Houston's retail market is gaining momentum, developer Ed Wulfe said Tuesday at the annual Retail Forecast Luncheon sponsored by O'Connor & Associates.
The chairman and CEO of retail development and brokerage firm Wulfe & Co., a longtime observer of the local market, projects 2.24 million square feet of retail space will be built and opened this year – twice the amount in 2011.
At last year's luncheon, Wulfe described the local retail market as being in a recovery mode as it pulled itself out of the recession. On Tuesday, he said, "we're off and running."
Although his 2012 projections are far from the 6.3 million square feet in pre-recession 2008, Wulfe sees a positive retail environment benefiting from population growth, relatively low unemployment, low cost of living and strong home sales.
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