Grand Rapids and its surrounding West Michigan communities have become increasingly popular to retailers. It’s why so many new retailers are setting up shop throughout the West Michigan region.
And according to the latest research from NAI Wisinski of West Michigan, this influx of new retailers isn’t about to stop anytime soon.
NAI Wisinski recently released its first quarter 2023 West Michigan retail report, and while the numbers for the retail sector don’t paint the picture of a booming market, they do show that retailers throughout the region are holding their own.
According to the report, the retail sector throughout West Michigan ended the first quarter with a modest vacancy rate of 6.4%. That’s up slightly from a year ago. But also up are retail rental rates. NAI Wisinski reported that retail space in West Michigan was renting for an average of $12.56 a square foot as of the end of the first quarter.
The retail sector here does face challenges, of course. But the West Michigan area is bringing in new retailers.
KPot, a national Korean restaurant chain, is set to open in Grand Rapids. Bob Lotzar from NAI Wisinski helped secure a location for KPot BBQ & Hot Pot at 3333 28th St. SE in Grand Rapids. KPot will be filling 6,400 square feet of space.
Russo’s Italian Market & Wine Bar will open a new location at Tanger Outlets in Grand Rapids. The 7,000-square-foot space will include a market, deli and restaurant with wine bar.
NAI Wisinski also pointed to Taco John’s, which recently opened three locations in the region, at 1730 28th St. SW in Wyoming, Michigan; 4029 32nd Ave. in Hudsonville, Michigan; and 6722 Broadmoor Ave. SE in Caledonia, Michigan. Meritage Hospitality Group plans to expand the taco chain with up to 200 locations in Michigan and Ohio.
The West Michigan market also saw some notable retail lease transactions in the first quarter. NAI Wisinski cited Aldi leasing 22,964 square feet in Sturgis, Michigan, and Pet Supplies “Plus” leasing 6,600 square feet in Grand Rapids.
