Downtown Minneapolis Retail News

Downtown - North Loop - Mill District - Elliot Park - Loring Park
Konante
Nicollet Mall
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Downtown Minneapolis Retail News

Postby Konante » July 23rd, 2012, 10:12 am


Didier
Capella Tower
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Re: Neiman Marcus Closing DT Location

Postby Didier » July 23rd, 2012, 10:18 am

Would I be off base in assuming the Neiman Marcus will soon be announced as one of the Bloomingdales replacements at Mall of America?

min-chi-cbus
Capella Tower
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Re: Neiman Marcus Closing DT Location

Postby min-chi-cbus » July 23rd, 2012, 10:48 am

That would be sad irony for sure!

mattaudio
Stone Arch Bridge
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Re: Neiman Marcus Closing DT Location

Postby mattaudio » July 23rd, 2012, 10:48 am

I'd love a Nordstrom downtown but I bet they'd face the same fate as Neiman Marcus.

mnmike
Wells Fargo Center
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Re: Neiman Marcus Closing DT Location

Postby mnmike » July 23rd, 2012, 11:04 am

Yeah, I knew this would happen.

mnmike
Wells Fargo Center
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Re: Neiman Marcus Closing DT Location

Postby mnmike » July 23rd, 2012, 11:09 am

This, and the movie theater closing really look bad from a PR standpoint. Good thing there are positive things happening too, like Lund's and Whole Foods.

Didier
Capella Tower
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Re: Neiman Marcus Closing DT Location

Postby Didier » July 23rd, 2012, 11:50 am

min-chi-cbus wrote:That would be sad irony for sure!
Why ironic?

John
Capella Tower
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Joined: May 31st, 2012, 2:06 pm

Re: Neiman Marcus Closing DT Location

Postby John » July 23rd, 2012, 12:00 pm

Downtown retail is going through a great deal of change. I agree the new grocery stores are a huge positive. Nicollet Mall, however, could use some new retail blood and they need to find ways to attract retail tenants. The big problem with Nicollet Mall retail is really City Center. Talk about bad PR! . Its boarded up on the corners and a fantastic hangout for hoodlums with all its blank walls. Until there is a major renovation of this complex, there is is going to further deterioration of retail on Nicollet Mall. City Center's rehab should be at the top of the city's priority for improving retail downtown.The other related issue is the Mall has become the epicenter for vagrants and panhandlers for the Upper Midwest, with a dramatic increase in people loitering. In my building, there are many elderly residents who tell me they are afraid walking down the Mall! There needs to be a better balance so no group overwhelms the streetscape and everyone feels safe.
Last edited by John on July 23rd, 2012, 12:06 pm, edited 1 time in total.

Lancestar2

Re: Neiman Marcus Closing DT Location

Postby Lancestar2 » July 23rd, 2012, 12:04 pm

I find this as good news. Wouldn't it be wonderful if Best Buy decided to create a small 20,000-40,000 sq. ft. store! :o Also maybe a Old Navy on the upper floors! I know only in my dreams! :cry:

Realistically I doubt Neiman Marcus would be on of the new anchors in the MOA (Bloomingdales location) given they would have already been planning a new store as there only location in Minneapolis is under performing. I do see it very possible that NM would possible add a store in the expanded MOA where the upscale shopping section will be in phase 2. The MOA would be a far better option than Nicollet Mall could ever be if Phase 2 goes according to plan with attracting high end shoppers from all over the world.

I personally hate seeing anchor stores being broken up into smaller stores, however I think this might be a great chance to create a "Mall" on Nicollet Mall. clothing stores like American Eagle, Ambercrombie, Old Navy, Ralph Loren, Aeropostale, and many other stores that people like to shop at. There is already a nice food court and many other stores right next door too. Maybe we will get lucky and get a much nicer site drawing more people and having a bigger positive impact downtown. It's right off the LRT line for crying out loud! I doubt this site will site vacant for very long!

Didier
Capella Tower
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Location: MSP

Re: Neiman Marcus Closing DT Location

Postby Didier » July 23rd, 2012, 12:11 pm

I agree. Minneapolis should focus on teen clothing stores in the heart of downtown! :idea:

sanchopanza
Metrodome
Posts: 69
Joined: June 4th, 2012, 6:15 am

Re: Neiman Marcus Closing DT Location

Postby sanchopanza » July 23rd, 2012, 1:07 pm

Nieman Marcus is closing downtown, but developers are planning an upscale shopping mall in Eagan.

This should be a red flag for the city of Mpls, there is a perception that 'upscale' people don't come downtown.

mnmike
Wells Fargo Center
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Re: Neiman Marcus Closing DT Location

Postby mnmike » July 23rd, 2012, 1:14 pm

Lancestar2 wrote:I find this as good news. Wouldn't it be wonderful if Best Buy decided to create a small 20,000-40,000 sq. ft. store! :o Also maybe a Old Navy on the upper floors! I know only in my dreams! :cry:

Realistically I doubt Neiman Marcus would be on of the new anchors in the MOA (Bloomingdales location) given they would have already been planning a new store as there only location in Minneapolis is under performing. I do see it very possible that NM would possible add a store in the expanded MOA where the upscale shopping section will be in phase 2. The MOA would be a far better option than Nicollet Mall could ever be if Phase 2 goes according to plan with attracting high end shoppers from all over the world.

I personally hate seeing anchor stores being broken up into smaller stores, however I think this might be a great chance to create a "Mall" on Nicollet Mall. clothing stores like American Eagle, Ambercrombie, Old Navy, Ralph Loren, Aeropostale, and many other stores that people like to shop at. There is already a nice food court and many other stores right next door too. Maybe we will get lucky and get a much nicer site drawing more people and having a bigger positive impact downtown. It's right off the LRT line for crying out loud! I doubt this site will site vacant for very long!
Not to be a negative Nancy, but I seruously doubt any of those stores are interested in downtown...if they were, they would already likely be in city center, where rent is dirt cheap. You have to understand that stores similar to this (Express, Structure, Victorias Secret, The Limited, etc...)were already downtown and left in the 90s? I really see no signs of a retail resurgence downtown in the near future. Retail downtown has bee stagnant or declining for many years...and it continues to be difficult to lure new retailers. I hate to be a downer on your rosy outlook, but I have a feeling that this will be vacant for a while, unless it is totally reformatted or made into office/restaurant space. Over 50% of the spaces in that wing of Gaviidae are vacant as it is. It doesn't help that the owners of Gaviidae and especially City Center don't really put a lot of effort into their buildings.

sanchopanza wrote:Nieman Marcus is closing downtown, but developers are planning an upscale shopping mall in Eagan.

This should be a red flag for the city of Mpls, there is a perception that 'upscale' people don't come downtown.
Upscale retail downtown has been out for a long time. Starting with the failed Conservatory mall, to the loss of the much more upscale Daytons to Macys, Crate and Barrel, Williams Sonoma, Polo Ralph Lauren, Saks Fifth Ave... Downtown is not for upscale retail anymore. There are a lot of people on this board who don't seem to have a realisic grasp of the downtown Minneapolis retail market it seems to me....no offense. Maybe it is just because I am older (and I am only 31) and remember all the retail downtown that has come and gone, or that I am inherantly negative:) I have said it before, and I still think...downtown will never again be the retail destination it was, even in the 90s. That doesn't have to be a horrible thing, we just have to figure out what it will be.

PS, the Eagan mall is upscale, but upscale outlets. Upscale stores locate in Edina pretty much.

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Nathan
Capella Tower
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Re: Neiman Marcus Closing DT Location

Postby Nathan » July 23rd, 2012, 1:50 pm

It's unfortunate that we have a lag in retail success when we are about to get so many more DT residents. If only we could fast forward 3-5 years. There is a chance we'll have a whole generation of people willing to shed their cars and really create and utilize self sufficient urban areas. But I guess we'll have to create the demand for retail again once all the people start moving in. If I could have a job DT, instead of in the suburbs, I'd loose my car, and i live in Uptown. My friends without cars always seem pretty happy about it.

I love the Gaviidae Commons, it was done really well. Hopefully it can power through. I remember when my Mom first took me there it was SO amazingly enchanting as a kid and I still get excited by the space.

A major City Center Facade renovation could not come soon enough. The North Side of Nicollet is SO close to being great.

mnmike
Wells Fargo Center
Posts: 1116
Joined: June 2nd, 2012, 11:01 am

Re: Neiman Marcus Closing DT Location

Postby mnmike » July 23rd, 2012, 1:53 pm

I agree that it is unfortunate about the lag time...it does seem that if we can actually add a lot more residents really close to the core, which it seems we will...demand for retail could and should go up again.

Tyler
Foshay Tower
Posts: 881
Joined: June 1st, 2012, 10:10 am

Re: Neiman Marcus Closing DT Location

Postby Tyler » July 23rd, 2012, 2:03 pm

mnmike wrote:I agree that it is unfortunate about the lag time...it does seem that if we can actually add a lot more residents really close to the core, which it seems we will...demand for retail could and should go up again.
I bet we'll see a retail boom downtown in 15 years or so. After we build some high end condos in the core.
Towns!

John
Capella Tower
Posts: 2246
Joined: May 31st, 2012, 2:06 pm

Re: Neiman Marcus Closing DT Location

Postby John » July 23rd, 2012, 2:09 pm

I agree with Mnmike that a big part of the problem is the poor effort on the part of the owners of Gaviidae and City Center. City Center in particular needs a huge makover. I think it could be very successful with a dramatic change to its horrendous architecture. The same goes for Block E. I actually don't think the future prognosis for retail downtown is gloomy at all with some strategic investment. We do have a rapidly growing residential base, and I think the new Vikings Stadium and Target Center renovation will enhance downtown retail in ways that may not be evident yet.

Didier
Capella Tower
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Joined: June 3rd, 2012, 10:11 am
Location: MSP

Re: Neiman Marcus Closing DT Location

Postby Didier » July 23rd, 2012, 2:49 pm

How will the Target Center renovation enhance retail on Nicollet Mall?

minntransplant
Nicollet Mall
Posts: 133
Joined: June 1st, 2012, 7:44 pm

Re: Neiman Marcus Closing DT Location

Postby minntransplant » July 23rd, 2012, 2:54 pm

Downtown Minneapolis lost the battle for retail. The fact is that consumers prefer places like MOA. While I think that is sad, it is the reality. In any event, I don't think Minneapolis should try to compete with MOA or other large suburban malls. We have seen those failures manifest many times already (Block E, City Center). Instead, Minneapolis should keep focused on getting more people living downtown. Retail will follow. But, the retail that does follow will not (and should not) be "planned", large scale, or mall-like. Instead, I think we will see retail in the form of botiques/small-scale stores. You are already seeing the beginnings of this in the North Loop. If pockets of trendy, eclectic, and diverse retail grows organically, then perhaps downtown will once again be a retail destination. But, convincing someone in Roseville or St. Louis Park to drive Downtown to go to gap or banana republican (or any other "chain" retailer) seems a tall order when it is more convenient to drive to one of the Dales or MOA.

Didier
Capella Tower
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Location: MSP

Re: Neiman Marcus Closing DT Location

Postby Didier » July 23rd, 2012, 3:38 pm

I completely agree with minntransplant. There are tens of thousands of workers downtown each day and something like 30,000 people living downtown, so there is inherently a need for people to buy stuff. Maybe it's not as much stuff as people used to buy, and maybe the new stuff is not (initially) as exciting for suburbanites. But there's no point in trying to compete with Rosedale and Mall of America by putting the same chain stores downtown and trying to compete for drive-in customers.

The goal should be to create enough amenities downtown so that more people want to live and work there, and then the more people who live and work there the more unique those amenities will become. That is what will draw people from afar, not American Eagle.

John
Capella Tower
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Joined: May 31st, 2012, 2:06 pm

Re: Neiman Marcus Closing DT Location

Postby John » July 23rd, 2012, 4:09 pm

There are still very strong aspects of downtown retail if you include restaurants and entertainment. And I think Macy's does quite well. The Target is always packed. I think the new grocery stores will do well. Having a rapidly growing downtown residential population is sure to attract retailers attention at some point in the future. I think Fotoapparatic is correct in his prediction that in 3-5 years we will see a resurgence of retail downtown.


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