Monday Report
January 2008 City Retail Sales May 19th, 2008

Utah Economic Snapshot






  • Vernal up $11 million or 29%
  • South Jordan up $4.7 million or 24%
  • Salt Lake City up $17.6 million or 4.7%
  • Orem down $11.5 milion or 7.9%
  • South Salt Lake down $1.8 million or 1.5%


City and Unicorporated County Taxable Retail Sales

CityJan 2007 SalesJan 2008 Sales% Change
SALT LAKE CITY$377,724,703 $395,353,1154.67%
WEST VALLEY$137,584,791 $145,187,2805.53%
SANDY$134,525,497 $138,754,5653.14%
OREM$145,544,175 $133,991,317-7.94%
ST. GEORGE$123,842,216 $126,669,4272.28%
MURRAY$121,450,444 $121,749,8480.25%
SOUTH SALT LAKE$115,124,409 $113,366,974-1.53%
OGDEN$89,671,404 $93,545,1704.32%
PARK CITY$85,072,730 $90,904,3446.85%
WEST JORDAN$86,344,901 $90,235,2834.51%
PROVO$79,300,515 $85,450,2587.75%
LAYTON$79,433,815 $80,821,8301.75%
LOGAN$49,424,799 $52,738,2526.70%
RIVERDALE$46,209,919 $50,022,2218.25%
VERNAL$37,910,542 $48,912,63129.02%
MIDVALE$43,520,413 $44,388,0621.99%
AMERICAN FORK$42,824,524 $44,023,3392.80%
SOUTH JORDAN$35,489,923 $40,169,18513.18%
DRAPER$35,647,789 $39,167,4579.87%
TAYLORSVILLE$36,617,245 $38,743,0215.81%v
CEDAR CITY$33,699,051 $36,789,0089.17%v
BOUNTIFUL$27,401,610 $30,427,34011.04%
LINDON$30,484,341 $28,094,154-7.84%
LEHI$28,155,313 $26,782,983-4.87%
COTTONWOOD HEIGHTS$25,941,165 $26,041,2260.39%
TOOELE CITY$20,935,597 $23,069,39110.19%
CENTERVILLE$20,912,591 $22,796,7869.01%
SPRINGVILLE$19,268,077 $19,098,795-0.88%
PRICE$16,291,191 $18,336,61612.56%
SPANISH FORK$17,470,660 $17,266,284-1.17%
NORTH SALT LAKE$16,884,092 $16,297,251-3.48%
SOUTH OGDEN$13,720,552 $15,673,68414.24%
WOODS CROSS$16,687,996 $15,335,710-8.10%
HOLLADAY$14,802,668 $14,209,620-4.01%
RIVERTON$12,972,360 $13,707,0555.66%
CLEARFIELD$13,105,875 $13,418,7322.39%
ROY$12,982,339 $13,344,6452.79%
BRIGHAM CITY$12,327,556 $13,195,4757.04%
WEST BOUNTIFUL$11,581,371 $13,069,94612.85%
KAYSVILLE$11,961,171 $12,481,1894.35%
PLEASANT GROVE$11,928,957 $11,401,269-4.42%
PAYSON$10,489,040 $11,049,4455.34%
RICHFIELD$12,488,303 $11,012,473-11.82%
ROOSEVELT$9,677,006 $10,512,0478.63%
HEBER$10,268,262 $10,469,4351.96%
HURRICANE$8,924,977 $9,879,62310.70%
MOAB$5,385,308 $5,911,3179.77%
TREMONTON$5,915,811 $5,668,852-4.17%
FARMINGTON$4,432,353 $4,855,6079.55%
NEPHI$3,235,727 $4,016,13424.12%
KANAB$3,138,542 $3,372,0787.44%
DELTA$2,580,840 $2,889,00711.94%
BEAVER$1,857,937 $1,968,3645.94%
BLANDING$1,674,215 $1,692,2931.08%
MORGAN CITY$1,513,399 $1,456,964-3.73%
MONTICELLO$579,196 $562,704-2.85%
SPRINGDALE$468,449 $435,913-6.95%

Simon reduces energy usage, saves money

Simon Property Group has significantly improved its energy efficiency across its portfolio, saving the company $11 million annually. At its Barton Creek Square Mall in Austin, Texas, for example, the developer has installed new lighting and water-saving restroom features and upgraded energy management systems.

Source: ICSC

2008 ICSC Hot Retailer Awards

Nine retailers from around the world have received a Hot Retailer Award this year, following a survey of the organization's 75,000 members. The ICSC Hot Retailer Awards honor innovative or one-of-a-kind retailers.

This year four food-and-beverage concepts are winners:

  • Five Guys Burgers and Fries,
  • Pinkberry,
  • Pollo Campero, and
  • Stir Crazy.

The other winners are women's fashion boutique

  • Apricot Lane,
  • Australian board- sports chain Billabong,
  • Tesco's U.S. convenience grocery concept Fresh & Easy,
  • L.L.Bean and
  • build-your-own-toy-car retailer Ridemakerz.

The winners range from very new concepts to vintage mainstays. Pinkberry was founded just three years ago by two Korean-Americans in Los Angeles. It has since mushroomed to about 50 units throughout California and New York and, in the process, has single-handedly restored the flagging fortunes of the frozen-yogurt sector. Outdoors gear and apparel retailer L.L.Bean for most of its 96 years relied almost exclusively on its famous catalog, but is opening elaborate stores at select centers around the U.S.

Apricot Lane does what nearly all other chains forbid: It allows franchisers to customize their stores. "We're not like Burger King," said Ken Petersen, CEO of Country Visions, Apricot Lane's Vacaville, Calif.-based parent company. Each unit has the ambience of a one-off, independent specialty shop, he says.

Five Guys Burgers and Fries also tries not to be like its competitors. Its burgers are never frozen and are hand-patted from 80 percent lean beef. The french fries are cut and prepared daily. Even the buns are baked in-house. And the restaurants - about 230 around the U.S. - serve little else.

Billabong's merchandise, mostly apparel, is sold in some 10,000 stores around the world. But the chain has been making waves with its own stores too: There are some 200 company-owned stores and about 55 franchised ones.

Tesco's ambition is to reinvent grocery shopping in the U.S. with its 10,000-square-foot Fresh & Easy stores, which offer Whole Foods-quality groceries at Wal-Mart prices. Tesco has opened about 60 stores since November and plans to open 150 more this year.

"This is going to be absolutely huge," said Phil Lempert, a food industry analyst and the founder of SupermarketGuru.com. "Eventually, Fresh & Easy could have more of an impact on American health than any other retailer."

The chicken prepared by Guatemala-based Pollo Campero developed such a following throughout Latin America that expatriates living in the U.S. were having it flown over to them. Now they no longer have to. Pollo Campero has 36 restaurants in the U.S., part of its total of 260 units in 11 countries and on three continents. Its goal is to open 500 restaurants in the U.S. by 2012.

The recently launched Stir Crazy Asian-fusion restaurants are designed as much to entertain guests as to feed them, with a chef performing over a flaming wok at diners' tables. There are a dozen restaurants open now, and the company plans to open 50 to 60 more over the next five years.

Ridemakerz allows kids to build their own model cars. Sound familiar? None other than Maxine Clark, founder of the Build-A-Bear chain, is a Ridemakerz shareholder. There are nine stores currently, but the company's ambitions are for 250 in the U.S. and 100 overseas.

Source: ICSC Online

This Weeks Leads

  • Ruth's Chris Steak House
  • Ruth's Chris Steak House, Inc. trades as Ruth's Chris Steak House at 121 locations in major metro markets nationwide.
  • The upscale restaurants, offering steaks and seafood, occupy spaces of 10,500 sq.ft. in freestanding locations and mixed-use centers.
  • Plans call for 10 openings throughout major metro markets nationwide during the coming 18 months.
  • ypical leases run 10 years with four, five-year options.
  • A vanilla shell and specific improvements are required. Preferred cotenants include Lord & Taylor and full-service hotels.
  • Preferred demographics include a population of 300,000 within a five-mile radius earning $100,000 as the average household income.
  • A land area of two acres is required for freestanding locations.
  • For more information, contact
    • Dalia Linares,
    • Ruth's Chris Steak House, Inc.,
    • 5318 Northwest 77th Terrace,
    • Parkland, FL 33067;
    • Web site: www.ruthschris.com.
  • Masala Bowl
  • Masala Bowl operates three locations throughout CA.
  • The quick-service Indian restaurants occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in entertainment, mixed-use, outlet, power, specialty, strip and value centers.
  • Plans call for 20 openings throughout AZ, CA, NE, OR, TX, UT and WA during the coming 18 months, with representation by Dickens Properties.
  • Typical leases run five years.
  • A vanilla shell and tenant improvement allowance are required.
  • Preferred cotenants include Chipotle, Starbucks and sushi restaurants.
  • Preferred demographics include a population of 25,000 within one mile earning $100,000.
  • Major competitors include established Indian restaurants.
  • The company prefers to locate in areas with a strong daytime population.
  • For more information, contact
    • Ryan Dickens or Terry Dickens,
    • Dickens Properties,
    • 285 East Imperial Highway, Suite 205,
    • Fullerton, CA 92835;
    • Web site: www.dickensproperties.com.
  • Camille La Vie and Group USA
  • Group USA trades as Camille La Vie and Group USA at 26 locations throughout AZ, CA, FL, IL, KS, MI, NC, NJ, NY, OH, PA, TX, VA, WA and Puerto Rico.
  • The stores offer formal dresses for proms, wedding and special occasions, in addition to sportswear and accessories.
  • The Camille La Vie concept occupies spaces of 5,000 sq.ft. to 8,000 sq.ft. in regional malls and lifestyle centers.
  • The Group USA concept occupies spaces of 8,000 sq.ft. in outlet centers.
  • Growth opportunities are sought nationwide during the coming 18 months.
  • Typical leases run two to five years.
  • Preferred demographics include a population of 500,000 within five miles earning $34,000 as the average household income.
  • For more information, contact
    • Behshid Zandi,
    • Group USA,
    • 25 Enterprise Avenue,
    • Secaucus, NJ 07094;
    • Web site: www.groupusa.com.
  • Frederick's of Hollywood
  • Frederick's of Hollywood Stores, Inc. trades as Frederick's of Hollywood at 145 locations nationwide.
  • The stores, offering women's intimate and specialty apparel, occupy spaces of 2,200 sq.ft. in freestanding locations, malls and urban/downtown areas.
  • Growth opportunities are sought nationwide during the coming 18 months.
  • Typical leases run 10 years.
  • A vanilla shell is required.
  • Preferred cotenants include women's apparel retailers.
  • Major competitors include Victoria's Secret and department stores.
  • The company prefers to locate in affluent trade areas.
  • For more information, contact
    • Rick Zorehkey,
    • Frederick's of Hollywood Stores, Inc.,
    • 6255 Sunset Boulevard, 6th Floor,
    • Hollywood, CA 90028;
    • Web site: www.fredericks.com.
  • Maybe a Store in Brigham City?
  • La-Z-Boy, Inc. trades as La-Z-Boy at 366 locations nationwide.
  • The stores, offering upholstered furniture, including sofas, loveseats, recliners, sleep sofas, in addition to modern modular furniture and leather furniture, occupy spaces of 15,000 sq.ft. to 21,000 sq.ft. in freestanding locations, malls and lifestyle and power centers.
  • Plans call for 30 to 35 openings throughout the existing market during the coming 18 months.
  • Typical leases run 10 years. Specific improvements are required. Preferred cotenants include Bed Bath & Beyond, Home Depot, Lowe's Home Improvement and Target.
  • Preferred demographics include a population of 200,000 within 15 miles earning $65,000 as the average household income.
  • A land area of 1.75 acres is required for freestanding locations.
  • For more information, contact
    • David Baratta,
    • La-Z-Boy, Inc.,
    • 1284 North Telegraph,
    • Monroe, MI 48162;
    • Web site: www.la-z-boy.com.


January 2008 City Retail Sales

Who is down?

Who is up?

Bob Springmeyer

Bonneville Research

  • Utah Economic Snapshot
  • UTAH ECONOMIC SNAPSHOT - First Nine Months (+ mos) FY2008 YTD

    Utah State Government

    • Sales and Use Taxes (Gen Gov't) -3.0%
    • Individual Income Taxes (Education) +5.6%
    • Corporate Franchise Taxes (Gen Gov't) -12.6%
    • Motor Fuel Taxes (Transportation) -1.2%
    • Severance Taxes (Gen Gov't) -4.7.1%

      Local Government

    • Sales and Use Taxes +2.5%
    • Transient Room Tax +24.5%
    • Tourism, Recreation, Cultural, Convention +9.6%
    • Municipal Telecommunications License +9.7%
    • Emergency Services Phone Charge +3.1%
    • Public Transit +29.8%

    Source: Utah State Tax Commission, TC-23 4/11/08

    Utah Labor Market Indicators - April 2008 (Mar/Feb/Jan 08)

    • Employment Growth: 2.0% (2.1%/2.3%/2.6%)
    • Employment Increase: 24,800 (26,200/28,100/31,600)
    • Unemployment Rate: 3.1% (3.3%/3.0%)

    Source: Utah Dept of Workforce Services, 5/15/08

    • ABC News/Washington Post Consumer Comfort Index
    • Although the pace has moderated, the ABC News/Washington Post consumer comfort index continues to decline. The headline index came in at - 47 in the week ending May 11, down from -46 the previous week. The details of the report were generally weak, with two of the three underlying components declining over the month. Consumer confidence is at a level consistent with a more severe economic downturn.
    • Consumer Price Index
    • The consumer price index for all urban consumers increased 0.2% in April, down from 0.3% in March. Over the past year, the CPI-U has increased 3.9%, although top-line inflation has slowed in recent months. The core CPI, excluding food and energy, increased 0.1% in April, down from 0.2% in March. Over the past year, core CPI has increased 2.3%; it is also slowing. Both the top-line and core numbers were below consensus. Although inflation remains a bit higher than the Federal Reserve would like, it is weakening as the economy slows down. There is no indication that higher energy prices are passing through into core inflation.
    • Treasury International Capital Flows
    • Net long-term TIC flows in March rose to $80.4 billion from $64.9 billion in February.
    • Import and Export Prices
    • The U.S. import price index increased 1.8% in April, down from March's upwardly revised 2.9% gain (previously 2.8%). As expected, petroleum prices played a large role, rising 4.8% over the month. Natural gas and food prices increased 6% and 0.4%, respectively. U.S. export prices advanced 0.3% in April following a 1.3% rise in March. Import prices pose a growing threat to domestic inflation and the Fed will keep rates unchanged through the summer.
    • Treasury Budget Deficit up 88%
    • The unified surplus for April was $159 billion, just below the CBO's preliminary estimate of a $160 billion surplus. The federal government typically runs a large surplus in April because of federal income tax payments. The federal government has run a deficit of $152 billion through the first seven months of fiscal 2008; this is 88% larger than the deficit at the same point in fiscal 2007. After a few years of improvement, the federal budget deficit is again widening.
    • International Trade (FT900) - Oil up to $33.15 B
    • The nominal U.S. trade deficit in goods and services narrowed by 5.7% in March. The U.S. trade deficit came in at $58.21 billion, $3.5 billion less than February's downwardly revised $61.7 billion, according to the Bureau of Economic Analysis. In February, both exports and imports decreased, though imports decreased more than exports. The goods deficit with China, however, decreased to $16.1 billion, the lowest in two years. Crude oil prices increased in March by more than $5 a barrel, which in turn increased the nation's total import bill for oil to $33.15 billion despite a lower volume.
    • Business Inventories (MTIS)
    • Total business inventories increased by 0.1% in March, falling short of expectations. Retail inventories are the only new data in this report, and they led declines with a drop of 0.5%. Sales rose by 1%, with increases in all categories. The I/S ratio declined slightly to 1.27 from its previous 1.28.
    • Industrial Production
    • Industrial production fell 0.7% in April, more than twice the consensus estimate. Manufacturing output fell 0.8%-half of the decline owes to a large drop in auto production. Mining production fell 0.8%, while utility production edged up 0.3%. Capacity utilization fell from 80.4% to 79.7%, its first sub-80% reading since 2005. Overall, the report signals greater constraints on manufacturing from a weak economy.
    • NAHB Housing Market Index
    • The NAHB Housing Market Index for the U.S. decreased from 20 to 19 in May 2008, indicating an overall lack of strength in housing markets. The major components of the index-current single-family sales, projected six-month sales, and prospective buyer traffic-all decreased moderately. Only the West index went up somewhat, while the other three regions of the country continued to decline. Overall, the index's various components indicate that the housing market is continuing its downward slide.
    • NAR Metro Prices
    • House prices continued falling across the U.S., though the rate of deflation has moderated and could indicate an approaching housing price trough. Median house prices declined by 4.6% for the quarter and by 7.7% on a year-ago basis. The biggest declines continue to occur in the West, where prices have fallen 12.3% compared with last year. The South and Midwest also declined 7% to 8% on a year-ago basis, but the Northeast notched up a moderate increase of 3.2% for the year as prices rose in the most recent quarter. Housing is still weak, but prices no longer seem to be in free-fall as they did in the previous quarter.
    • MBA Mortgage Applications Survey
    • The market composite indices ended mixed in a week that saw further decreases in interest rates. The market index finished at 674.4 for the week ending May 9, 2008, a 2.9% increase over the previous week. This increase was entirely due to refinancing-the refinancing index increased to 2,422.1, an increase of 6.5% from the past week. The purchase index finished down slightly at 378.5, a 0.7% fall from last week. As usual, a perceivable decrease in mortgage contract rates led to a spurt in refinancing activity.
    • Jobless Claims
    • Initial claims for unemployment insurance increased by 6,000 to 371,000, in line with expectations for a small increase. Initial claims have leveled off in recent weeks, no longer having the clear upward momentum shown since the fourth quarter of 2007. They do, however, remain at an elevated pace.
    • Chain Store Sales
    • Chain store sales began fiscal May on a very weak note. Sales fell 1% during the week ending May 10, according to the International Council of Shopping Centers. More concerning, year-over-year growth tumbled to 0.5%, matching the second-lowest growth since 2003. Sales suffered from unseasonably cold and wet weather and soaring gasoline prices.
    • Retail Sales (MARTS)
    • Total retail sales fell 0.2% in April, following a revised 0.2% gain in March. Sales at auto dealers tumbled. Hence, sales excluding autos rose 0.5% after gaining 0.4% in March. Building supply stores and electronics and appliance stores surprisingly led growth in April despite housing market woes. Sales at gas stations fell despite price increases, as did sales at department stores. Food prices lifted sales at grocery stores and restaurants. Core sales rose 0.6%.
    • Internet Sales (E-Commerce Sales)
    • Retail e-commerce sales slowed sharply in the first quarter of 2008 and grew by 0.8% q/q, compared to 3.5% (revised) in the previous quarter. This report suggests that online spending by consumers is finally feeling the heat from a growing number of adverse macroeconomic factors, the most notable being the deepening housing correction and moderation in consumer spending.
    • Oil and Gas Inventories
    • Crude oil inventories rose by 0.2 million barrels for the week ending May 14, according to the Energy Information Administration, compared with expectations of a 1.8 million barrel build. Gasoline inventories fell by 1.7 million barrels, below expectations of an unchanged reading. Distillate supplies rose by 1.4 million barrels, slightly more than expected. Refinery operating capacity rose strongly to 86.6% from 85%. This report is bullish and should send prices higher.
    • Weekly Natural Gas Storage Report
    • Underground storage of natural gas rose by 93 billion cubic feet during the week ending May 9, above consensus expectations of an 87 bcf build. Working gas in underground storage was 1,529 bcf as of May 9, 286 bcf lower than a year ago but 3 bcf above the five-year average for this time of year.

    Source: Economy.com 2008

    • Swim N' Sport
    • Swim N' Sport Shops, Inc. trades as Swim N' Sport at 37 locations throughout AZ, CO, FL, GA, LA, MD, NC, NJ, OH, SC, TN, TX and VA.
    • The stores, offering designer swimwear for women, occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in malls and outlet, specialty and value centers.
    • Growth opportunities are sought nationwide during the coming 18 months.
    • Typical leases run 10 years.
    • A vanilla shell and specific improvements are required.
    • Preferred cotenants include upscale apparel retailers.
    • Major competitors include department stores.
    • For more information, contact
      • Mark Sidle,
      • Swim N' Sport Shops, Inc.,
      • 2396 Northwest 96th Avenue,
      • Miami, FL 33172;
      • Web site: www.swim-n-sport.com.
    • Peace Frogs
    • Peace Frogs operates 41 locations throughout DE, FL, MA, MD, MI, MO, MS, NJ, SC, TX, VA and Washington, DC.
    • The stores, offering apparel and accessories, occupy spaces of 100 sq.ft. to 800 sq.ft. in tourist centers.
    • Growth opportunities are sought throughout CA and the Caribbean during the coming 18 months.
    • Typical leases run two to five years.
    • Preferred demographics include a population of 500,000 within the trade area.
    • For more information, contact
      • Catesby Jones,
      • Peace Frogs,
      • PO Box 137,
      • Whitemarsh, VA 23183;
      • Web site: www.peacefrogs.com.
    • Bernini.
    • Bernini, Inc. trades as Bernini.
    • The apparel stores, offering upscale men's and women's apparel and accessories, occupy spaces of 2,000 sq.ft. in freestanding locations, malls and downtown areas.
    • Growth opportunities are sought throughout CA and NV during the coming 18 months.
    • Preferred demographics include a trade-area population earning $50,000 as the average household income.
    • For more information, contact
      • Imtiaz Tar,
      • Bernini, Inc.,
      • 10401 Venice Boulevard,
      • Los Angeles, CA 90034;
      • Web site: www.bernini.com.
    • Susie's Deals
    • Susie's Deals operates 90 locations throughout AZ, CA, NV and UT.
    • The stores, offering apparel for the entire family, including junior, misses, plus sizes, men's and children's apparel, all priced at $5.99 or less, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in power, neighborhood or community centers.
    • Growth opportunities are sought throughout the Inland Empire, Los Angeles and Orange counties in CA during the coming 18 months, with representation by Present Value Properties, Inc.
    • Preferred cotenants include Mervyn's, 99 Cents Only, Ross Dress for Less, Target, T.J. Maxx and Wal*Mart.
    • For more information regarding expansion for Susie's Deals throughout the Inland Empire and Orange County markets in CA, contact
    • Jared Davis or Ryan Pate.
    • Present Value Properties, Inc.,
    • 1590 North Batavia Street, Suite 2,
    • Orange, CA 92867.
    • For more information regarding expansion for Susie's Deals throughout Los Angeles County, CA, contact
      • Jaye Young.
      • The primary contact for Susie's Deals is Bernie Labowitz.

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