Magazine Street is booming, and everyone knows it.
From new retail to high end luxury condos, Magazine Street has seen a renaissance as a live-play shopping district like it hasn’t seen before. This success has provided an immediate, positive impact for city residents and the immediate neighborhoods alike.
But will Magazine Street end up a victim of its own success? Will it lead to an influx of national chains?
A new report by our friends from The Lens show that we are at a tipping point and that some chains have started moving in.
As more and more national chains move to Magazine Street, rents will rise to a level that only they can afford. The result might be that “the independents initially responsible for the street’s success are displaced, and a street that once possessed its own distinctive character is transformed into a mall turned inside out.”
The article goes on to state:
“Over the past year, businesses along Magazine Street have been reporting a tide of unaffordable rent increases, and, sure enough, it coincides with increased interest in Magazine Street from national chains. West Elm is soon slated to join a cast of national retailers that already includes Walgreen’s, Jamba Juice, Starbucks, Chico’s, Whole Foods and Radio Shack — to name just a few. Unconfirmed rumors coursing up and down Magazine Street have two prominent national clothing chains fixing to set up shop.”
What do you think? Are the chains good or bad? Is there anything that can be done to prevent them? Do we want to prevent them?
You can read the full article here.
Suggestions For A Smooth Office Relocation Next Post:
Bruno’s $20MM Apartment Tower Up For City Council Approval Today