A Dallas-based developer has acquired one of the oldest shopping centers in America and proposes to reinvigorate the center with a “luxury makeover.” We have seen many similar shopping centers and districts in Texas be transformed by introducing high-end retailers, which this article notes are less vulnerable than other types of retail and online shopping. Best of luck to HP Village Associates with their redevelopment of this project! They have a wonderful shopping center in Dallas with Highland Park Village, and I am sure they can recreate that magic in this beautiful and historic center. U.S. luxury retail sales have been growing since the onset of the pandemic and are believed to have reached a record $75 billion in 2023, according to real-estate firm JLL. The sector is less vulnerable than other types of retail to online shopping, because many customers prefer to shop in person for expensive watches and clothing.

Source: Wall Street Journal July 18, 2024 19:52 UTC