Spokane, Wash. -- River Park Square released a mid-year progress report this week, highlighting new tenant announcements and featuring continued growth in gross retail sales, parking garage performance and increases in economic impacts benefiting the City of Spokane.

New Tenants Join One of a Kind Line Up
Two new tenants and a variety of kiosks clustered in the Marketplace will add to the line up of one-of-a-kind specialty dining, shopping and entertainment venues already in the urban retail center.  

The River Park Square Marketplace, a group of kiosks on the center’s first-level, will debut in October and include Calendar Club, Gary Lindeblad Golf Shop, Just Sports, Lotion Bar, Maria’s Collectibles, Simply Charming, Wilson’s Leather, and Woolworks. 

“This collection of kiosks brings together some of the community’s favorite merchants with the most interesting items,” said Bob Smith, River Park Square manager.    

The Collector’s Zone, a locally-owned shop featuring sports memorabilia and collectibles, opened in early September in a 2,200-square-foot space on the Center’s second level.  Subway, a sandwich shop, will open in mid-September, joining the collection of unique restaurants in the Atrium Cafés on 3.  

Retail Sales Increase
River Park Square tenants reported more than $29 million in gross retail sales during the first half of 2003, a 3 percent year-over-year growth in same store sales (see attached chart).  By comparison, retail spending nationwide has been modest as many retailers experience a stagnant retail climate, according to Susan Zimmerman, vice-president of GVA Kidder Mathews, an international retail leasing firm in Seattle.  

“The level of sales increase at River Park Square is impressive,” said Zimmerman, “The presence of Nordstrom in the Spokane market continues to be a catalyst for the center.” 

According to a mid-year report released by the National Retail Federation, retail sales nationwide rose just 2.2 percent in year-over-year comparisons.

Parking Garage Business Performance Strong
The River Park Square parking garage outpaced 2002 during the first six months of the year in both car counts and gross revenues.  

Car counts topped 417,960 from January to June, an increase of 3 percent over 2002, and 27 percent over 2000, the center’s first full-year of operation.  This increased car traffic generated over $1.05 million in the same time period, a 3 percent increase over 2002, and 36 percent increase over 2000.

“The continued increase in parking garage performance is a strong indicator that more people are coming downtown to shop, dine and for other social activities,” said Bob Smith, River Park Square manager.

City Continues to Benefits from Downtown Revitalization Project
Total taxes and fees generated by River Park Square and paid to the City, County and State increased to $34.2 million, including more than $3.3 million in taxes and fees during the first half of 2003.  

The City’s portion amounts to more than $10 million, of which Spokane Public Schools received about $1.6 million and Spokane Transit nearly $1 million (see attached chart).

Downtown Investment Tops $1 Billion
New construction in and around downtown continues to be revitalizing Spokane’s urban center.  Another $40 million in new projects have been announced or completed since May, adding to the $1 billion of downtown revitalization projects (since 1999) reported earlier this year.  

Recently announced and completed projects span a wide-range of sectors.  Among them include Havermale Park, a mixed-use project including Spokane’s first major housing development in years; the addition of the 3,400-square-foot Gallery at JOEL art gallery, a new farmers market, expansion of the Community Health Association, establishment of a University District, and additional loft apartments in the historic Hopson Building.  

“River Park Square is at the center of a revitalized downtown and its impact to the City of Spokane and its citizens continues to grow through the increased development and taxes and fees the project generates,” said Smith.