Why Are Retail Stores Closing in Downtown Detroit?
It seems like more and more businesses are closing for good and abandoning downtown Detroit.
According to WXYZ, Madewell is the latest business in downtown Detroit deciding to close its doors for good. It’s the third business on Woodward set to close in the past three months.
This is something residents don't want to see in downtown Detroit, especially after the city has finally come back to life over the years.
There could be a number of reasons these stores have decided to close but I think it's safe to say that online shopping is one of the main culprits. I sure the pandemic didn't help the situation either.
A spokesperson from Bed Rock who owns the building talked with WXYZ about the situation:
We are constantly reviewing our portfolio and working with our tenants to better position them and accommodate new opportunities to strengthen the downtown. Additionally, across the country, National Retailers have been reevaluating their strategies related to the pandemic, and are looking at the urban and suburban markets as well as product types and locations within high streets, malls , power centers and open air centers. The fluctuation in the Detroit market is a direct result of these moves.
We are incredibly excited by the new retailers and restauranteurs currently working with us to find spaces, a combination of global powerhouses and storied local successes, each with their own Detroit specific offerings. These retailers are re-committing to urban spaces, even while others peel back. Over the next several months we will be working with the Tenants to appropriately announce their entry into the Bedrock portfolio as they join a number of new tenants from this past year, including Saucy Brew Works, Milk + Froth, Selfie Museum of Detroit, Greyson Clothiers, NPower, Sugar Factory, Aratham Gourmet, Brush Park Bodega, Apple Developer’s Academy and DT Midstream.
This isn't the beginning of the end for downtown Detroit, the city is still alive and well and continues to thrive. As long as new businesses move into those empty storefronts, the city will be just fine.
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