In reference to the previous post above from Arch City and other comments about retailers coming to downtown St. Louis, I'm a commercial real estate broker with an emphasis in retail and restaurants here in St. Louis and I'm also a proud loft owner(Meridian) since 2007. I have a strong level of disagreement with what Arch City stated above. Individuals in my profession do not steer their clients to other parts of St. Louis or the suburbs. We live off of completed sales and leases (commissions) and retaining our cleints for a long period of time, why would we care if our client's educated choice for their next location were downtown or Chesterfield???
Retailers and Restaurants have a business model and demographic profile centered around specific population counts (whether permanent or daytime), income levels, age, traffic counts/flow, co-tenancy (surrounding retailers), success/sales of competitors, etc that they follow very closely when deciding on an area and location. This dictates where retailers and restaurants go, not the brokers.
If Whole Foods, Trader Joe's, Target, Apple, Walgreens, CVS, Dollar Tree, Five Below, Potbelly Subs, TJ Maxx, Marshall's, Ross Dress For Less, Dressbarn, Victoria's Secret, PetSmart, Petco or other
national/regional retailers and restaurants feel like they can succeed in making money in downtown St. Louis, they would be here. Thats it. If all brokers got together and said "dont take your clients downtown"; 1) we'd lose our licenses for Steering and Antitrust violations and 2) our clients would fire us for not showing them all the opportunities in the St. louis market where they can succeed.
Instead of blaming brokers, maybe we should start blaming ourselves and thinking of ways to attract these companies to downtown St. Louis. Retail and Restaurants follow growth in population, jobs, traffic, and income. So, I would recommend the City and Downtown St. Louis Partnership continue doing what they have been doing which is pushing to attract new jobs and people to downtown through marketing and awareness of what the City has to offer, and public/private incentives and subsidies (not a popular subject around here but it's sometimes necessary).
Moving on to more positive things, we have several clients looking downtown and I'm very bullish on the downtown St. Louis market. In fact, we recently made a deal in downtown St. Louis with a very exciting and large national restaurant. It will be public soon. First national restaurant to commit to downtown St. Louis in a while. Also under contract at 1727 Wash Ave with a St. Louis restaurant group who will build a ground up building on the site in the next couple years.
I must have forgotten to steer them both to Clayton
Also, if you're going to take a public shot at a hard working profession like mine, at least post your real name at the bottom of your email and not hide behind an avatar like Arch City.
If you have any questions or comments, please feel free to email me at
kevin@l3corp.net
Thanks,
Kevin Shapiro