HIGH POINT — During his seminar at the Home Furnishings Assn.’s Retailer Resource Center, furniture real estate expert Julius Feinblum shared his thoughts on what states and regions might be best positioned for retail growth over the next few years.
Feinblum, principal of Julius M. Feinblum Real Estate, talked about today’s real estate market, whether it behooves retailers to buy or lease, and other topics during his session during the High Point Market.
So what states look like they might be best for retail growth?
- Florida. Feinblum said it’s the fastest growing state with no state tax and a real estate market that has boomed. “Retailers there are stable and doing well,” he said.
- Ohio. Over the past eight years, Feinblum said American labor and factories have seen a resurgence, and many of those factories are in Ohio. One particular plant that is and can continue to build growth is a manufacturer of computer chips for Intel.
- South Carolina. Feinblum said the Palmetto State features a good climate and an affordable cost of living.
- North Carolina. With a similar climate to South Carolina, it’s fast growing, and a lot of people are retiring there. Feinblum said its labor market is strong.
- Colorado, specifically Denver.
Other areas that he said are ripe for retail opportunity include Wyoming, Kansas, Texas and New York state from Albany to Westchester.
Feinblum said remote work has allowed people to move where they want and still maintain their current jobs or pursue opportunities that wouldn’t have otherwise been available. “Technology has let people operate from home. It’s not unusual for people to take advantage of living far away,” he said.
Feinblum said this phenomenon has cut retail opportunities in markets such as New York City, Los Angeles, San Francisco and Boston, among others. However, he said keep an eye on areas of the Golden State.
“I believe the biggest growth will be parts of Northern California and Southern California,” he said. “Why? The amount of competition is lower compared with the population. The cost of doing business and real estate is high, but there are opportunities there.”
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