A flourishing urban market and vibrant tourist traffic set the scene for unprecedented retail growth in Orleans Parish.
With roughly $400 million in leakage from the city, opportunities abound in New Orleans for retail. NOLABA is working with retailers and developers to create well planned, well executed retail opportunities in all areas of Orleans Parish. Established boutique shopping corridors such as Magazine Street and the French Quarter continue to thrive, and plans are underway for exciting new retail developments in the CBD, New Orleans East, Algiers, Gentilly, and other neighborhoods in the city. Local, regional, and national retailers and real estate developers are recognizing that New Orleans offers a wide range of growth opportunities.
NOLA BA’s Retail Attraction activities entail:
- Identifying and cataloguing retail gaps in the city’s commercial corridors
- Maintaining and making available updated demographic and foot traffic data
- Identifying national, regional and local retailers who are interested in expanding their concepts in Orleans Parish
- Educating retailers and the real estate community on the opportunities available in the revitalized and unique Orleans Parish commercial corridors
- Serving as the official liaison between the City of New Orleans and prospective retailers and real estate developers
- Working with partner organizations to ensure retailers can seamlessly enter the market
- Providing the opportunity for an increased sales tax base in Orleans Parish
- Attending ICSC conventions and other retail networking events to spread the word that New Orleans is ripe for unprecedented retail growth, and
generates leads for prospective retail development in the city
- Attracting quality retail options to underserved communities
- Working with the real estate brokerage and development communities to encourage the development and renovation of spaces as a preemptive means of attracting retail investment.
Retail spending in New Orleans is returning to its pre-Katrina levels, indicating a healthy and growing retail market ready for increased investment.
Retail spending in New Orleans dropped in late 2005 and 2006, but has quickly rebounded. In estimates from City of New Orleans reported sales-tax collections, 2010 sales were approximately $5.1 billion, which is 99.5% of pre-Katrina 2004 figures, indicating a strong return of retail to the city. More importantly, this milestone was achieved with a smaller population-New Orleans experienced a 34% increase in sales per capita compared to 2004.
Every New Orleans neighborhood has a distinct culture and flavor–perfectly suited to a wide variety of retailers and restaurateurs.
For a more complete list of New Orleans neighborhoods, their profiles and retail needs, visit our Neighborhoods page.
Contact Brenda Canada: email@example.com, Director of Retail Attraction, for more information about retail development opportunities in Orleans Parish.