Detroit’s Ongoing Downtown Resurgence has Paved the Way for New, Much-Needed Retail
A city long devoid of much retail is seeing a steady increase which, thus far, has been met with abundant demand. More than 1 million square feet of space was absorbed within the past 12 months, which has contributed to vacancies compressing. Resilient fundamentals suggest new supply is being met with significant-enough demand as rent growth has yet to be compromised. In fact, year-over-year, rent growth is around a solid 3 percent.
One of the more recent tenants is G-Star RAW, a high-end denim company which will be opening at 1419 Woodward Ave. this July. Woodward Avenue has recently welcomed several high-end retailers such as John Varvatos, lululemon, Detroit is the New Black, Nike and Under Armor. As the city continues its mass renovation, the pursuit is to establish Woodward Corridor as a shopping district, which the current downtown lacks. In a recent survey by Kresge, residents were quick to say the city needed basic retail, such as grocery stores.
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Amena Ali, Costar