As 2003 unfolds into 2004, the retail industry is very optimistic about the outlook for the next year.
According to numbers released by the Nevada Department of Taxation they have reason to be.
Washoe County's total taxable sales in September were well over $505 million, up about $35 million from the same month a year earlier.
Other northern Nevada counties also saw significant increases in taxable sales.
Lyon County, for instance, was up 24.6 percent; Douglas County was up 12.7 percent.
But Darin Conforti, acting budget manager for Washoe County, said the recent increase in sales is skewed by the effects of this summer's income tax rebate to taxpayers with children.
"Seven percent is very robust," Conforti said, adding that it may be difficult to sustain that number.
He said a good indicator of the new year will be sales in the first few months of this year, and he said that depends upon continued growth in the job market and home construction.
"If we can't sustain 7 percent throughout the Christmas season, then I'm less confident throughout the year," Conforti said.
Nevertheless, some area retailers still expect a bright year.
Tony Vail, general manager at Meadowood Mall, said business has gone very well recently at the shopping center, especially with the addition of 23 new stores this year.
Vail said the introduction of Bully's Sports Bar and Grill to the mall, for instance, attracted new customers to the center.
"A number of the stores in the mall are No.
1 in either their company or in the region," Vail said.
Roxanne Stevenson, vice president of retail services for Grubb & Ellis, noted approximately 2.7 million square feet of square feet of retail space is either under construction or proposed in the Truckee Meadows.
At year's end, about 400,000 of that space was under construction.
However, Stevenson cautioned that not all of that proposed space is certain to be developed.
"There is three projects proposed for South Meadows, but probably only one of those three will happen," Stevenson said.
Mark Keysers, a senior associate at Colliers International, said Carson City and Douglas County also are expected to see continued development of new retail space this year.
While some worry that the new retail outlets and shopping centers will create a glut of space, Stevenson noted the region's population is growing and some retail needs such as chains popular in other parts of the country still are unmet.
Among retail chains opening their first stores in northern Nevada next year, Stevenson said, will be Sportsman's Warehouse and David's Bridal.
The vacancy rate in retail space in the area, Stevenson said, fell from 7.8 percent at year-end 2002 to 6.2 percent as this year came to a close.
