The gentrification of the area near the Factoria Mall in Bellevue, WA has claimed a big-box victim, as the Walmart based there has shuttered. The location had underperformed for some time, and the company decided to close its doors last week.
As reported in the Greeley Tribune, the average Walmart customer has an annual household income of $76,000 and when Walmart arrived at Factoria in 2012, census data shows the average household income in the area was about $120,000.
But in the 10 years since then, tech and higher-wage workers have pushed the average household income closer to $190,000. Those more affluent families tend to prefer other shopping options like Costco and Amazon as well as Target, which is also located at Factoria.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.