Despite the disappointing news about Galesburg losing a long established department store in Bergner’s, a local economic development leader still says there are still reasons to be optimistic about retail in the region.
President of the Knox County Area Partnership for Economic Development Ken Springer says first residents must take a look at national retail chains.
He says that the impending closure of stores like JC Penney and Bergners are decisions made on a national level and aren’t reflections on the local economy.
Retail chains are figuring out to thrive as online retail sales increase.
Springer says the national economy is up which tends to mean that lease rates go up in major metro markets.
Those rates make Galesburg seem more affordable.
He calls it an “exciting time” for Galesburg retail as evidenced by the recent cavalcade of retail announcements like Five Below, Marshalls, PetSmart and Harbor Freight Tools.
“Over the last year, calendar year 2017, Galesburg had an increase in retail sales tax receipts by one and a half percent. Not amazing, clearly not amazing. Peoria – same period – Peoria lost 3.4%,” said Springer. “So I mean you can compare apples to apples. That’s the same source, that’s sales tax data from the Illinois Department of Revenue.”
He also doesn’t think that Bergners leaving hurts the long term chances for the Sandburg Mall to be redeveloped.
He points to the redevelopment of the former Wal-Mart as something that could be a catalyst for more new businesses entering the area.
Also in the recent past several businesses including Yemm Chevrolet, Taco John’s, Hy-Vee Gas and Planet Fitness have all constructed or redeveloped buildings in that area.
