27 April 2012

Somerset Mall Doing Well

Story first appeared in The Detroit News.

The Somerset Collection Thursday celebrated the first of many spring and summer store additions and renovations, which a retail analyst said will help keep its reputation as Metro Detroit's "foremost mall."

The upscale Troy mall added two new women's clothiers Thursday.

Columbus, Ohio-based The Limited reopened its renovated space in Somerset and included the national store launching of its full-figured fashion line eloquii. Aritzia, a women's apparel retailer, also debuted its first Michigan store at Somerset.

During the next six months, Somerset will open or reopen 11 stores.

It is a way to maintain their brand against competition.

The additions of eloquii is a welcome sign because the brand was originally launched online only, but demand for the clothing enticed The Limited to create a brick-and-mortar outlet.

Three other fashion retailers -- Hugo Boss, Emporio Armani and Giorgio Armani -- will open during the summer or fall, said Somerset spokesman.

Overall, Somerset's additions don't exactly follow the Metro Detroit trend.

The region's mall vacancy rate is 12.2 percent, according to CoStar Group, a commercial real estate information service.

Somerset does not release vacancy rates, but Dalto estimated the mall is probably at about 95 percent capacity.

Somerset is not solely banking on the success of new stores. Six existing retailers, including Express, Victoria's Secret and Bath & Body Works, have been remodeled or renovated and will reopen between now and July 25.

In fact, the Retail Store Fixture Dealers industry, which deals with retail renovations and expansions, said 2011 was the first year since the recession when the industry began to rebound.

Retail revenue is expected to rise 2.1 percent this year to $10.6 billion, according to a report this week from IBISWorld, an industry researcher, and should continue to drive retail renovations and expansions like those at Somerset.

The report, however, expects upgrades to lag behind prerecession levels.

For more local and Michigan business related news, visit the Michigan Business News blog.
For national and worldwide related business news, visit the Peak News Room blog.
For healthcare and medical related news, visit the Healthcare and Medical blog.
For law related news, visit the Nation of Law blog.
For real estate and home related news, visit the  Commercial and Residential Real Estate blog.
For technology and electronics related news, visit the Electronics America blog.
For organic SEO and web optimization related news, visit the SEO Done Right blog.

No comments: