MAJOR RETAILERS ATTRACTED TO DETROIT
The vacancy rate in Metro Detroit’s retail market is 4.9% in the first quarter. The is a lot of excitement surrounding the retail and restaurant scene in Metro Detroit and investors and occupiers are taking advantage of the opportunity to be part of an up and coming retail scene, at a value compared to other major markets. In the last year, Detroiters experienced the addition of motorized scooters, a slew of new restaurants, pop up retailers, local and major retailers such as Plum Market, Meijer, GFS, and the new Shinola Hotel featuring retailers Madewell, Le Labo, Drought, and Good Neighbor. In the first quarter, H&M signed a new lease of 25,000-square-foot on Woodward Avenue, historically known as Merchant Row, it will span three buildings designed by Albert Kahn, located at 1505, 1515, and 1529 Woodward Ave., the store will open in the Fall of 2019. Vacancy in the CBD is tight which is pushing investors and occupiers to neighborhoods outside downtown, which is good for Detroit. Attracting retail goods and services is important, but curating retail in Detroit’s Motor City is a complex process which in recent years, has been successful through thoughtful and collaborative efforts from everybody involved, while focusing on remaining true Detroiters. While the strides may feel small, they are steady which is critical to the overall success of developing our city and expanding retail services beyond the 7.2 square mile Greater Downtown.