VMSD - June 2014 - (Page 8)

TG THE GOODS Edited by Robin Donovan Two-Minute Tour: Minneapolis The Pulse According to Marcus & Millichap real estate analysts, retail construction in Minneapolis will total 750,000 square feet this year, up from 318,000 square feet last year. The median household income is $63,772, more than $12,000 higher than countrywide medians. Yet, area retailers have weathered their share of blows, from the infamous Target data breach to Best Buy's downward spiral. While shopping centers have grown, many retailers have fled downtown last year, including Neiman Marcus and the popular Len Druskin network of local boutiques, which recently shuttered three downtown stores. The Hotspots Successful retail centers include the upscale 50th & France commercial district on the border of suburban Edina and Minneapolis where "it" boutiques Judith Von Hopf such as Bluebird Boutique (women's apparel) set the 8 JUNE 2014 | vmsd.com trends. And a new mixed-use project recently bowed in the inner-ring suburb of St. Louis Park, which has attracted higher-end retailers such as Anthropologie and Lululemon, as well as the trendy Charming Charlie and Francesca's stores. Martin Patrick 3, a "threeboutiques-under-one-roof" concept is a retail magnet in the city's gentrified North Loop neighborhood. In the suburbs, retailers have learned that large, high-end stores don't tap into Minneapolitans' shopping habits; Bloomingdale's, for example, recently closed its Mall of America store. "Shoppers here tend to want to spend their money in small, local boutiques," explains Sharon Lessard, retail designer and founder of Minneapolis-based Share LLC. "People are more likely to spend money in restaurants or cultural experiences than clothing." Obstacles and Opportunities Although heavy regulation and high taxes make launching a small business challenging in Minnesota (the state is ranked 38th out of 50 in overall business climate, according to the Milken Institute), there are many new startups in the Twin Cities. Despite an unfavorable climate (Minneapolis is the coldest city of its size in the U.S.) and a low walkability rating, the region can take pride in three decades of steady economic growth, and a young, upwardly mobile workforce attracted to the city's expanding research and technology industries. -Gina Ragone I V Y P H OTO S / S H UT T E R STO C K . COM France Display The Numbers The largest commercial center between Chicago and Seattle, and a magnet for hip, young Midwesterners unfazed by its frigid climate, Minneapolis boasts a low unemployment rate and is home to 30 Fortune 1000 businesses. The population of Minneapolis is about 350,000; however, with its sister city, St. Paul, the Twin Cities' metropolitan area is home to around 3.5 million people. http://www.SHUTTERSTOCK.COM http://www.vmsd.com

Table of Contents for the Digital Edition of VMSD - June 2014

VMSD - June 2014
Contents
From the Editor
VMSD Editorial Advisory Board
The Goods
Bohemian Rhapsody
Behind the Red Door
Good Timing
Male Call
New Heights
Showroom
Ad Index
Checking Out

VMSD - June 2014