Retail growth: STORES Magazine's Hot 100 list shows Beehive State is luring 'status' stores
Sixty-four of the companies on STORES Magazine's Hot 100 Retailers list have a presence in Utah, and four more will soon open their doors here. Those four, as well as several others on the list that have recently set up shop in Utah, demonstrate the state is luring attractive retailers.
The appearance of "status retailers" in Utah can be viewed as an endorsement of the state's growth and diversification over the past decade, said Pam Perlich, an economist with the University of Utah's Bureau of Economic and Business Research.
"We have the fastest employment growth in the nation. The prospect into the long term is that the area will continue to grow," Perlich said. "I have a tremendous amount of optimism about the future of this place, and I guess a lot of these companies do, too."
By the end of the year, Urban Outfitters (No. 76 on the magazine's list) will be open in The Gateway. Fashion Place Mall will host a Cheesecake Factory (No. 83 on the list.) And a Sport Chalet (No. 69 on the list) will open at Jordan Landing.
Cabela's, No. 58 on the list, opened in Lehi two years ago, and IKEA, not on the list but certainly a coveted retailer in any community, located in Draper this spring. Also, hip retailer American Apparel will begin selling its trendy clothes for young adults at Trolley Square this fall.
STORES magazine is the official publication of the National Retail Federation, the largest retail trade association in the world. For its Hot 100 list, editors ranked public companies with more than $100 million in sales that reported the greatest year-over-year revenue percentage growth.
Eleventh-ranked Chipotle Mexican Grill opened its second Utah store in the Fort Union area this month, after opening a West Bountiful location earlier this year. Two more grills are on tap to open by early next year, one in Salt Lake City and another in Sandy.
"Utah has a really great young, vibrant, educated population, and that's the kind of demographic we try to reach," company spokesman Chris Arnold said.
Demographics are vital when retailers look to locate in an area, said Perlich, who is sometimes contacted by retailers exploring the idea of locating in Utah who want specific information about different areas of the state.
"Markets have gotten very sophisticated in identifying what characteristics go with their customers," she said.
Recent comments
Now we just need to convince In and Out Burgers to com e here...
Anonymous | Sept. 26, 2007 at 11:16 p.m.
I'm so excited, finally Utah is starting to grow. I can't wait for…
Anonymous | Sept. 26, 2007 at 8:55 p.m.
So, where is Crate and Barrell?
emjay | Sept. 26, 2007 at 8:53 p.m.
