realestate

National REI Firms Eye Utah Retail for Profits

Utah real estate pros say the state attracts more national retail thanks to growth in Salt Lake City and St. George.

U
tah’s local products—Mormon Wives, Swig, Crumbl—have recently gained national attention, and real‑estate experts say the trend is reversing: big brands are now eyeing the state for expansion.

    At the Urban Land Institute Utah Annual Trends Conference in downtown Salt Lake City, a retail panel featuring developers and a local restaurateur highlighted this shift. Moderator Andy Moffitt of Newmark Mountain West noted that many national retailers now visit Utah because of its online buzz. “The Secret Lives of Mormon Wives” and the popularity of Swig have become cultural touchstones that attract young real‑estate reps, he said, and they often request a Swig stop on their tours. This reflects a growing market interest driven by what retailers see online.

    The panelists agreed that Utah’s expanding population is drawing national retailers. Asana Partners, a Charlotte‑based firm, bought Foothill Village—a 260,000‑sq‑ft strip mall on Foothills Drive—in 2021. Senior partner Ashley McDonald explained that the four‑year redevelopment has transformed the site into a walkable neighborhood hub with a large plaza, seating, and a new connection to Curtis Park. The project is nearly finished and should open by year‑end.

    In contrast, Chris Byers of Elevated Property Company is launching a new development from scratch in St. George. The Paseo will offer 220,000 sq ft of retail, anchored by a Larry H. Miller Family Entertainment Center. Tenants already committed include Nordstrom Rack, Good Earth Market, Sephora, Free People, and Anthropologie. Byers said the project is 80 % leased and will open late next summer, a rare early‑commitment for a ground‑up site.

    Matteo Sogne, owner of Matteo Ristorante Italiano and Strada in downtown Salt Lake City, shared his optimism about the city’s food and beverage scene. He believes that adding restaurants or grocery stores to mixed‑use developments boosts value for both landlords and tenants, creating a virtuous cycle of growth.

    All three panelists expressed confidence in Utah’s retail future. They cited the state’s steady population growth, pro‑business policies, and the need to modernize existing retail assets. Byers warned that Utah’s current retail mix is “under‑demolished” because it lacks appeal, while McDonald emphasized the importance of upgrading places like Foothill Village to keep pace with consumer expectations.

National REI firms target Utah retail for profit growth.