Categorized | Commercial

Georgetown Store Traffic Increases with Chains

Georgetown Store Traffic Increases with Chains
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Georgetown is no more a conventional town and is getting chicer by the day. The retail outlets of high profile designers is on the rise as more and more national stores are coming in the scenario leading to an increase the rent of retail property at the same time.

At the start if every year, GM tours Georgetown and plans on ways to update his existing database of stores in Georgetown. This cycle was incepted two years back by simply making an entry on the notepad subsequent to each institution on M and Wisconsin. Lately, chains that have opened their belled doors in Georgetown comprise Calvin Klein Inc., Rag & Bone, North Face Inc Jack Spade and, Crate & Barrel’s furniture and CB2.

Coming debuts include clothier Brooks Brothers, which is supposed to open up a 20,000 sq.ft store in the month of September, and Williams-Sonoma Inc.’s West Elm furniture division, soon testing the market with a store on a six-month lease.

This year, a complete record was taken by GM when he went entirely hog and bunched up a record of each founding in Georgetown. From Le Petite Corner Store to Tony and Joes to Jean Pierre to Jack’s Boathouse; this brought a total of 527 stores, an addition of 100 stores over the last year’s reckoning.

“Ten years ago, Georgetown was a mom-and-pop market,” said Michael Zacharia, a senior vice president in Washington for brokerage C.B. Richard Ellis Group Inc. “Now; we see national brands in the market and luxury brands looking to enter.” This hefty amount of addition to the commercial real estate has lead to paying higher rates and has also piloted mounted lease rates for Georgetown’s retail room.

 

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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