Planning 2014-07-22 COMPLETE AGENDA PACKET

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The City has the capacity to accommodate an additional 38,620 jobs in the City. Nearly 60 percent of these jobs will be located in Tukwila South, which was just annexed into the City in 20102. After Tukwila South, North Tukwila MIC and the Southcenter area have the highest capacity to accommodate future job growth3. The City has sufficient capacity to accommodate its share of regional job targets. V. Retail Sector Tukwila has been the center of commerce and trade for over a hundred years. In 1967, with the opening of Southcenter mall, the City became a dominant retail center right on the edge of the City of Seattle. As shown in the map below, the Southcenter area of the City is one of the largest clusters of retail space in south King County. In the City as a whole, there is over 4.85 million square feet of retail space in the City. Despite major new developments, such as Westfield Southcenter Mall Expansion and Southcenter Square Development, the City has been losing market share in total taxable retail sales, when adjusted for inflation. In 1994, the City of Tukwila generated just over $1.5 billion (adjusted to 2010 dollars) in taxable retail sales. Prior to the Great Recession the City's total taxable retail sales had declined below $1.5 billion despite the fact that many of the City's competitors (Lynnwood, Renton and Issaquah) saw a significant increase in total taxable retail sales. By 2010, taxable retail sales were down $300 million when compared to adjusted 1994 taxable sales. The loss of market share is also compounded by the fact that the area's population has consistently risen every year. Not only is the City losing market share in taxable retail sales, but the City is also not capturing new sales. 2 City of Tukwila's 2006 Buildable Lands Report, updated in 2014. 3 These numbers show capacity only and do not reflect actual projected growth. 7 Economic Development Background Memo 43