Mon. May 24, 2010
WASHINGTON, DC – The economic recovery bodes well for Downtown DC retail, which is closer than ever to creating a critical mass of shoppers’ goods retail. Although construction plans for the 10-acre CityCenterDC mixed-use complex stalled during the economic downturn, signs of new life will help transform the site and nearby areas into a pedestrian-friendly and retail rich environment, according to a report by the Downtown DC Business Improvement District (BID).
The report, Downtown DC Shopping District, highlights a walkable retail destination complemented by iconic attractions and buoyed by steady growth. Once planned development projects are completed, the area—with more than 500,000 square feet (SF) of existing shoppers’ goods retail, 90,000 SF of available retail space and another 600,000 SF planned—will have a total of 1.2 million SF of shoppers’ goods retail space, boosting its capacity to compete with the region’s large shopping centers.
“All indicators point to a positive outcome,” said Richard Bradley, executive director of the Downtown BID. “The elements driving demand in the Downtown BID area already are in place. They include a hot office market, average household income of $120,000, popular cultural and entertainment venues, 131 destination restaurants, accessible transportation, a robust and growing hotel and Convention Center visitor market and projected strong growth in Downtown and near Downtown residents and employment. Together, these variables will create a radically new shopping experience not seen since the days of yesteryear, when Downtown was a vibrant retail center.”
Downtown shoppers’ goods retail demand is projected to total $1 billion in 2014. Meeting this demand will keep retail sales and jobs local, as well as position the Downtown BID area as a premier regional shopping destination. Downtown already has the distinction of being the region’s commercial, arts, cultural and entertainment epicenter. Cracking the retail barrier, the one sector of the Downtown economy that has yet to achieve regional success, will signal a dramatic comeback for an area that has undergone a tremendous transformation in recent years.
The Downtown DC Shopping District extends for more than 15 blocks from Mt. Vernon Square and New York Avenue to the north, 7th Street to the east, F Street to the south, and 13th Street to the west.
Douglas Development has plans for another substantial retail corridor just a block or two east of the Walter E. Washington Convention Center, which would connect the vivacious and inviting gathering places along 7th Street from Penn Quarter to Chinatown to Mount Vernon Triangle. And, as new retail finds its way along H Street from 7th to 11th Streets, CityCenterDC will create the largest cluster of planned Downtown destination retail, with about 325,000 SF.
“Construction on Phase I of the CityCenterDC project could begin late this year or early next year, with a 2013 move-in date,” said Bradley. “To say its impact will be enormous is an understatement. Downtown will explode with choices offered by the presence of a unique blend of local and national retailers.”
Last year, Guess, the trendsetting apparel and accessories store, opened on F Street, DC’s oldest retail street. This year, Forever 21, the clothing chain, will occupy 65,000 SF near 10th and G Streets at what will be its first DC location.
Copies of the Downtown DC Shopping District report, which provides extensive data on retail demand drivers and market statistics and projections, are available online at www.downtowndc.org/retail or may be requested via e-mail to ebony@downtowndc.org.