Tempe Marketplace Acquires New Businesses

Shoppers in search of deals and gift inspiration can explore a wealth of new offerings at Tempe's renowned shopping hub.

Vestar, based in Phoenix, has recently introduced over 54,000 square feet of retail space at Tempe Marketplace, set to debut in early 2024. Among the latest additions is the athletic brand Lululemon, which opened its doors on November 17th. Shoppers and visitors can also enjoy Handel's Homemade Ice Cream and Escapology. These newcomers join the ranks of established names like Nike and LumberjAxes, which set up shop earlier this year within the marketplace.

“I’m happy to be part of such a diverse and growing retail environment,” said Rhianna Vega, a cashier at Handel’s Homemade Ice Cream. “I was looking for a job for a minute, but luckily with this new store opening, I did not have to look any longer.”

Big retailers such as Target Corp., Best Buy, JCPenney, and Harkins Theaters anchor the bustling landscape of Tempe Marketplace, among many other stores. Additionally, visitors to both Tempe Marketplace and Desert Ridge Marketplace, also owned by Vestar, have been enjoying the "Sip & Stroll" initiative since January. This program permits patrons to carry alcoholic beverages beyond restaurant patios, enabling them to sip while shopping or engaging in various activities across these two centers. This freedom stems from a law passed by former Arizona Gov. Doug Ducey in May 2022, allowing retail properties larger than 400,000 square feet with substantial pedestrian spaces to acquire a special alcohol license.

Michael Harbin, assistant manager at Nike, said, "It's really cool to see new stores coming in alongside a lot of the ones we've known for a while. It adds a lot of energy and variety to the shopping experience, blending old favorites with new and exciting options for everyone visiting."

This expansion coincides with Phoenix's record-low retail vacancy quarter, as reported by commercial real estate firm Avison Young, which shows a 5.1% vacancy rate in the third quarter of 2023. Stores like J. Crew, Rowan Piercing, Pandora Jewelry, Box Lunch, and Strange Adventures Comics & Collectibles are slated to join the lineup in the forthcoming months. Meanwhile, long-standing tenant Hot Topic is expanding to a larger space before the year concludes, having been part of the shopping center since its inauguration in 2007. Vestar has announced plans to move beyond Tempe, with their new developments in Queen Creek and Buckeye.

"I love that these new stores are popping up! Me and my family come to Tempe Marketplace every weekend, so it’s nice to see that they’re combining these old stores with newer stores. It keeps things fresh, you know,” said Tina Kleinwachter, a customer at Tempe Marketplace.