Downtown Minneapolis Retail News

Downtown - North Loop - Mill District - Elliot Park - Loring Park
grant1simons2
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Re: Downtown Minneapolis Retail News

Postby grant1simons2 » July 11th, 2015, 10:08 pm

They've gotten plenty of offers I was told by the agent. But like mayo clinic square they're looking for the perfect tenant.

PigsEye

Re: Downtown Minneapolis Retail News

Postby PigsEye » July 11th, 2015, 10:50 pm

grant1simons2 wrote:They've gotten plenty of offers I was told by the agent. But like mayo clinic square they're looking for the perfect tenant.
Can you expand a bit more as to what you mean and/or what they would be looking for as a perfect tenant? If that is the cause they are being "picky" then does that mean the downtown retail district is in much better shape? With City Center getting that lovely report about huge amounts of skyway traffic right before they landed 2 big anchors I would think they would have also filled up most of the smaller spaces as well.

Also Wedge very well spoken answer I'd give ya 4 and 1/2 out of 5 stars. I only take 1/2 star away because you suggested retailers might want to start snatching up space before the Nicollet Mall remodel. That is nothing but speculation and hoping for the best. I would like to be more optimistic, but reality seems to be retail still seems to be struggling and barely holding on.

Wedgeguy
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Re: Downtown Minneapolis Retail News

Postby Wedgeguy » July 12th, 2015, 7:24 am

PigsEye wrote:
grant1simons2 wrote:They've gotten plenty of offers I was told by the agent. But like mayo clinic square they're looking for the perfect tenant.
Can you expand a bit more as to what you mean and/or what they would be looking for as a perfect tenant? If that is the cause they are being "picky" then does that mean the downtown retail district is in much better shape? With City Center getting that lovely report about huge amounts of skyway traffic right before they landed 2 big anchors I would think they would have also filled up most of the smaller spaces as well.

Also Wedge very well spoken answer I'd give ya 4 and 1/2 out of 5 stars. I only take 1/2 star away because you suggested retailers might want to start snatching up space before the Nicollet Mall remodel. That is nothing but speculation and hoping for the best. I would like to be more optimistic, but reality seems to be retail still seems to be struggling and barely holding on.[/quote]

What I was doing was hypothesizing about the market. No retailer is going to sit thru a flat or lose period when they can wait until the project is about done and open just as the project finished. If, and a BIG if, the spaces start to see leases optioned, then other retailers who are sitting back in wait mode, will have to jump into the fray or face the chance that they might lose out on a site on the mall.

So I'm to take it that the Nic is waiting for some higher end clothing or retail stores to sign leases to keep the CACHE' of the building. Might be a smart move, but then again you are looking at loses for at least 2 more years while the Mall is rebuilt, the 4Marq/Lattitude fills up, and Wells Fargo buildings open up. The leasing agents have to get at lease a few leases signed to get more interests in the rest of the retail spaces. There does get to be a point where if a property sits vacant too long that it get the reputation that it is not a good location, even if it is. People wonder why did it take so long, what are the issues that left it empty so long. If the street level sits empty for another 2 years that will give the building a black eye from many of the passers by because they could not, or seem to not get anyone into the building. All is speculation on my part.

min-chi-cbus
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Re: Downtown Minneapolis Retail News

Postby min-chi-cbus » July 12th, 2015, 8:05 pm

But isn't the North Loop (an extension of greater "downtown") thriving in terms of retail? That's all organic growth, too. I'd call that a success.

mnmike
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Re: Downtown Minneapolis Retail News

Postby mnmike » July 13th, 2015, 8:28 am

So about Gap...I guess I knew they were struggling and closing a bunch of stores, so I am not surprised...still disappointing to see another leave. That is a lot of retailers that have left this two block area the past couple years. Gap and Banana are still related, no? I wonder if Banana is leaving too? WIll be interesting to see how the nic reconstruction effects the remaining retailers...aside from restaurant patios, I think most of the stores get most of their traffic through the skyway anyway.

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Re: Downtown Minneapolis Retail News

Postby Wedgeguy » July 13th, 2015, 10:11 am

Banana Republic is under the same corporate umbrella is the Gap, with clothes that are more marketed toward casual dress like office workers, so I see them as staying where they are. The Gap has been around for years now, they have expanded so much in the past, Baby Gap, Kids Gap, Ladies and Men's Gap that they are no longer a focused company. The generation that thrived on the Gap has grown up and have moved on to other newer retailers. The newest generation of shoppers wants their own look and not be know for wearing what mom and dad did. The Gap hit saturation point about 6 years ago and has had issues ever since to keep growing or even holding onto their market share. AB & Fitch have had the same issues as they have been thru a few CEO's in the last 6 years. None have been able to find a new business plan post the great 2008 meltdown. The retailers that are thriving are those that are smaller companies that can focus on what their customers want, not what the general public wants. Those smaller companies have found homes in the NL, whether some will move to the mall someday or inspire others to move downtown remains to be seen. As they say, it's time to hurry up and wait.

twincitizen
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Re: Downtown Minneapolis Retail News

Postby twincitizen » July 13th, 2015, 10:15 am

Depending on what replaces Gap, this could be a huge win for that corner. Especially if they decide to better address the street entrances or even add a corner entrance. Even better would be two retailers subdividing the space, each with their own street-fronting entrances.

For a "safe" choice, I would love to see Express or similar brand popular with professional types. I've been emailing Express about once/year asking when they're going to open a Minneapolis location.

MNdible
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Re: Downtown Minneapolis Retail News

Postby MNdible » July 13th, 2015, 10:29 am

As I recall, Limited Brands (former owner of Express, Victoria's Secret, Bath & Body Works, etc.) absolutely gutted City Center when the pulled out four or five of their concepts in one fell swoop back in the 90's. If there was one moment that represented the death of City Center as a viable retail center, that was probably it.

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FISHMANPET
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Re: Downtown Minneapolis Retail News

Postby FISHMANPET » July 13th, 2015, 10:39 am

Is Express popular with professional types? I mean, they seem to market themselves that way, but I feel like the kind of person that would wear Express clothes to work downtown would probably live close enough to Uptown to go there.

But then again I'm wearing Express pants and an Express shirt so what the hell do I know.

LakeCharles
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Re: Downtown Minneapolis Retail News

Postby LakeCharles » July 13th, 2015, 10:46 am

FISHMANPET wrote:Is Express popular with professional types?
Certainly not where I work. Express is a strange combination of low-quality and flashy. But I guess maybe that is just an apt description of fast-fashion places.

xandrex
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Re: Downtown Minneapolis Retail News

Postby xandrex » July 13th, 2015, 10:49 am

It definitely is disappointing to see another retailer leave. I was just in Gap the other day, but it was the Southdale location. I'd like to see more mid-range clothing. There's just so little fast fashion or anything reasonable downtown. What's left other than Macy's?
LakeCharles wrote:Certainly not where I work. Express is a strange combination of low-quality and flashy. But I guess maybe that is just an apt description of fast-fashion places.
Really? Maybe I just don't buy their flashy stuff, but it seems to be decent quality. Maybe it depends on what you can spend and the environment you're in. And I wear jeans most days, so we're hardly a stuffy place

Wedgeguy
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Re: Downtown Minneapolis Retail News

Postby Wedgeguy » July 13th, 2015, 10:50 am

If Express can't make it in Uptown then I see DT has a hard sell. Again this is a chain that you can go to at just about every mall.

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FISHMANPET
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Re: Downtown Minneapolis Retail News

Postby FISHMANPET » July 13th, 2015, 10:53 am

Yeah, that's my thought as well. It's flashy and not particularly well constructed. They have some more basic pieces but they have the same high price and low quality as everything else.

My closet is full of Express shirts but they're pretty much all bought on clearance, and I buy weird flashy shirts because i'm a weird shit, and I can get away with it because I work at the University where as long as your wearing a shirt and some kind of pants you're probably OK.

But if I'm gonna pay the standard retail prices for Express stuff (even including all the $X off $Y coupons they give me) I want stuff that fits better and is of a higher quality than Express.

fake edit: oh wait there's no Express in Uptown, that's an H&M, right?

twincitizen
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Re: Downtown Minneapolis Retail News

Postby twincitizen » July 13th, 2015, 10:59 am

Correct, though in the location of what was apparently an Express, like two owners and two remodels ago (see 2007 Street View).

EDIT: apparently the former Express in Calhoun Square is now occupied by Timberland, AT&T, and Arc'Teryx - so that's probably a plus, considering all three storefronts have street entrances.

/off-topic

Seriously though, Gap has been dying a slow death for maybe a decade now, right? Whatever replaces them has a pretty fair shot of being a little more dynamic and injecting some life into that corner. There aren't too many shades of bland available below "Gap" - it almost has to be an improvement, no?

xandrex
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Re: Downtown Minneapolis Retail News

Postby xandrex » July 13th, 2015, 11:27 am

Gap is bland to be sure, but their stuff is decent quality for the price. I pretty frequently buy pants from there because they hold up a lot better than most denim and there's always some sort of sale going on. One of my best pair of jeans came from there and cost me $18. You can hardly get denim from Target for that cheap.

mnmike
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Re: Downtown Minneapolis Retail News

Postby mnmike » July 13th, 2015, 11:38 am

Sorry to continue the off topic...I wear Express all the time, and I wouldn't say it is low quality really for what it is. But no, never pay full price. They always have coupons and sales...otherwise it is overpriced. As for the quality though, I wear pretty much the same combination of items every day to work, and they seem to be pretty darn durable. I think I am fairly rough on them really, and their pants and sweaters last me forever, and fit well. I really like their dress pant fits. It is just easy to go there because I know I will find something that looks relatively stylish (no we aren't talking high fashion here. lol) and fits well. I don't know about flashy? I don't feel like small print dots, pin stripes, or solid colors are flashy (which describes most of their dress shirts), but that is just me...

A lot of it really depends on the person, someone said they want stuff that fits better than Express...well for me, Express is the one of the stores where I have found things to always fit me the best! They have some good slim fitting stuff. Anyway....

As for Gap, they have been dying for a while now...unless they can re-energize their brand somehow, I can't see them sticking around long.

mnmike
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Re: Downtown Minneapolis Retail News

Postby mnmike » July 13th, 2015, 11:47 am

PS, has the biz journal article been posted yet?

http://www.bizjournals.com/twincities/n ... enter.html

Didier
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Re: Downtown Minneapolis Retail News

Postby Didier » July 13th, 2015, 11:51 am

The Star Tribune article confirmed that Banana Republic is staying. (Didn't read Business Journal story)

PhilmerPhil
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Re: Downtown Minneapolis Retail News

Postby PhilmerPhil » July 13th, 2015, 12:07 pm

Wedgeguy wrote:The newest generation of shoppers wants their own look and not be know for wearing what mom and dad did.
Hold on Wedgeguy, not so fast...

http://www.refinery29.com/2014/02/63461 ... re-fashion

Unity77
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Re: Downtown Minneapolis Retail News

Postby Unity77 » July 13th, 2015, 12:42 pm

Too bad to see another store close, but I'm not surprised as Gap has been struggling for awhile now. I was just in Denver and noticed Uniqlo has opened a store on 16th Street Mall (Pavilions). It would be nice to see them in the Gap space or elsewhere downtown. BTW, 16th Street Mall has come a long way in recent years. It has pretty much surpassed Nicollet Mall in terms of retail and foot traffic.


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