Norwalk, CA – The recent announcement of the Walmart closure in Norwalk is a potential symptom of a retail evolution. Brick and mortar retail is going through a fundamental change today primarily due to technology. Consumers have the option to go on line and shop for basic necessities, clothing and even groceries. Store fronts are getting smaller as a result of this new phenomenon. Every retailer is carefully reviewing their footprints, closing unprofitable locations and utilizing “omni—channels” to sell goods to customers. Internet sales reached $500 billion in 2018!
But, real estate is still about location, location, location and the good news is that Imperial Highway and Pioneer Blvd is a very good location particularly with access and exposure to the I-5 Freeway. The next steps will mainly depend on the property owner and Walmart. However, the City of Norwalk will continue to be proactive and engaged in ongoing developments by monitoring the circumstance, communicating with the community and promoting the site as an opportunity in the marketplace.
The City has partnered with Kosmont Companies to assist the City of Norwalk in the implementation of the City’s adopted Economic Development Opportunities Plan of 2018. Kosmont Companies is a nationally recognized expert in economic development, public and private finance and real estate development projects involving government and private sector partnerships. Kosmont is on the cutting edge of evolving industry trends, challenges and solutions. They understand the needs of the public and private sectors and consistently deliver on successful projects that improve the quality of life for communities while generating market returns for private investors, developers and corporations. They are leaders in specialized economic development tools and how best to implement strategies and projects. They are a firm with a 33-year reputation for taking hands-on approach to client management and real estate services.
That turned into a Kosmot sales pitch rather quickly.