The New Orleans Busi­ness Alliance (NOLABA) is the public-private part­ner­ship tasked with lead­ing eco­nomic devel­op­ment ini­tia­tives for the City of New Orleans. While NOLABA is focused on the tra­di­tional eco­nomic devel­op­ment activ­i­ties of cor­po­rate busi­ness attrac­tion, reten­tion and expan­sion, the orga­ni­za­tion is unique in its focus on retail attrac­tion. A strong retail mix cre­ates jobs, pro­vides much needed ser­vices to our res­i­dents, and expands the city’s tax base. It will also fuel addi­tional invest­ment as com­pa­nies per­ceive a vibrant busi­ness envi­ron­ment and key qual­ity of life ameni­ties for their employees.

The 2013 Retail Report pro­vides an analy­sis of the over­all retail mar­ket in Orleans Parish, then drills down to report on selected com­mer­cial corridors.*

As a result of the national trend for retail­ers to relo­cate to the sub­urbs over the last thirty years, the City has been under­served for years and Hur­ri­cane Kat­rina led many of the remain­ing national retail­ers to leave the Orleans Parish mar­ket. This trans­lates into lost sales tax rev­enue for the City and dis­cour­ages new res­i­dents from set­tling in New Orleans as opposed to neigh­bor­ing parishes with more retail options. Today, New Orleans presents major oppor­tu­ni­ties for retail growth and development.

Ready for Retail: New Orleans loses $1.9 Bil­lion in retail sales to neigh­bor­ing parishes every year.

The 2013 Retail Report also indi­cates tremen­dous retail growth. With nearly 20 projects total­ing over 1.5 mil­lion square feet of new retail cur­rently under con­struc­tion or planned for com­ple­tion by the end of 2014, it is evi­dent that both local and national retail­ers are ready to open for busi­ness in New Orleans. Game-changer projects like Costco, Mid­C­ity Mar­ket, South Mar­ket Dis­trict and the Out­let Col­lec­tion at River­walk are key indi­ca­tors of our retail momen­tum. The data in our Retail Report will be a use­ful tool in com­mu­ni­cat­ing the oppor­tu­nity for con­tin­ued retail growth.

The full free report is avail­able to read and down­load here.

 

*These cor­ri­dors do not rep­re­sent the entirety of need for the City, but were an appro­pri­ate start­ing point to begin analy­sis. In the next iter­a­tion of this study we plan to delve into other corridors.