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Posted: Fri 16:01, 30 Aug 2013 Post subject: Calhoun Square lands trendy H-spun2 |
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Calhoun Square lands trendy H
Adding hip fashion retailer H to Calhoun Square this fall should provide the distinctly urban shopping center -- Uptown's own downtown -- a needed jolt of commerce in what continues to be a sluggish retail economy within the Twin Cities,[link widoczny dla zalogowanych].
The Calhoun Square location would be the Swedish retailer's fifth outpost in Minnesota -- a huge 23,000-square-foot bilevel store featuring apparel and accessories for women, men and kids. H will assume a sizable footprint within the 27-year-old shopping mall -- just over 10 percent of its retail space.
"I am psyched," said Shawn Northrup, a Minneapolis resident who was shopping in Uptown one recent sunny afternoon. "H is a good deal,[link widoczny dla zalogowanych], definitely one step in the right direction for Calhoun Square."
Located in the bustling intersection of Lake Street and Hennepin Avenue,[link widoczny dla zalogowanych], Calhoun Square used to be seen as an trend-setting nexus of Twin Cities retail. But through the years,[link widoczny dla zalogowanych], the nation's biggest retail center opened 10 miles away, key stores departed, including Borders bookstore, Odegard Books and Heartbreaker (now a block away),[link widoczny dla zalogowanych], the middle was sold four or five times and economic recessions came,[link widoczny dla zalogowanych], went and returned.
That's not altogether different than the difficulties faced by other shopping malls in the Twin Cities. But a recent report by real estate firm Cushman Wakefield/NorthMarq indicates that the retail market remained fairly stable within the first 1 / 2 of 2012, posting a small rise in the vacancy rate to 8.9 percent,[link widoczny dla zalogowanych], up slightly from the end of 2011. "While the vacancy rate remains greater than perhaps desired,[link widoczny dla zalogowanych], the Twin Cities market has seen an increase in activity from landlords,[link widoczny dla zalogowanych], tenants and developers," the report concludes.
People who track Calhoun Square say its fortunes are searching track of the imminent arrival of H plus recent additions CB2,[link widoczny dla zalogowanych], featuring modern interior decor, and apparel retailer Timberland. Also new are dining hotspot Primebar as well as an LA Health club. Current vacancy rates are unavailable for the center, but a quick spin with the Square indicates a reasonable amount of empty space.
Chad Macy, v . p . and leasing specialist for Jones Lang LaSalle, which manages Calhoun Square,[link widoczny dla zalogowanych], says h deal along with a few others in the pipeline he can't yet reveal will bring its occupancy rate to about 92 percent.
"Uptown is among the most different and eclectic markets locally, it skews younger and upwardly mobile," Macy said. "We really think H fits incredibly well with this surroundings."
But not most people are awaiting H arrival with bated breath,[link widoczny dla zalogowanych]. Several retailers in the area pointedly declined to discuss the brand new development. Others say they wish the area could be set aside to have an independent retailer that would complement stalwart tenants Kitchen Window and Bay Street Shoes -- not an international chain that may be found at Southdale and other local malls,[link widoczny dla zalogowanych].
Mary Magers,[link widoczny dla zalogowanych], manager of Magers Quinn Booksellers, an independent bookstore next door from Calhoun Square, said "As long as H doesn't displace anyone,[link widoczny dla zalogowanych], I'm fine with it. I've come to believe that should you then add non-local stores towards the mix,[link widoczny dla zalogowanych], it helps drive traffic for everyone."
Minneapolis retail expert Jim McComb agrees. "Landlords search for retailers with proven concepts they are driving traffic,[link widoczny dla zalogowanych]," he explained. "Some retailers like Kitchen Window can perform that, but it's difficult to find other local retailers available with this kind of track record. The simple truth is, there's not that lots of."
Stuart Ackerberg,[link widoczny dla zalogowanych], a Minneapolis developer who recently opened the $45 million Mozaic mixed-use development in Uptown, said it's hard to know how H will fare there. "The demographic is really diverse, you've young teens to individuals within their 60s.
"Uptown can be quite fickle for retailers; the Gap left and thus did the Limited," he said. "The perception was when a person took it to those stores, they'd drive to Southdale or even the Mall of America. However i think H is a touch more unique." (Calhoun Square customers still largely depend on an adjacent pay parking ramp.)
H spokeswoman Nicole Christie described the store's target demographic within an egalitarian way: "Fashion-conscious consumers of all genders and ethnicities."
The retailer (also called Hennes Mauritz) has been on an expansion tear since landing in Manhattan 12 years ago. Today,[link widoczny dla zalogowanych], it's 2,500 stores worldwide, with 245 in the United States. The "fast-fashion" concept it embraces -- affordable and classy goods that quickly move from catwalk to the retail sales floor --has proven remarkably recession-proof. For the six-months ending May 31,[link widoczny dla zalogowanych], H profit increased 16 percent.
"H is an ideal fit for your community," said Russ McGinty, a retail broker with North Central Commercial Real Estate in Maple Plain.
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