Local News
Northshore shopping develoment stalls as national economy slumps
10:26 PM CST on Friday, November 28, 2008
Construction continues along I-12 near Covington, the site that eventually will house the Nord du Lac Shopping Center. But now, there is not quite as much urgency, as the shopping center was scheduled to open in October of next year but now will open later.
“Colonial-Pinnacle Nord du Lac will officially open in March of 2010,” said spokesman Jim Spahn.
The simple reason is the national economy. Most major retailers report sales way down across the country, but this market is different.
“The upside of it is, the New Orleans area is one of the few adding jobs. Developers and us are confident in St. Tammany Parish as a major growth center,” said Spahn.
The developers in Birmingham say all of their major retailers are still completely committed to this project. In fact, they say, despite the national economy being in the tank, they're signing up new businesses.
“As a matter of fact, we just finalized leases for PF Changs, Copeland's Cheesecake Bistro and Olive Garden,” said Spahn.
Spahn says retailers are adding stores but on a very selective basis, and he says the good news is even though the development is delayed, it is still moving forward.
“Very few large scale developments are coming out of the ground in the U.S. right now,” said Spahn. “This is one of the few. That's why retailers can zero in on the St. Tammany market. There is not that many options available to them right now.”
St. Tammany Parish President Kevin Davis wanted this project complete by Christmas because he says St. Tammany residents do half of their Christmas shopping outside St. Tammany, and the parish could use that sales tax revenue.
Jim Spahn says because incomes are up, St. Tammany is still a strong retail market, but Northshore shoppers will have to wait five more months for this option to be open.
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