Oklahoma City, OK is a bustling city with a growing population and a diverse mix of residential and commercial areas. This article aims to provide an insight into the shopping centers industry in Oklahoma City, exploring its prospects, capital investment, return on investment, and suitable locations to open a shopping center.
Population Distribution:
Oklahoma City has a population of approximately 650,000 people, making it the largest city in the state. The city is divided into several neighborhoods, each with its unique characteristics. Some of the prominent neighborhoods are Nichols Hills, Edmond, Midtown, and Bricktown.
Residential Areas:
Nichols Hills is an affluent community known for its luxurious housing, attracting highincome earners. Edmond, located on the northern outskirts, is another affluent suburb with a mix of residential and commercial developments. Midtown is a vibrant neighborhood with a blend of residential, commercial, and entertainment establishments. Bricktown, located in downtown Oklahoma City, is a popular entertainment district with residential lofts and condos.
Commercial Areas:
Oklahoma City boasts several commercial areas, each catering to different demographics and consumer preferences. Penn Square Mall, located in the northwest part of the city, is a premier shopping destination with upscale retailers and a highend shopping experience. Quail Springs Mall, situated in the northern part of the city, is another popular shopping center with a variety of retailers and entertainment options. Outlet Shoppes at Oklahoma City, located in the western part of the city, offers discounted shopping options for bargain hunters.
Prospects of Shopping Centers Industry:
The shopping centers industry in Oklahoma City has promising prospects due to the city’s growing population and strong consumer demand. As the city continues to attract businesses and residents, the need for convenient and diverse shopping options will only increase. Opening a shopping center can tap into this growing demand and provide a platform for retailers to showcase their products to a wide customer base.
Capital Investment and Return on Investment:
The capital investment required to open a shopping center in Oklahoma City can vary depending on the size, location, and amenities offered. On average, the initial investment can range from $5 million to $15 million. This includes land acquisition, construction costs, tenant improvements, and marketing expenses. The return on investment largely depends on factors such as tenant occupancy rate, rental income, and operating expenses. A shopping center in a prime location with a mix of popular retailers can potentially yield a return on investment within 57 years.
Promising Shopping Centers Locations:
Considering the population distribution and existing commercial areas, some locations in Oklahoma City are particularly suitable for opening shopping centers. Midtown, with its blend of residential and commercial establishments, presents an opportunity to cater to both local residents and visitors. Furthermore, the Bricktown area, wellknown for its entertainment and tourism appeal, can benefit from a shopping center that complements the existing establishments. These locations offer a favorable environment for retailers and a convenient shopping experience for customers.
Starting a shopping centers business in Oklahoma City, OK holds great potential, given the city’s growing population, diverse neighborhoods, and thriving commercial areas. While the capital investment required can be substantial, the return on investment can be rewarding, especially in prime locations with high customer traffic. By carefully selecting the right location and offering a diverse mix of retailers, a shopping center in Oklahoma City can thrive in this dynamic market.