Increased merchandise, customer spending and foot traffic helped lift River Park Square’s first quarter 2004 retail sales and parking garage counts to record levels, according to figures released today by center management.  The center’s strong pace continues to generate significant economic impacts for the City of Spokane.

First quarter sales at the regional retail center surpassed 2003 by more than seven percent, the highest first quarter sales reported since the center re-opened in 1999.  Monthly sales at River Park Square steadily increased from January to March, following traditional cyclical retail trends.  A boost in March sales produced 13.4 percent more revenue compared to the same month in the year prior.  

Comparable same-store sales in March grew 5.9 percent over 2003, closely following national trends.  According to the International Council of Shopping Center’s April sales trend report, same-store March sales nationwide rose seven percent.

“People seem to have an appetite for retail goods,” said Mike Gowrylow, Washington State Department of Revenue spokesperson.  “After a few flat years, the retail industry growth is refreshing.” 

River Park Square manager Bob Smith credits the robust sales activity to the continued momentum of a revitalized downtown and the center’s expanded merchandising mix, which includes unique shops and signature restaurants.  

Smith added that first quarter’s aggressive leasing efforts have yielded additional retailers.  So far this year, leases were cinched with Regis Salon, Ben & Jerry’s, Chrysalis Home Interiors, and Edo Japan, which will open in 2004.  

“As a regional retail center with a unique tenant mix, many local, regional and national retailers are expressing interest,” said Bob Smith, general manager of River Park Square.

Regis Salon opened in April and according to manager Reanna Wilson, the shop is ramping up.  “Business is steadily increasing,” stated Wilson.  “We’ve had a lot of success capturing evening mall foot traffic and booking spring and summer wedding parties.”  

Ben & Jerry’s is slated to open a Scoop Shop in early June in the Atrium Cafes on 3.  It will be the company’s first eastern Washington store.  Also joining the food court this fall is Edo Japan, the center’s first Japanese cuisine eatery.  Chrysalis Home Interiors will relocate its local home furnishings and gift store to River Park Square from the Spokane Valley this fall.  

Parking Garage Performs Well
Consistent with strong first quarter retail sales, the River Park Square parking garage performed well.  Both car counts and gross revenues in first quarter 2004 continued to climb.  Car counts exceeded 218,700 during first quarter, a 6.2 percent increase over 2003.  Gross revenues accounted for over $566,800 during this time period, nearly 8 percent ahead of 2003 and 58 percent ahead of 2000, the redeveloped center’s first full year of operation.  Despite the increasing level of performance, the parking garage has not met projections developed by experts retained by the City of Spokane.    

River Park Square Delivers Economic Impacts
River Park Square has created badly needed jobs and economic benefits for Spokane.
In addition to generating more than 1100 jobs for area residents, the center has
generated $11.2 million in tax and fee revenues for the City of Spokane.  Of that amount, $500,000 was generated in first quarter 2004.  These tax revenues are used to fund a range of city services, and accumulatively are: $1.1 million to Spokane Transit, $1.7 million to Spokane Public Schools and $377,000 to the Public Facilities District, $377,000.  In addition, the State of Washington and Spokane County have been paid $25.9 million and $1.6 million in tax and fee revenues.   

As the catalyst that sparked the revitalization of downtown Spokane and has attracted major investment, River Park Square was also home to lively community events first quarter.  Thousands gathered at the center in January to participate and celebrate Martin Luther King Jr. Day.  SpoKanstruction, the annual canned food building competition hosted by the center in February, was enjoyed by thousands and raised more than 14,000 pounds of food and $1,000 for Second Harvest Food Bank.  In addition, many other local non-profit groups held events and activities at the center. 

“Downtown Spokane has come alive with new energy,” said Bob Smith, manager of River Park Square.  “It is re-emerging as a regional destination, and River Park Square is the centerpiece.”