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June 22, 2012

ATLANTIC CENTER: FIFTH AVENUE OF THE BOROUGHS?

Retail Traffic

Actually, our own Fifth Avenue used to terminate at the Atlantic Center mall — until Bruce Ratner wiped it off the map.

If Forest City Enterprises decides to go ahead with the redevelopment/remerchandising of its Atlantic Center Mall and Atlantic Terminal Mall properties in Brooklyn it might be able to remake the surrounding area into an outer borough Fifth Avenue, retail industry insiders say.

Retail industry insiders who clearly have never been in Bruce Ratner's malls, that is.

Forest City, the commercial real estate developer behind the soon-to-open Barclays Center arena and entertainment venue, revealed that it’s now reviewing the possibility of upgrading its nearby retail properties. A spokesperson for the company said there are no definite plans as of yet; Forest City executives are “just thinking out loud.”

If the company decides to go ahead with the project, demographics in the surrounding area certainly offer a lot of potential.
...

“Brooklyn is getting multi-million dollar condos, but there is not a lot of upscale shopping,” [retail consultant Howard] Dadivowitz says. “I would say it’s a void and a possibility. A Whole Foods [makes sense there], a Bloomingdale’s definitely would make sense. Why wouldn’t Tiffany’s build a nice store there? I think they would.”

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NoLandGrab: Bruce Ratner currently bans groups of four or more teens from hanging out in his malls. When Bloomie's and Tiffany move in, that ban will surely be expanded to groups of zero or more teens. Can't have the "tough kids" from "the projects" scaring off the customers!

Posted by eric at June 22, 2012 11:14 AM