METRO DETROIT’S RETAIL MARKET FEELS QUITE Q3
Metro Detroit’s retail market felt relatively quiet in the third quarter 2018. Though the numbers may point to a bit of a lull, consumer confidence is at an 18-year record high, population growth is on the rise and new construction and redevelopment continue to make gains in Detroit. Stores and restaurants responding to consumer demand are expected to be met with optimism as consumer spending is up. This quarter Gordon Food Service opened its first grocery store in the city of Detroit. The 16,000 square foot format is smaller than their traditional format and will offer online ordering and grab-and-go food options which is a new format for GFS as they make changes to create a more relevant shopping experience for the home and business shoppers of today. Orange Theory Fitness announced plans to open in the mixed-use retail/apartment development, The Boulevard. And, Provisions a chocolate shop from Ferndale will open a 1,028-square-foot store front on the ground floor of the Auburn Apartments. The 130-room, boutique, Shinola Hotel is scheduled to open in the CBD in December. Bedrock LLC announced this quarter that retailers Madewell, Le Labo, Drought, and Good Neighbor will open retail store fronts in the $25 million dollar hotel. With all the hype surrounding the city, new development on the rise, and our taste diversified culture, entertainment and good eats, we expect the retail scene in Detroit to continue to make gains in foreseeable future.