BY GABBY BAILEY
The situation
The impact
Despite the closures, the sales tax revenue that Colleyville and Grapevine brought in has mostly increased over the last decade. Grapevine Mills remains a hotspot for new busi- nesses and is where Texas General Store moved in March. In 2024, 13 stores opened or relocated in the mall, said Annie Trevino DiTullio, Grapevine Mills’ account manager. Rose said there have been 211 new business openings in Colleyville compared to 143 closings over the past five years. Southlake Town Square consistently sees low vacancy rates, Southlake Mayor Shawn McCaskill said. He added one reason area businesses have done well is because of the city’s relationship with Kite Realty, which leases the buildings in South- lake Town Square and other city shopping centers. “That relationship with Kite and the chamber and the working business community, it takes a lot of work, but it’s worth it,” McCaskill said.
All three cities have endeavors to aid local businesses throughout the year. In 2024, events such as Grapefest, Main Street Fest and Christmas festivities brought more than one million people to Grapevine, according to city officials. Cruz said these events are huge for businesses in the area and supporting elected officials and city leaders is a great way to help local owners. Colleyville also has its annual Stars and Guitars event, which Rose said brings an average of 3,000 to 4,000 people to the city. The cities also have programs designed to support local businesses. Colleyville enacted its Gift Card Program in 2024, where $35 gift cards are available for residents to support local restaurants. A total of $125,700 was spent at Colleyville restaurants through this program last year. Southlake Open Rewards is a program where 5% cash back is applied to users who shop at area businesses. This brought in $1.5 million in economic impact last year, said Dylan Duque, Southlake’s economic development and tourism specialist. Matteucci said everyone needs to do a small part to invest in their community to see it thrive. “If all of the restaurants and all the small businesses are successful, the sales taxes will be higher and the city can afford more investments,” Matteucci said.
Sales tax revenue in 2024 Grapevine
$100M $80M $60M $40M $20M
+64.48%
$0
2024
2023
2022
2021
2020
Colleyville
$8M $6M $4M $2M
+29.36%
$0
2024
2023
2022
2021
2020
Southlake
$50M $40M $30M $20M $10M
+36.78%
$0
2024
2023
2022
2021
2020
Zooming in
Rent has risen nearly 10% on average per square foot from 2023-24 across Grapevine, Colleyville and Southlake, according to Weitzman Realty. Their data shows that small-shop spaces in the area average between 1,000 to 2,000 square feet. “My rent increased almost double in less than one year,” Cruz said. Matteucci said his landlord has been flexible with him. Loveria is up for a renewal this year and he said both sides are negotiating a fair rent price.
Average commercial rent rates in Northeast Tarrant County
$26
2020
$24.67 $24.67 $24.67
2021
2022
2023
$27
2024
SOURCE: WEITZMAN REALTY/COMMUNITY IMPACT
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GRAPEVINE - COLLEYVILLE - SOUTHLAKE EDITION
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