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Southlake sees economic growth in 2012
By Heather M. Goodwin, hgoodwin@starlocalnews.com
Southlake enjoyed economic growth during 2012, and it expects to see more growth this year.
In 2012, Southlake opened 87 new businesses, and sales tax revenue increased by 7.2 percent for a total of $20.3 million. During November 2012, the kick-off to the holiday shopping season, Southlake collected $1.66 million, up 5.75 percent from 2011.
Southlake’s current sales tax rate is 8.25 percent, of which 6.25 percent goes to the state, 1 percent goes to the city’s general fund, and 0.5 percent is dedicated to each of two special revenue funds: Crime Control and Prevention District and Southlake Parks Development Corporation.
Last also said a gauge of Southlake’s increased economy is the lack of vacant restaurant, retail and office spaces.
“A good indicator is the number of empty spaces we have, which isn’t very much,” Last said. “I’m confident in our city that we are still a destination for retail markets. I think people look here first for occupancy, and I believe the new businesses we opened in 2012 is on par with year’s past.”
Out of the 87 new businesses that opened in Southlake during 2012, many filled spaces previously left vacant as a result of the recession. Wal-Mart Neighborhood Market opened in Southlake Marketplace in the former 59,000-square-foot Albertson’s. Mellow Mushroom made modifications and occupied the 4,000-square-foot building previously occupied by Baker Brothers. HomeGoods moved into 30,000-square-feet in the Southlake Corners shopping center. American Specialty Health took over 50,000 square feet of space previously occupied by Fidelity Investments and All American Family Fitness opened in the former 10,900-square-foot Larry North Fitness location.
Also, two businesses opened in 2012 in newly constructed buildings, including Patrizio’s in its 8,900-square- foot restaurant near the northeast corner of Carroll Avenue and S.H. 114 and Bonefish Grill built a 5,600-square-foot building in the Shops of Southlake.
Looking ahead to 2013, Last expects continued growth with new businesses scheduled to open, including the 140,000-square-foot Forest Park Medical Center in June, as well as several projects in the permitting or approval phase.
“We have at least two, and maybe more, retail centers planned along with the town square’s plans to continue its growth, Last said. “We have more than a couple planned developments, and they’re not small properties, they are significant retail properties. I think our economy is strong, and our confidence is up.”
Last said there are also several programs that help existing businesses as well as added services to highlight new businesses. The city has a website, www.Southlakebusinesses.com that lists all the businesses in the city. It also allows users to search for businesses by category and name. The list includes businesses that opened in the prior month as well as those that are coming soon. In addition, anyone can subscribe to the Biz List by contacting the Economic Development Department at econdev@ci.southlake.tx.us.
“Based on our economy, I expect another great year in Southlake. I also expect another increase in sales tax revenue. In general terms, I think in the future we will continue to grow,” Last said.
Last said the vast majority of sales tax revenue is generated from out of towners due to the fact that Southlake is home to a lot of stores that have a larger draw than just the Southlake boundary.
“We spend a lot of time promoting Southlake’s retail and restaurants,” Last said. “There’s not a lot of turnover when compared to other cities, but there is some turnover. I think Southlake has been strong, and we look forward to more growth this year. Southlake’s economy is recovering stronger and faster than other areas.”
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