retailers, Luxury </li></ul></ul><ul><ul><ul><li>Shoppes at Chino Hills, Chino Hills </li></ul></ul></ul><ul><ul><ul><li>Citrus Plaza, Redlands </li></ul></ul></ul><ul><ul><li>Discounters Expansion </li></ul></ul><ul><ul><ul><li>Wal-Mart and Target adding grocery, expanding concepts </li></ul></ul></ul><ul><ul><ul><li>Dollar Tree, WinCo adding stores </li></ul></ul></ul>RMA Photography
  10. 14. Retailer Momentum <ul><ul><li>Retailers are moving to where they can: </li></ul></ul><ul><ul><ul><li>Service a large and growing population </li></ul></ul></ul><ul><ul><ul><li>Service a population with greater disposable income </li></ul></ul></ul><ul><ul><ul><li>Leverage population’s affordable quality of life </li></ul></ul></ul><ul><ul><ul><li>Access the 22 million Southern California market </li></ul></ul></ul><ul><ul><li>Inland Southern California's booming Hispanic population </li></ul></ul><ul><ul><ul><li>Has spurred the growth of new business serving the Latino community, </li></ul></ul></ul><ul><ul><ul><li>More companies seek to tap into the community's growing economic clout. </li></ul></ul></ul>
  11. 15. Retailer Momentum <ul><li>Decathlon (2 locations) </li></ul><ul><li>Cinetopia (New) </li></ul><ul><li>Forever 21 </li></ul><ul><li>Sports Authority </li></ul><ul><li>Toby Keith’s I Love This Bar & Grill </li></ul><ul><li>Embassy Suites </li></ul><ul><li>Mercedes Benz </li></ul><ul><li>Lacoste Outlet </li></ul><ul><li>Coach Men’s Factory </li></ul><ul><li>Betsey Johnson </li></ul><ul><li>99 Ranch Market (Expanding) </li></ul><ul><li>Cardenas (Expanding) </li></ul>
  12. 16. Land values map
  13. 17. Our Commitment to YOU <ul><li>Developer, Retailer, Investor…The County wants to work with you </li></ul><ul><ul><li>Communities are pro-development (limited NIMBYism) </li></ul></ul><ul><ul><li>Redevelopment funds used pro-actively to support development </li></ul></ul><ul><ul><li>Young and emerging markets of opportunity </li></ul></ul><ul><ul><li>Demographics, market studies and other support </li></ul></ul><ul><ul><li>Assistance with hiring and on-the-job training available </li></ul></ul>
  14. 18. Catch the Buzz… www.sbcountybuzz.com Kelly Reenders Deputy Director, Economic Development [email_address] (909) 387-4358