Nestled in the Rocky Mountains, Salt Lake City and Utah in general are home to one of the fastest growing populations in the country. Millions of tourists flock to utah every year to visit downtown’s Temple Square, the world famous ski resorts and to take part in other outdoor activities at places such as Zions, Bryce Canyon, and Moab.
While most of the Salt Lake and surrounding markets are geared towards locals, there are two major locations frequently visited by tourists. City Creek draws a large crowd of locals and tourists who are in town to visit Temple Square or the convention Center. The project, completed in 2012, is a beautifully designed mall that spans Main Street and includes a retractable glass roof. The other highly trafficked retail location is Main Street in Park City. Main Street benefits from a strong summer season with mountain bikers, hikers, and other outdoors-minded visitors while winter remains the peak season given Park City’s access to both Deer Valley and Park City resorts.
Downtown Salt Lake City provides customers with the high-end shops that cater to both locals and tourists. The downtown market is one of the few walkable areas of Salt Lake and offers several venues for local concerts, Broadway shows, and other forms of entertainment. Additional retail is being added just to the east of 111 Main, a 440,542 sf office building currently under construction. This part of Regent Street will see new life and vibrancy due to its close proximity to City Creek and the brand new 2,500-seat George S. and Dolores Dore Eccles Theater. New restaurants, bars and retail are all in the works as well as a boutique hotel.
Sugar House is one of Salt Lake’s oldest neighborhoods and is well-located with quick access to downtown Salt Lake, the University of Utah, and Westminster College. The retail landscape continues to evolve as domestic and international brands assert their presence in this coveted neighborhood where art galleries, restaurants, and boutiques make this one of the trendiest Salt Lake submarkets.
MAIN STREET-PARK CITY
Situated in Park City, Main Street is home to over 200 unique businesses covering a range of tastes. Largely catering to the wealthy residents of that area or to tourists who come to ski Park City or Deer Valley or for the Sundance Film Festival, there are over 50 one-of-a-kind restaurants. In addition to the high number of restaurants, there are a number of spas, art studios, and other shops as well.
Completed in 2012, City Creek is home to some of the highest-end shopping in the state of Utah and attracts shoppers from all over due to its immediate proximity to the Convention Center and Temple Square, Utah’s most heavily visited site. The mall is split by Main Street with a connecting bridge and features a retractable roof that remains open during much of the summer. Anchored by Nordstrom and Macy’s, City Creek also includes Tiffany & Co., Michael Kors, Brooks Brothers, and Porsche Design.
Located just north of Salt Lake in Farmington, Station Park is the premier shopping destination for Davis and Weber counties. The shopping center sits at the intersection of I-15, Highway 89, Legacy Parkway, and the Front Runner commuter train providing excellent access. The property includes a Power Center, part of which includes Harmons, Nordstrom Rack, and Sports Authority as well as an open-air lifestyle section which includes Victoria’s Secret, Twigs, a Cinemark Theater, and It’s Sugar.
VALLEY FAIR MALL
The Valley Fair Mall underwent a significant transformation over the past 5 years. New buildings were constructed for Costco and a Megaplex Theatre. Several shops were added as pad space along 2700 West and a lifestyle portion was built in the front to create a more desirable project. Although the lifestyle, pad space, and anchors do well, bringing in quality tenants to the interior has been a challenge.
Centrally located in the Salt Lake Valley with quick and easy access to I-15 and I-215, Fashion Place Mall is one of the most heavily trafficked and most successful malls in Utah. The mall has undergone several renovations including adding a lifestyle component with several new restaurants and retailers in 2011. Dillard’s completed construction of their new space and are now on the south-end of the mall. It was recently announced that Macy’s will be taking space in Fashion Place.
Trolley Square is Utah’s most historic recognized retail location starting off as the fairgrounds before the Union Pacific chose the site for its then state-of-the-art trolley car system where it earned its name. The retail center now offers unique shopping, dining, and entertainment within a charming, historic atmosphere. Retailers include Whole Foods, William-Sonoma, Lululemon, and Pottery Barn.
|SHOPPING CENTER TO WATCH OUT FOR|
|Center Name||The Shops at South Town|
|Total Size||57 acres|
|- Retail GLA||1,300,000 sf|
|Planned Opening Date||n/a|
|Consumer Profile||Middle Income|
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000SQFT||RANGE OF UNIT SIZES|
|City Creek||Upscale||Nordstrom, Macy’s, Tiffany & Co.||n/a||n/a||1,000 - 5,000 sf|
|Station Park||Regional||Nordstrom Rack, Harmons, Ross, Ulta||Cabelas||$38 psf||1,000 - 30,000 sf|
|Park City - Main Street||Upscale, Tourist||Grappa, Zoom, No Name Saloon||n/a||$60 psf||1,000 - 4,000 sf|
|Valley Fair Mall||Regional||Costco, Megaplex, Theatre, Macy’s||Rue 21||$33 psf||1,000 - 20,000 sf|
|Fashion Place Mall||Regional||Dillards, Nordstrom, H&M||Macy’s||$45 psf||2,000 - 15,000 sf|
|Trolley Square||Local||Whole Foods, Lululemon, Williams-Sonoma||n/a||$24 psf||1,000 - 10,000 sf|
Data as of April 2016
Fine dining in Utah is very heavily clustered around the affluent town of Park City or at some of the top-tier ski resorts. These areas not only cater to the wealthy residents of those regions, but also are a large draw for tourists visiting Utah to experience the best snow on earth. Park City includes four 4-star restaurants which are Apex, Glitretind Restaurant, Riverhorse on Main, and Powder. In addition to these four restaurants, Park City has a number of other restaurants of all types that cater to the diverse tourist and local population. Park City has one of the highest levels of restaurants per capita in the nation. The Tree Room at Sundance Resort offers the other 4-star option in the state and is located approximately 30 minutes from Provo.
Despite being a relatively dry state, Utah is also home to several local breweries that have been very successful. Since 1986, the number of breweries in the state have gone from 0 to 18. Some of the most successful brewers include Epic Brewing Company, Squatters, and Uinta Brewing Company. While both of these companies are based out of Utah, their product is sold both nationally and internationally.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATORS INCLUDING||RENT FOR 3,500 SQFT UNIT|
|Park City||High End||Apex, Glitretind, Riverhorse on Main, Powder||$50 psf|
|Downtown||Varied||Ruth’s Chris, The New Yorker, Red Rock Brewery, Settebello||$20 psf|
|Sugar House||Trendy||Finca, Mazza, The Dodo, The Annex, Flatbread||$25 psf|
Data as of April 2016
Salt Lake City Contacts
Scott LovellCorporate Research Director
170 South Main Street, Suite 1600
Salt Lake City, UT 84101
Tel: (801) 322-2000