MARKET OVERVIEW
West Ridge Mall is located in Southwest Topeka, the state capital of Kansas, and is considered part of the Topeka MSA – a geographical statistical area that encompasses five counties in Northeast Kansas: Jackson, Jefferson, Osage, Shawnee, and Wabaunsee. By population, the Topeka MSA is the third largest metropolitan area in Kansas with an estimated population over 234,000 residents. The Mall is approximately 5.3 miles southwest of downtown Topeka, the 5th largest city in Kansas, with a population over 126,000 people. Not only does the Mall benefit from its location within the state capital, but it is also the only true enclosed mall in a large trade area, catering to over 222,000 shoppers within a 25-mile radius. The next closest enclosed mall competition stems from the Manhattan Town Center, located 52.7 miles west, in Manhattan, KS. The Mall is strategically located along SW Wanamaker Road, parallel and easily accessible to the heavily traveled I-470, which will support long-term redevelopment into a highway-oriented mixed-use center.
The Property is in a highly active retail corridor surrounded by other strong national retailers such as Best Buy, Hobby Lobby, Kohls, T.J. Maxx, Target and Walmart, which help drive additional traffic to the area. The Topeka ER and Hospital, the first micro-hospital in Topeka, was recently opened in July of 2020 on the periphery of the Property, a good indicator of interest from non-retail users. With one-fifth of Topeka’s population now 65 or older, the significantly older population will continue to support demand for healthcare. The Mall is also located within close proximity to several universities and secondary schools. Located 3.2 miles away from Washburn University and 1.3 miles away from Topeka West High School, the Mall serves as the go-to shopping destination for over 7,000 students.
Given the Property’s location within the state capital, directly off I-470 in an active retail corridor, it is considered an attractive destination for many of the surrounding communities. The City of Topeka has a relatively low cost of living and doing business, affordable and undervalued housing, and transportation infrastructure that benefits manufacturing and distribution. The trade area demographics immediately surrounding the Property are above MSA averages and near state averages. The average household income in 2021 within a 10-mile radius of the Mall is over $56,000 and is projected to increase 1.5% annually until 2026.
Topeka’s economic recovery has accelerated recently, and the labor force is larger now than it was prepandemic. The recent improvement in the labor market has been attributed to growth in private services, notably in retail and professional/ business services. Furthermore, Kansas collected over 9% more revenue than expected in fiscal 2021, part of which will cover raises in spending on schools and social services. These raises will provide a small boost to payrolls in Topeka and have a spillover effect on retail and leisure/hospitality. Meanwhile, the City’s budget is also up almost 3% compared with fiscal 2021 expectations, which will generate small job gains, as well as pay increases for existing employees.
