Retail Study

Results

The city completed the comprehensive study of Bellevue’s retail environment in late 2023. The study revealed healthy retail performance but emphasized the need for strategic planning amidst increased competition and demand for distinct retail districts with clear, niche identities. Retail is one of the six focus areas of the 2020 Economic Development Plan and employs more than 13,000 people in Bellevue.

Results from the report will help inform continuing work by the city and partners to grow and diversify Bellevue’s economy to foster long-term resilience and opportunity creation.

Some highlights include:

• Bellevue's retail environment is doing quite well, but the city is seeing increased competition.
• There is only one category that people have to leave the city to meet their needs - General Merchandise Retailers.
• There is an importance of balancing retail space requirements with population growth and emerging centers across the city.
• Assuming per capita retail spending remains constant, forecasted population growth for the City of Bellevue suggests the city will be able to accommodate anywhere from an additional 1.8 million square feet to 5.6 million square feet of retail space by 2044, depending on the level of growth experienced. 
• Bellevue’s 2022 per capita taxable retail sales were higher than that of the Eastside Region and made up a significant portion of King County’s taxable retail sales. These grew incrementally in the years leading up to the COVID-19 pandemic. 

The full report from the Retail Study can be found here.

The recommendations for implementation can be found here.

Purpose

As outlined in the adopted 2020 Economic Development Plan, the Retail Study goal was to:

• Define the current and future retail needs of Bellevue to ensure a diverse retail mix throughout the city:
  • What gaps does Bellevue currently have in its retail environment?
  • What is the market telling us about the future that we should start to plan for?
• Analyze the impacts of COVID-19 on the city's retail and small business community. Recommend improvements to make our retail market stronger and more resilient in the long-term. Retailers in particular have been hit hard by COVID-19-related closures and COVID-19-related workforce challenges, so supporting them is key to Bellevue's economic position, including sales tax revenue.

Benefits for the community include:

• Placemaking
  • Community building and district identity development to create beloved spaces
• Services for Residents
  • Ensuring Bellevue residents have access to necessary services
• Tourism
  • Building upon Bellevue's status as a regional retail center
• Connecting employees to the community
  • Attracting employers by providing amenities to employees and connecting employees with local businesses