Tulsa World: Oklahoma empowered by its ability to take a punch

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Oklahoma empowered by its ability to take a punch

By ROBERT EVATT World Staff Writer
Published: 5/31/2009 2:41 AM
Last Modified: 5/31/2009 4:09 AM

Two different years brought me two vastly different experiences at the International Council of Shopping Centers' annual expo in Las Vegas.

During my first visit, the economy was still steady. There was an energy of excitement among the thousands of developers, real estate officials, landowners and retail concepts that was almost infectious.

A wide array of shops and restaurants set up shop there to try to attract the right place for new locations. And developers, especially Oklahoma developers, were excitedly releasing new projects. I found out about a lot of new local projects from local developers who set up booths there.

But so much changed this year. The crowds were thinner and more subdued. There were some gaps in the booth space. And there were fewer Oklahoma developers milling around.

I was braced for the change in tone — it's hard to avoid hearing about the recession, after all — but it was still a little eerie to see such a big change in my once-a-year window into the early steps of real estate deals.

There's no doubt about it, development is slowing down across the nation. And since deals that trace their start to ICSC take years to bloom, we could see things get even slower as projects that were already well on their way wrap up.

Then again, things aren't all that bad. And this could be one of those times that living in Oklahoma comes in handy.

Even the lower-price stores and restaurants that are doing decently in this economic downturn

are cutting back on the new locations they're planning. They're getting pickier and want to stick in areas that seem like safer bets.

Areas that haven't been hit too hard by the recession. Areas like Oklahoma.

Ed Tinker, city manager of Glenpool, told me the city got a better reaction this year than last. Part of it is due to demonstrating impressive sales from the new Wal-Mart, but part of it is a general interest in Oklahoma and the Midwest in general, since it's weathering the recession well.

Officials from other area towns such as Bixby and Sapulpa got similar experiences. Claremore even set up a booth in conjunction with the large Oklahoma Plaza retail development and drew a lot of interest.

Sure, it's in their best interest to play up prospects for the towns they represent, but several of the national chains I talked to, such as Panda Express and Chipotle Mexican Grill, said the area's attractive to them.

That's not to say development won't slow down here during the recession. Though enthusiastic, the retailers are still scaling back the number of stores they open, and developments involving more upscale concepts might struggle.

Still, it's looking like we just may be cushioned somewhat from the worst of things. By ROBERT EVATT World Staff Writer

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AHMatron, (5/31/2009 9:09:03 AM)

Yes, it's definitely one of those great times to live in a poor state with substandard public education, crappy roads, an army of meth addicts and big tax breaks for developers. When you're at the bottom, there really isn't that much to lose. Thank you, Robert, for your less than stellar insight.

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