Industry Practitioners Discuss DC’s Retail Market
Industry practitioners discussed Washington’s retail market yesterday at Bisnow’s Retail Real Estate Summit. Jessica Bruner of Edens noted that the Millennial Generation is demanding a higher level of sophistication for retail located in the office buildings where they work and as a result, the deli/convenience stores that once occupied the street level spaces of such buildings are becoming obsolete (at least in urban areas).
David Dochter of Cushman & Wakefield mentioned that DC is one of the fastest growing cities in the U.S. with 1,000 people moving in every month consequently leading to an influx of tier–one retailers into the city. Dochter emphasized that restaurants act as anchors in the development of a submarket. For example, the growth and development of DC’s H Street corridor was spurred by the restaurants that invested there first.
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Jim Farrell of The Rappaport Companies, said that in DC’s current retail environment, owners and developers have to be “super-responsive” to tenant demands. Farrell noted the evolution of the supermarket industry in the city, including innovation in the supermarket design and the shift in demand towards grocers such as Whole Foods Market and Trader Joe’s. He mentioned Walmart as an example of a retail pioneer in DC as that company is establishing several locations in the city with a heavy focus on food.
Last Updated on December 14, 2012 by Ramin Seddiq