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.
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.
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.
*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.
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