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El Paso: River Oaks plans to shop until it drops $200M retail planEl Paso: River Oaks plans to shop until it drops $200M retail planhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=111352015-11-11T06:00:00Z

​EL PASO - River Oaks Properties, one of two major retail developers in El Paso, is building new shopping centers at its fastest pace since the company was founded in 1968.

“The economy in El Paso is very, very stable,” company president Adam Frank told El Paso Inc. “We are still in a low interest rate environment, and El Paso is still underserved in retail.”

One year after launching a $200 million retail development plan, the company is on track to build 2 million sf of new retail space in El Paso by 2020.

“The retail sector in El Paso County is now knocking on the doors of being a $12 billion-a-year enterprise,” said Tom Fullerton, an economist at the University of Texas at El Paso.

Growth in retail sales in El Paso is projected to continue despite economic headwinds, such as troop reductions at Fort Bliss and the falling peso.

Retail sales in El Paso County are forecast to grow 4.8 percent this year and 5.1 percent next year, reaching $12.5 billion by the end of 2016, according to the most recent Borderplex Economic Outlook published by the University of Texas at El Paso.

Shopping centers completed by River Oaks this year include North Hills Crossing in Northeast El Paso, a 250,000-sf power center anchored by a Walmart grocery store.

River Oaks Properties’ local competitor, Mimco, also has new shopping centers under construction.

This year, Mimco completed two 100,000-sf shopping centers, one in Horizon City just east of El Paso and one on the Westside at Upper Valley and Artcraft.
El Paso Inc.
El Paso
Retail
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