Both represent a repositioning strategy for Federal Realty at this property from high-end retail to middle-class demographics, as the ultra-rich continue to flee Montgomery County for lower-tax jurisdictions in the region. Retail properties have had no choice but to adjust to a market that no longer has the wealth base to support brands like Kate Spade and Cartier. Along with the spectacular demise of "Montgomery County's Rodeo Drive" in nearby Friendship Heights, and Wall Street alerting investors that the corrupt and incompetent County Council's latest budget puts our AAA bond rating in danger, it's truly a new day in Montgomery County.
Here's a look inside Custom Ink:
24 comments:
I love people like 10:27AM. They're so insecure about their own work that they need these constant self-affirmations. lol.
whatever gets you through the night, right?
"Both represent a repositioning strategy for Federal Realty at this property from high-end retail to middle-class demographics"
The site where Custom Ink just opened had been vacant for several years. Previously that building housed Fitness Resource, T-Mobil, JoAnne's Bed and Back, and Massage Envy. Hardly "Rodeo Drive".
Kate Spade New York has been struggling since the death of its founder. They have closed dozens of stores nationwide.
Both of these locations are marginal at best. Neither are on a pedestrian walking path, and both are sort of dead ends, with little reason for the bulk of Bethesda Row shoppers to walk by. These two sites, even of located on the actual Rodeo Drive, would not be easy to lease, and likely would be filled by service tenants like LensCrafters and Custom Ink. I’m glad to see them leased.
On another nearby note, you might like to update your report about the new Audi of Bethesda that will be located on Arlington at the tire store site (just south of the Custom Ink and north of the VW showroom. They are proposing a very slick two-story, 49.5’ tall, perforated silver metal clad dealership with massive angular glass windows on the west and south sides. This is a modified version of the new “terminal” Audi prototype that was designed by a famous German architectural design firm. It’s looks very artful and cool, and will be a nice destination on Arlington Road. Very cool interior design as well with sloping walls that flow out of the floor. It will be much nice than that nasty old tire store. I suspect the existing Audi dealer on Woodmont, near Wisconsin, might be slated for redevelopment with a new mixed use project with more density.
Here is a link to the rendering for Bethesda:
https://www.google.com/search?q=audi+bethesda&client=safari&hl=en-us&prmd=nimv&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjuvpy1yI_jAhVxvlkKHV5cDN4Q_AUIFigC&biw=1024&bih=1264#imgrc=7VO38eFIY9DZOM&imgdii=CmUlMgmonNe7KM
Here is a link to the Audi site where they discuss the design language:
http://audilibrary.audiusa.com/magazine/audi-magazine-drive/audi-magazine-terminal-concept/index.html
"perforated silver metal clad dealership with massive angular glass windows on the west and south sides."
But...will it have blade signs?
Better version of first link:
https://www.newcountry.com/locations.htm
Is Federal Realty part of the "MoCo Cartel"?
Cheap schlock. Next up Bethesda tattoos.
1:29: Your explanation for Kate Spade is not only entirely false, but shameful that you would use the tragic death of its founder to advance a false narrative.
Reality: Kate Spade sold her retail business many years before her death, which had absolutely nothing to do with the closure of the Bethesda store. Equally damning is the fact that no other Kate Spade stores are closing nationwide. Only Bethesda.
Kate Spade was only on Bethesda Avenue for 3 years.
After Tapestry bought the Kate Spade company (they also own the Coach brand) they made changes, closing some outlet stores, some under-performing stores (including the one I mentioned on my oft-deleted comment about the Greenwich CT store being closed before last summer) and they implemented changes to sales and deep-discounted offerings.
I'll be going to Custom Ink. They've done really nice work and I have a great new design.
8:13: The fact is, no Kate Spade stores around the country were, or are, closing contemporaneously with the Bethesda Row store closure. The Bethesda closure had nothing to do with the larger chain of Kate Spade, and everything to do with the decline of wealthy clientele to support such a high-end store in Montgomery County.
Exactly the same situation as happened in Greenwich, CT. Their mini-RodeoDrive closed many stores, including their Kate Spade store in early 2018.
It's an endemic situation mostly brought on by the collapse of the retail markets.
The wealthy clients are not going out to stores.
They still live here, and if they move another ultra-wealthy family moves in.
9:23: Wrong - the wealthy are leaving, and not being replaced. The proof is in the severely-declining County tax revenue. Council staff pointed out how only 24 people were paying a massive portion of the revenues received by the County at one point. When the ultra-rich leave, they have a huge impact on revenue, as seen in the County's revenue shortfall.
The retail collapse is largely a fantasy - it's not online shopping responsible, but a combination of Bain Capital/Danaher Corporation-type firms sucking the value out of bricks-and-mortar chains, and then filing them for bankruptcy - Sears, Toys R Us, etc., and greedy mall owners that want to redevelop their property into town centers.
"greedy mall owners that want to redevelop their property into town centers."
It sounds like town centers are more profitable than malls. Why is that a bad thing? Why do you hate capitalism?
Kate Spade is a seller of retail goods. On the other hand, both LensCrafters and Custom Ink provide services.
The economy has been shifting towards services for years as more and more shopping is done online. The closing of the Kate Spade store is a reflection of this...not evidence of your mythical moribundity.
The retail collapse it not mere "fantasy." The consumer base was once primarily middle class Americans, but the middle class in America has been on a slow, steady decline for years.
Actually, the experts say that retailers that cater to high income and low income Americans are thriving, and those that once did so well selling to the middle class are fading away. But shopping itself is changing. Less materialism, more experiences, less clothing more dining out and travel.
Many of today's problems are offshoots of the decline of the middle class.
5:27: LOL - the cartel exists to profit and empower its members, not only to "suppress me from getting elected." My media platform is a major problem for them though, leading them to have to fund new websites to compete against, and divert traffic from, mine. That reality is quite different from the bizarre, wacko and defamatory gibberish you just posted.
5:18: Your only accurate point is that the middle class is indeed not merely declining, but facing total extinction.
My point is not that high-end retail isn't doing well nationwide, it's that high-end retail is doing poorly in Montgomery County, as a result of the flight of the rich to other lower-tax juridictions in the region.
4:41: The decline of bricks-and-mortar as purely the result of online shopping is overstated. Many retail chains are being wiped out by Bain Capital vulture capitalists, not by online competition. It's hard to compete when a vampire is sucking the blood out of the company, and liquidating all of its assets and valuable branding into cash for himself.
I love chips! Anyone try Lays All Dressed Up yet? Delicious!
Does Amazon do 1 day delivery in our area yet? A previous poster got me hungry for Chips! Yummmmmm .... CHHHIIIPPPPSSS.....
9:54 AM All the reports you scraped from county press releases. ZZZzzzz
You deleted my questions? Why?
You just stated that you believe that the local government, local politicians, local media outlets, & national media outlets are actively, purposely conspiring against you.
1) And they think you are THAT IMPORTANT because...why?
2) When was the 1st time you started feeling that everyone was against you?
8:12 AM
Another deleted point of mine: No answer...just a delete.
What about this is inaccurate?
Actually, the experts say that retailers that cater to high income and low income Americans are thriving, and those that once did so well selling to the middle class are fading away. But shopping itself is changing. Less materialism, more experiences, less clothing more dining out and travel.
8:15 AM
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