I'm so sad that all of these discount stores are becoming commonplace in the neighborhood. Between outlets and dollar stores, it will be a never-ending parade of tenants who cannot keep up with rent.
Would like to see some successful newer online retailers (Fabletics?) establish flagship brick-and-mortar stores in the neighborhood. But are enough customers buying retail in the "real world" anymore? I think that's part of the problem.
I agree. The problem is that customers are not buying from the store. If you read the reports, many retail clothing companies are not doing well, especially the GAP brand.
Whatever keeps them in business. This is a much better outcome than closing the store and having it being replaced by something worse. I actually go to the Banana Outlet in Tangers a lot more often than I go to the traditional store, which is almost never.
This isnt terrible news considering that the previous store didnt have an incredibly wide selection compared to typical banana stores. Banana is extremely overpriced in general, so getting a version that may have more affordable options could be a good thing. TBD i guess...
I think this says way more about the economy/retail industry than out community. Consumer spending in the retail space is down especially with regard to brick and mortal retail. The traditional store had very little selection and was over priced. They obviously are changing the dynamic of the store to be more profitable, and I agree that a outlet store will have better margins than the one that was previously there.
Everyone always says "the landlords are overcharging on rent" - I don't buy that. Its not that they are asking more or too much, its that people are spending less, most likely bc they are making less, or saving more. Consumer spending is down so people aren't going around spending money in their communities like they used to. If this continues, more and more small businesses will close and more large corporations that have economies of scale will move in (target). And if banana republic is struggling, you bet the small businesses are being squeezed even harder. Good jobs and less corporate tax/business regulation hurdles fixes all of this.
That being said I don't see the transition to a outlet store as a negative for the community, I think more people will find things they like for reasonable prices in the outlet store.
Fast fashion like H&M, Forever 21 and Zara have eaten away at "middle class" Banana Republic and the Gap. The millennials who might have bought this stuff are still living in their parents' basements. The one time I went to Banana Republic I was greeted by an unsmiling sales lady who seemed to think I didn't look rich or old enough to afford the clothes. Well guess what, most people are tired of paying high prices for the same cheap stuff being sold everywhere, thanks to factories in China and elsewhere. As for me, I started buying clothes at Fox's or thrift stores and they have a ton of quality stuff with the tags still on. There is a glut of cheap clothing in the U.S. and people have too many choices.
Having Banana Republic change to a factory store is a lot better than having another vacant store along Austin street or another ice cream shop or hair salon.
Seems to be an uptick in turnover since the concerts have increased. We've been here for 8 years now and leave the gardens whenever possible on concert days. Residents leave and find replacements stores away from Austin St. and don't return. In short the WSTC is changing the spending habits of residents. Pretty soon Austin St. will be over saturated with restaurants and bars as not much else will be profitable.
Having been here for 8 years now the concerts have changing our spending habits. We always try and avoid the disturbances to the community whenever possible. We've found replacement vendors/locations for most of our needs and don't go on Austin St. nearly as much as we used to. This especially applies to BR. We have a credit card with them even. Pretty soon Austin will just be a strip of hip foodie places to attract concert goers since not many other types of business will be viable.
Usually this means selling a cheaper line than the regular stores. Most of these so called outlets are really no bargain.
ReplyDeleteThis is soooo depressing. Is this an indication of the neighborhood going down?
ReplyDeleteI'm so sad that all of these discount stores are becoming commonplace in the neighborhood. Between outlets and dollar stores, it will be a never-ending parade of tenants who cannot keep up with rent.
ReplyDeleteOh. How...tacky. And disappointing.
ReplyDeleteWhat are you all complaining about? It's fits right in with the tacky Target everyone on here was so happy over. Welcome to low end retail heaven!
ReplyDeleteWould like to see some successful newer online retailers (Fabletics?) establish flagship brick-and-mortar stores in the neighborhood. But are enough customers buying retail in the "real world" anymore? I think that's part of the problem.
ReplyDeleteI agree. The problem is that customers are not buying from the store. If you read the reports, many retail clothing companies are not doing well, especially the GAP brand.
DeleteThis isn't really the neighborhood to be trying cutting edge retail. We don't even support traditional retail or decent restaurants.
DeleteWhatever keeps them in business. This is a much better outcome than closing the store and having it being replaced by something worse. I actually go to the Banana Outlet in Tangers a lot more often than I go to the traditional store, which is almost never.
ReplyDeleteEven shopping malls are shutting down. Heck, Macys is closing 50 stores over the next 2 years!
ReplyDeleteI actually prefer the outlet more. Way better selection! This is great news!
ReplyDeleteThis isnt terrible news considering that the previous store didnt have an incredibly wide selection compared to typical banana stores. Banana is extremely overpriced in general, so getting a version that may have more affordable options could be a good thing. TBD i guess...
ReplyDeleteI think this says way more about the economy/retail industry than out community. Consumer spending in the retail space is down especially with regard to brick and mortal retail. The traditional store had very little selection and was over priced. They obviously are changing the dynamic of the store to be more profitable, and I agree that a outlet store will have better margins than the one that was previously there.
ReplyDeleteEveryone always says "the landlords are overcharging on rent" - I don't buy that. Its not that they are asking more or too much, its that people are spending less, most likely bc they are making less, or saving more. Consumer spending is down so people aren't going around spending money in their communities like they used to. If this continues, more and more small businesses will close and more large corporations that have economies of scale will move in (target). And if banana republic is struggling, you bet the small businesses are being squeezed even harder. Good jobs and less corporate tax/business regulation hurdles fixes all of this.
That being said I don't see the transition to a outlet store as a negative for the community, I think more people will find things they like for reasonable prices in the outlet store.
Fast fashion like H&M, Forever 21 and Zara have eaten away at "middle class" Banana Republic and the Gap. The millennials who might have bought this stuff are still living in their parents' basements. The one time I went to Banana Republic I was greeted by an unsmiling sales lady who seemed to think I didn't look rich or old enough to afford the clothes. Well guess what, most people are tired of paying high prices for the same cheap stuff being sold everywhere, thanks to factories in China and elsewhere. As for me, I started buying clothes at Fox's or thrift stores and they have a ton of quality stuff with the tags still on. There is a glut of cheap clothing in the U.S. and people have too many choices.
ReplyDeleteI agree, the quality and service at Banana Republic is no more superior that H&M or Zara but with a high price tag.
DeleteHaving Banana Republic change to a factory store is a lot better than having another vacant store along Austin street or another ice cream shop or hair salon.
DeleteSeems to be an uptick in turnover since the concerts have increased. We've been here for 8 years now and leave the gardens whenever possible on concert days. Residents leave and find replacements stores away from Austin St. and don't return. In short the WSTC is changing the spending habits of residents. Pretty soon Austin St. will be over saturated with restaurants and bars as not much else will be profitable.
ReplyDeleteOversaturated with restaurants and bars?! Bring it on!!!
DeleteHaving been here for 8 years now the concerts have changing our spending habits. We always try and avoid the disturbances to the community whenever possible. We've found replacement vendors/locations for most of our needs and don't go on Austin St. nearly as much as we used to. This especially applies to BR. We have a credit card with them even. Pretty soon Austin will just be a strip of hip foodie places to attract concert goers since not many other types of business will be viable.
ReplyDeleteJust a strip of hip foodie places? Bring them on!
Delete