Store Vacancies Soar As Economy Forces Retailers to Close or Move

By Jon Jordan, NEWS 9

OKLAHOMA CITY - A recent study suggests Oklahoma's insulation from the economic problems facing the rest of the country is beginning to change. The study found more and more retailers are closing up shop.

According to the retail market summary report, in just the first half of the year alone retail vacancies jumped to the worst levels they've been in at least the past five years. Strip malls are being hit the hardest.

At the MarketPlace shopping center in southwest Moore, there are businesses and there are empty spots.

"It would be better if there was more places here," said James Johnson.

James Johnson has been serving drinks at Lemongrass Asian Bistro for the past year and has watched as businesses like Polkadots, a local clothing store, move out.

"They said they weren't doing good enough business here in this shopping center so they moved," Johnson said.

But what's happening on the corner of SW 119th Street and Western Avenue appears to be happening all over Oklahoma City and the metro.

"I think people realize it's beginning to affect Oklahoma and Oklahoma retailers," said Jim Parrack with Price Edwards and Company.

Parrack said it's evident in his companies recent retail market study for Oklahoma City. The study showed as retailers are ringing up less sales, they are forced to push property owners for things like cheaper rent.

Read the full Oklahoma City retail market report.

"If you own a shopping center, you're getting hurt a couple of different ways. One, there is some increase vacancies, secondly a lot of your existing tenants are asking for reduction even if they're in the middle of a lease," Parrack said.

The study shows why many, like Lemongrass Asian Bistro, are considering moving out of their shopping center.

"If we got out and moved to a more central place, more off a main road and a lot of businesses were, people would see it and know where we're at," Johnson said.

For retailers hoping for some relief, it might not come soon enough. The report suggests it might take well into 2010 for consumer confidence to rebound.