Economy shows signs of turnaround as Best Buy, others consider Stillwater

Retailers like the looks of Stillwater

By Chris Day Stillwater NewsPress

STILLWATER, Okla. — Target is still interested.

Country Club Crossing remains viable.

Best Buy will open a 25,000-square foot store in Lakeview Pointe shopping center this summer.

Potbelly Sandwich Shop sees Oklahoma, especially Stillwater, as a perfect spot for a franchise.

The recession, banking bailout and tight credit forced many retailers and developers to temporarily halt expansion plans and developments.

Those projects may be on track again.

Stillwater’s economy didn’t feel the recession’s pinch as much as the east and west coasts, Stillwater Chamber of Commerce CEO Larry Brown said. Nationally, corporations were hit on many levels – declining profits, the banking crisis and credit crunch forced many retailers to curtail expansion plans.

“We didn’t have a lot of control over this issue,” Brown said.



Country Club Crossing and Target

It’s too early for Target to provide any specific details about a store in Stillwater, company spokesman Kyle D. Thompson said Tuesday.

“What I can share at this time is that we remain interested in bringing a Target to the area,” Thompson said

The retailer typically confirms plans for a new store withing one year of its scheduled opening date to avoid disappointment or misinformation within a community if plans change, he said.

Dallas-based commercial developer Direct Development continues with its plans for Country Club Crossing shopping center, which will be located between the Wal-Mart Supercenter and Arvest Bank on West Sixth Street.

The company should have an update in a few months, Vice President of Leasing Laura Aufleger said.

Former Dallas Cowboy quarterback Troy Aikman is listed as principal of Direct Development. David Watson is managing principal. Direct Development was founded in 1997 and has developed or bought 33 shopping centers.

A preliminary plat for Country Club Crossing was reviewed by the Stillwater Planning Commission in September 2008.

The plat calls for nine buildings subdivided onto 10 lots over a little more than 41 acres owned by Tinker Federal Credit Union. Target was slated as the anchor store. The preliminary plat was approved on Sept. 18, 2008.



Best Buy at Lakeview Pointe

The former Linens ’n Things store at Lakeview Pointe shopping center on Perkins Road will receive an extreme makeover – turning it into a small Best Buy store.

Renovations are scheduled to be completed and a grand opening this summer, CBL & Associates Properties, Inc., Vice President – Corporate Communications and Investor Relations Katie Reinsmidt said.

Houston-based U.S. Builders is the contractor for the Best Buy store in Stillwater.

Lakeview Pointe has a good location and CBL & Associates continues to receive interest in it from retailers. Reinsmidt said

“We are excited to welcome Best Buy,” she said.

Tuesday Morning recently opened a store at shopping center, she said.

“We are pleased to see some recent positive economic news as well as the encouraging trends in retail space,” she said. “We believe that our properties are well-positioned to benefit from a recovery.”



Franchises eyeing Stillwater

Stillwater’s Chamber of Commerce continues to receive inquiries from companies hoping to put franchises in Stillwater, Brown said.

Some are new to the Oklahoma market and see Stillwater as a good location because of its population mix, he said.

Potbelly Sandwich Shop is one of those companies. It is seeking an investor to launch a franchise store in Stillwater, said Mike Walters, franchise zone manager.

The Chicago-based company has more than 200 corporate locations in 10 states, including Texas. It started offering franchises in late 2009 and wants to put a franchises in Oklahoma, especially Stillwater.

It will continue to build corporate stores in bigger markets, but will offer franchiss in mid-size markets in 14 states, Walters said.

The ideal Potbelly Sandwich Shop is located in a free-standing 2,000-square foot store. It takes an investment of $450,000 to $750,000 to open a franchise store, he said.

The credit crunch really hurt franchising, Brown said. “When money is tight, it’s more difficult to secure a franchise.”

 

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