MINNEAPOLIS-ST. PAUL Cushman & Wakefield Global Cities Retail Guide
Total Page:16
File Type:pdf, Size:1020Kb
MINNEAPOLIS-ST. PAUL Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Minneapolis-St. Paul | August 2019 0 Minneapolis-St. Paul, known as the Twin Cities, is a market in which retailers want to do business. It outperforms many other markets nationally due to its healthy demographics, including high household discretionary income, a highly educated population, a concentration of Fortune 500 companies, and a strong workforce. The metro area economy is the 15th largest in the U.S. and labor force participation is the 2nd highest in the U.S. The strength of the arts and entertainment scene in Minneapolis-St. Paul is advantageous for retailers. The metro area comprises the 3rd largest theatre market in the country with more theatre seats per capita than any other region in the U.S. outside New York. In addition, the Twin Cities is among a short list of metro areas nationally to be home to all four major professional sports leagues. Xcel Energy Center in St. Paul, and in Minneapolis, the Target Center, Target Field and U.S. Bank Stadium, draw millions of year-round visitors to the downtown areas through the events they host. Major retailers headquartered in the area include Target, Best Buy, Lifetime Fitness, Northern Tool + Equipment, Red Wing Shoes, Sleep Number, Slumberland, Hormel, Regis, Dairy Queen, Lifetouch Photography, Christopher MINNEAPOLIS-ST. PAUL & Banks and Caribou Coffee. With no sales tax on clothing, Minneapolis-St. Paul is an OVERVIEW international draw for shopping. At the heart of the retail market is the Mall of America, whose retail, entertainment and attractions draw 40 million visitors annually. With more than 520 stores, including anchors Macy’s and Nordstrom, the Mall of America offers visitors a rich and diverse shopping experience. Cushman & Wakefield | Minneapolis-St. Paul | August 2019 1 MINNEAPOLIS-ST. PAUL KEY RETAIL STREETS & AREAS DOWNTOWN MINNEAPOLIS CORE DOWNTOWN ST. PAUL Downtown Minneapolis is world headquarters to five Historic downtown St. Paul draws residents from around Fortune 500s, the site of world-class convention facilities, the Twin Cities thanks to its dynamic mix of entertainment, and is a popular destination for visitors. Current retail theaters, restaurants, bars, and museums, including the offerings include everything from upscale clothiers to Science Museum of Minnesota and the popular Minnesota national discounters to art galleries and one-of-a-kind Children's Museum. With the completion of the Light Rail boutiques in more than 2.1 million square feet of retail Corridor, the restoration of the Union Depot, and the St. space. The wide array of restaurants and clubs Paul Saints’ new baseball stadium CHS Field, downtown complement the draw to this CBD from the three stadiums St. Paul will continue to attract retailers and shoppers hosting pro baseball (Twins), basketball (Timberwolves) alike. and football (Vikings) teams. NORTH LOOP GRAND AVENUE Situated immediately northwest of Downtown Minneapolis, Located in St. Paul, Grand Avenue is a charming urban the North Loop has established itself as the premier, retail corridor that offers many unique independent shops trendy shopping and dining destination in the Twin Cities. and national brands. Classic and high fashion stores, in The historic neighborhood first experienced a revival in addition to housewares and lifestyle stores, line the the 1990s when artists and creative types began avenue, which attracts shoppers from around the Twin converting long-vacant industrial spaces to lofts and art Cities. Local favorite bars and restaurants make this a galleries. The 2010 opening of Target Field on the relaxed and quaint shopping and services destination. neighborhood’s southwestern edge helped to spur another wave of redevelopment projects, including nearly 2,000 new multifamily units dominated by young, millennial 50TH & FRANCE workers. The prime retail corridor along Washington The attractive 50th & France neighborhood, located on the Avenue is supported by a booming Downtown office border of Edina and Southwest Minneapolis, is a premier market and home to brands like Lululemon, Whole Foods, retail shopping destination in the Twin Cities featuring a Spoon and Stable, Bonobos, Warby Parker, and wide range of upscale restaurants, salons, apparel, MartinPatrick3. specialty and gift boutiques. Its main street feel and distinctive architecture make this small retail area a big draw for the entire metropolitan area. Cushman & Wakefield | Minneapolis-St. Paul | August 2019 2 MINNEAPOLIS-ST. PAUL KEY RETAIL STREETS & AREAS EDINA - SOUTHDALE & GALLERIA UPTOWN Edina is home to Southdale Center, the nation’s first Just southwest of downtown Minneapolis, hip and trendy indoor regional shopping mall, which is anchored by Uptown is an area filled with a variety of retailers, Macy’s. Lifetime Fitness is currently under construction in including apparel, home-furnishing stores, and restaurants a portion of the former JC Penney space, while the appealing to the younger set. Its residential population Hennepin County Library will be taking some of the space continues to grow thanks to the surge of multifamily previously occupied by Herberger’s. Outlot openings have developments currently planned or under construction, included Shake Shack and Homewood Suites. and the Chain of Lakes Regional Park offers year-round Restoration Hardware is under construction and will be outdoor activities to locals and tourists alike. This urban opening on an outlot soon as well. Located across the neighborhood has attracted the attention of restaurateurs, street is the Galleria, a high-end luxury retail center, which designers and international brands as a shopping offers an exceptional selection of unique local shops, destination. favorite specialty stores and distinct dining. These two shopping destinations anchor a strong, dense retail corridor that is a true regional draw thanks to its mix of MAPLE GROVE national and local retail brands and high concentration of Fueled by recent residential growth in the northwest medical and office tenants. metro, Maple Grove has burst onto the retail scene. The Arbor Lakes retail corridor is home to more retail than virtually any city in the state, second only to the Mall of MALL OF AMERICA America in Bloomington. This includes Minnesota’s first Since its opening in 1992, the Mall of America has lifestyle center, The Shoppes at Arbor Lakes, as well as become one of the top tourist destinations in the U.S., The Fountains at Arbor Lakes and Main Street. welcoming 40 million visitors annually. With more than 520 stores and restaurants and 4.2 million square feet of WOODBURY space, it generates nearly $2 billion in economic activity annually for the state of Minnesota. Radisson Blu and JW Woodbury is a vital and vibrant city, and as such, has Marriot recently opened hotels on the property, adding been one of Minnesota’s fastest growing cities for several 842 luxury rooms to the area. A 1 million-square-foot years. The population trend has led to tremendous growth expansion of the mall was recently completed, and plans in all sectors of Woodbury’s economy, most notably in for a 335,000-square-foot water park are currently being retail. The area now boasts a mix of open-air lifestyle considered as well. developments, big-box and junior box retailers, and neighborhood centers. Cushman & Wakefield | Minneapolis-St. Paul | August 2019 3 MINNEAPOLIS-ST. PAUL MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING PROFILE FOR UNIT OF 2,000 SIZES CENTERS SQFT 50th & France High-income local Anthropologie, Athleta, Lush, Paper Minq, Oh Baby!, Pacifier $30 - $45 500 - 10,000 resident Source, Lunds & Byerlys, Sur La Table, population Talbots, Cos Bar Edina - Southdale Local business Crate & Barrel, Arhaus, Barnes & Noble, Sundance, Whole Foods, H&M, $28 - $50 1,000 - 175,000 density, local H&M, Louis Vouitton, Macy's, Pottery Buffalo Wild Wings, Giordanno’s, resident Barn, Williams Sonoma, Tiffany & Co., Filson, Lifetime Fitness, Shake population, Lucky Brand, Madewell, Polarn O. Pyret, Shack, Restoration Hardware tourism, high Trader Joe's, Whole Foods, Restoration incomes Hardware Downtown Minneapolis Local business Brooks Brothers, Lifetime Fitness, Trader Joe’s, Bus Stop Burgers $20 - $35 500 - 50,000 Core density, local Nordstrom Rack, Steele Fitness, Target, & Brewhouse, 801 Chophouse, resident Saks Off 5th, Lunds & Byerlys Fhima’s population, tourism Downtown St. Paul Local business ASKA Pet Spa & Boutique, Capitol La Loma Tamales, Lunds & $12 - $25 500 - 40,000 density, local Guitars, Gypsy Moon, Heimie's Byerlys resident Habadashery, Master Framers, The AZ population, Gallery, Walgreens tourism Grand Avenue Local resident Anthropologie, Evereve, Lululemon, Walgreens, Fjallraven, Red $28 - $40 500 - 25,000 population, Patagonia, Pier 1 Imports, Pottery Barn, Rabbit, Crisp & Green students Running Room Cushman & Wakefield | Minneapolis-St. Paul | August 2019 4 MINNEAPOLIS-ST. PAUL MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING PROFILE FOR UNIT OF 2,000 SIZES CENTERS SQFT Mall of America Local business Ann Taylor, Anthropologie, Apple, Canada Goose, H&M, $80 - $130 500 - 200,000 density, regional Athleta, Barnes & Noble, Burberry, Club Timberland resident Monaco, Evereve, Forever21, Macy's, population, IKEA, Sears, Tumi, Nordstrom Rack, tourism DSW, Tommy Bahama Maple Grove Local