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15Colliers International

Bridge Street Development

an abundance of leveraged buy-outs of retailers by private         remained high, yet we experienced some significant
equity firms, creating a massive debt burden. At the same           announcements and closings. In 2018, we predict
time, lenders are becoming more and more weary of                  national brands will continue to consider West Michigan
helping to refinance loans for these companies, which               and find creative ways to penetrate the market. Restaurants
could create some turmoil for some retailers in 2018.              will see demand, and downtown retail will continue to
                                                                   evolve and mature.
All told, we expect the West Michigan retail market to
remain positive this year. 2017 was unique, as demand

CURRENT ECONOMIC CONDITIONS INDEX                                  STORE GROWTH

Source: Survey of Consumer, University of Michigan                 Source: IHL Group

120

110                                                                                   Fast food                                       2,026
                                                                                                                                   1,905
100                                                                                   Mass merchandises                        1,700

                                                                                      Convenience Stores

90                                                                                    Bars/restaurants          728

80                                                                                    Supermarkets              674

                                                                                      Drug stores          345

70                                                                                    Specialty hardgoods 153

                                                                           Superstores/wholesale clubs 82

60                                                                                    -400                Department stores
                                                                                                          Specialty softgoods
50                                                                 -3,133
           2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

     3 month moving average  Monthly data
   10   11   12   13   14   15   16   17   18   19   20