Retailers re-evaluate their omnichannel strategies, and a Minnesota town transforms into a medical amusement park
Jun 1, 2015
Here are the news stories you might have missed last week:
The New York Times: Youngstown, Ohio, reinvents its downtown
There’s more foot traffic than ever before in downtown Youngstown. New investment in the city, which is known for its post-steel struggles, ushered in a wave of new commercial and multifamily development, and more is on the way. Part of that push comes from the expansion of Youngstown State University, and developers are foreseeing college students and young professionals as major players in the future of Youngstown. Still, new development and retail opportunities need to come to fruition in order to truly revive interest in this Ohio city. Read more about Youngstown at NYTimes.com.
CoStar: Retailers struggle to find balance between expanding online or opening more stores
Online or brick and mortar — what are retailers to do? Many retailers are struggling to find the happy medium between spending money on physical stores and building a strong online presence. New store openings continue to be an important growth plan for big retailers like Macy’s and Walmart, but those same retailers are pouring more money into their omnichannel strategies. But because omnichannel sales erode margins, retail executives have placed greater weight on developing better online sales strategies. For more information, go to CoStar.com.
Fast Company: The $6.5 billion, 20-year plan to transform an American city
An enormous city-wide engineering plan might remedy all that ails Rochester, Minnesota. The Mayo Clinic, a world-class medical facility, is the backbone of the city, and the driving force behind a new plan that would transform Rochester into a world-class city through billions of dollars of investments. Destination Medical Center, the revitalization plan that was recently approved by Rochester City Council, would transform the region into one of the biggest public-private partnerships in America. The redevelopment will convert the city into a medical destination, home to biotech and pharmaceutical firms, new restaurants, upscale shops, and a new transportation line. This 20-year plan would add seven additional neighborhoods to Rochester, and pour billions of dollars into the economy through new construction and infrastructure, but its backbone would remain the Mayo Clinic. To learn more about Rochester’s big plan, visit FastCompany.com.
GlobeSt.com: Space demand will continue gradual rise
Despite a sluggish economy, demand for commercial space is pointing upward and will continue on this path for the remainder of 2015, according to the National Association of Realtors. Demand will continue to trot along, and vacancies could even drop slightly in the office and retail sectors. Strong economic performance is again possible for the rest of the year, which could generate additional interest in commercial properties and leasing projects. Head to GlobeSt.com to read the whole article.
Author: Raymond T. Cirz