Has Chesterfield lost its label as our region's shopping mecca?

The west St. Louis County city once reported the lowest retail vacancy rate in the region at just 1.8%. Five years later, vacancy has grown more than 144%, to 4.4% in the third quarter of 2019, according to the latest available data from Newmark Grubb Zimmer. Its average asking price for rent grew just 1.91%.  Meanwhile, mid-St. Louis County saw its vacancy rate fall nearly 40% over the same period and its average lease rate jump 15.08%.  But the third-quarter data comparing 2019 with 2014 from Newmark Grubb Zimmer shows what's likely "course correction" rather than definitive proof shoppers are changing their habits. 

Nearly 94% of all retail space in Chesterfield is categorized as big box space (businesses occupying more than 9,001 square feet), whereas approximately 84% of midcounty's supply is big box stores.  Chesterfield's vacancy rate for big box space jumped 170.59% in the five-year period, the most of any submarket in the region.  Chesterfield was once home to two outlet malls (one is now being redeveloped) and also has one of the largest nearly empty malls in St. Louis — all of which has packed a punch on Chesterfield's vacancy rate.  Overall, every submarket in St. Louis saw demand for retail space fall compared with the amount of space available to lease over the five-year period, again suggesting that market forces are still course correcting.

So now he's working on a few minor updates to get the building ready. When it's good to go, World's Fair Donuts will be back with the same coffee, doughnuts and fritters it has served since 1974. The only thing Bockman and the Clantons have considered adding: a vegan option. "I think it would be good for that neighborhood."