Two new hotels and more shopping could be headed to The Woodlands as the area continues to see growth.  The Woodlands Mall wants to expand with a minimum of 80,000 square feet of new retail space in an open-air, mixed-use commercial area that would also include a full-service hotel with at least 200 rooms, a select-service hotel with at least 125 rooms and a multi-level parking garage. The mixed-use project would be located south of Macy’s near the movie theater and be developed in two phases. The total area encompasses 15 acres. Concept renderings of The Woodlands Mall expansion (Courtesy: The Woodlands Township)   The Woodlands Township recently entered into an economic development agreement with The Woodlands Township Economic Development Zone and The Woodlands Mall Associates, LLC. The project would be in an economic development zone, which spurs economic growth and job creation.   According to documents from The Woodlands Township, depending on the scale of the project, it is estimated to generate anywhere from $180 to $275 million, based over a 30-year term. The range is based on whether the developer decides to build a smaller or larger parking garage. The township would receive more than 70% of the generated revenue and the mall would receive the remainder. The agreement also calls for the reimbursement of the parking garage costs up to $80 million. The developers have not announced when construction on the project would begin. The Woodlands Mall will decide if and when they will move forward with the plan. The Woodlands area has recently seen more economic development wins. Cellipont Bioservices recently broke ground on its new headquarters and manufacturing facility in the Research Forest area after announcing earlier this year it was moving from California to Texas. SI Group Inc. also announced earlier this year that it’s moving its global headquarters from New York State to the Hughes Landing complex. The Woodlands area has seen substantial population growth over the past decade. From 2011 to 2021, Montgomery County’s population grew more than 37% to 648,886 people.   Learn more about Montgomery County's rapid growth, business developments and future plans during the Partnership's Future of the Houston Region event on Dec. 13.

The holiday season is upon us, but amid inflation worries and a potential recession on the horizon, will Houstonians spend as much this year on gifts and seasonal purchases?   Sales totals in the City of Houston are up 13.6% so far this year based on sales and use tax data released by the Texas Comptroller’s Office. However, with inflation up 7.6 percent locally, it’s unclear whether consumers are actually buying more goods or simply paying more for the same items or fewer.   The retail trade association ICSC estimates that consumers will spend 6.7% more this holiday season than last year. The ICSC survey found that roughly 75% of respondents plan to begin their holiday shopping earlier this season and 43% said they’re looking for deals and promotions. A different report from the professional services firm PwC found that 74% of shoppers plan to spend the same or more than they did last year. Overall, consumers plan to spend an average of $1,430 on gifts, travel and entertainment this year, close to what they spent in 2021, according to the PwC report. But that’s up 20% over pandemic spending in the 2020 holiday season.   Houston’s retail market is fairly healthy, having recouped all of the jobs the sector lost in 2020 and opening hundreds of new outlets over the last two years. The metro retail market absorbed more than 500,000 square feet of space in Q3 and absorption year-to-date totals 2.8 million square feet, according to the commercial real estate firm Colliers. Limited available space is helping push rental rates up, climbing 2% over the last year.   Discretionary spending like what occurs during the holidays has a lot to do with consumer confidence. Nationally, confidence has slipped in the most recent monthly reports, thanks in part to recession fears. But Houston’s job growth has proven resilient, with 14,800 jobs created in September, the most recent data available. Thirteen of the 18 major industry sectors in metro Houston tracked by the Texas Workforce Commission had fully recouped their pandemic losses as of September.   While how much Houstonians will buy this season remains to be seen, it’s clear they will be paying more for whatever they purchase. Take the Thanksgiving meal, for example. Turkey and trimmings for 10 to 12 of your nearest and dearest will cost 20% more this year than in 2021, according to a survey from the American Farm Bureau Federation.