Columbia’s vacancy rate exceeds national average as new businesses plan to fill storefronts
COLUMBIA Mo. (KMIZ)
As Columbia sees a new Five Below and the anticipated addition of a HomeGoods and a Trader Joe's, government officials and local consumers are excited about more retail locations.
According to the Plaza Commercial Realty 2025 Market Report, the City of Columbia has more vacancies than the national average. Columbia's vacancy rate sits at 5.68%, while the nation's is 4.1%. A vacancy rate is a percentage of storefronts that is not occupied in a given area.
Columbia Chamber of Commerce President Matt McCormick said the group hasn't seen a sizeable increase, but they've noticed more businesses have been moving in.
"What we've seen since then, is a lot of places being able to open or expand where they were since COVID. And so, we're continuing to see that, so we're we're really thrilled to see some new retail in." McCormick said. "That domino effect that starts coming in, it really helps out our local residents in being able to have places to shop that they don't have to go to outside of Columbia, but then also attracting more people into Columbia."
According to CNN, major US retailers announced more than 7,300 store closures last year, up 57% from
2023. However, they are seeing some successful chains with a handful of major chains announcing nearly 6,000 store openings last year, a 6.5% increase from 2023. Chains include Aldi, Barnes and Noble, and discount stores like TJ Maxx and Ross.
According to Maly Commercial Realty, national groups have been interested in the Columbia market for a few years now and the agency is hoping to close some deals that they have been working on.
"I think it means that they believe in the community, it means jobs for the community, it shows that the community is growing," Ward 5 Councilman Don Waterman said.
The official dates for when the HomeGoods and Trader Joe's will open are still unannounced.
City documents indicate that Trader Joe's could end up at the location of the former Macy's location on Stadium Boulevard. Five Below also moved into The Shoppes on Stadium. Chick Fil A is looking to add a second location in south Columbia.
