Commercial Real Estate & Business News – April 16, 2014

?Who Will Win the Battle for the Millennial Grocery Shopper?

When it comes to the grocery discount battle, Walmart remains the king. With 55 percent of Walmart’s annual revenue coming from grocery sales, the brand is the biggest grocer in the U.S. Many mistakenly assume that Target would be chief among millennials when it comes to grocery retailers. In fact, Walmart remains the most popular choice among millennial parents among retail visits overall. According to Barkley’s most recent study, when given the choice to shop at only one store (Amazon, Target or Walmart) for the rest of their life, millennial parents chose Walmart. Why?… Read more

Economy Watch: Retail Sales See Healthy Uptick; Federal Deficit Still Dropping

The Census Bureau reported on Monday that retail and food services sales for March, adjusted for seasonal variation and holiday and trading-day differences – but not for price changes – came in at $433.9 billion, an increase of 1.1 percent from February. The March 2014 numbers were also 3.8 percent above March 2013, and the January 2014 to February 2014 percentage change was revised from a gain of 0.3 percent to one of 0.7 percent… Read more

Deco Communities to Build $22 Million Condo Project in Midtown Phoenix

Another midrise condominium project is in the works for the Valley, this time amid the office skyline of midtown Phoenix. It could be the first major condo complex to rise up in the area since 2008, and is being built by the same company, Scottsdale-based Deco Communities, that is erecting the $32 million condo project in downtown Scottsdale, which I wrote about last week… Read more

CityScape Welcomes First Residents

CityScape Phoenix marked its final development milestone in February when the first residents moved into the CityScape Residences, a collection of 224 luxury apartments that sit atop Kimpton’s Hotel Palomar Phoenix… Read more

Gov. Brewer Says Arizona’s Bid for Tesla Battery Plant is Competitive

Gov. Jan Brewer said Arizona submitted a highly competitive package to Tesla Motors Inc. in hopes the company opens its proposed battery factory here, and that she believes at least one of the states Tesla was considering is out of the running. Palo Alto, Calif.,-based Tesla said in February that Arizona was among four states in contention for a $4 billion or more factory that could employ 6,500. Also competing are Nevada, New Mexico and Texas… Read more