If you're familiar with Minneapolis and the various neighborhoods held within the city limits, you'll know that one seems to not only be growing into a shopping destination, but more so an outdoor enthusiasts dream shopping corridor.
Uptown's retail offerings seem to be growing at an exponential rate, specifically the area near the intersection of Hennepin Avenue and Lake Street. We've seen it's development over the years, but now it is becoming evident that outdoor retailers love this area. In a one block, or rather half a block, radius we can see brand name stores like Columbia Sportswear, The North Face, and Timberland along from one vantage point. This week it was announced that another new outdoor clothing and goods store will be opening up shop in what is becoming an outdoor enthusiasts retail mecca. The company? Arc'teryx.
If you're into higher end outdoor goods (we're talking jackets between $150 and $800) you might have be familiar with the brand or at least have seen it's name or goods at one of the 15 stores within in the state that are lucky enough to carry the name. If you haven't... you're not the only one and we'll take a moment to fill you in because after all... that's what we're here for.
Arc'teryx currently only has one fully branded store in the U.S. in Seattle and another on the way in Portland, Oregon. It's not only a milestone that the company is expanding, but it's also a milestone that they have chosen Minnesota for their next location as they typically only have one store per market. It makes sense though when you think about it because, well, we're an outdoor state.
The new 2,565 square foot store will be located on the first floor of Calhoun Square in a space next to H&M that currently is vacant and will actually be the companies largest store in the U.S. The space is also conveniently located one door down from Timberland, another high end outdoor retailer in Calhoun Square.
This is big news for Calhoun Square as the 171,521 square foot retail center was recently purchased by Ackerberg Group for close to $70 million. The goal is to completely reposition Calhoun Square in its retail offerings including extensive renovations to the interior corridor and other public spaces throughout the building. If you've been in Calhoun Square recently you've probably noticed these three words plastered everywhere... "Only Expect Change." Arc'teryx is the beginning of that change.
This month construction will start on restroom renovations and soon after that there will be more extensive renovations to corridor. Arc'teryx will fill the last remaining space on the popular Hennepin Avenue side of Calhoun Square and will have both an exterior and interior entrance.
We're excited to see what is next for Calhoun Square. The center is arguably located on one of the best corners in the city of Minneapolis. The surrounding retail offerings on Hennepin Avenue include much sought after tenants like CB2, Apple, Columbia Sportswear, The North Face, and more. The Hennepin Avenue side of Calhoun Square has been solidified as prime retail space with the opening of H&M two years ago and the addition of CB2 back in 2011. Now it's time to tackle the interior.
If Ackerberg Group truly can reposition the center, we could see a retail center develop in the style of many retail centers that dot Michigan Avenue in Chicago. While there may not be Louis Vuitton and Chanel stores in store, we will see that the interior of the mall space is not considered "dead space" due to it not being on the busy street. But what we will see is the development of thriving interior corridors filled with destination stores that draw visitors, residents, and most of all, customers, inside.
There's already talk of an upper end hotel being built on a vacant lot behind the center in a development that would also include retail space for new stores or a restaurant or two. The addition of a hotel that features a well known name could be the last piece needed for Calhoun Square's success.
We're excited to see what the future holds for Calhoun Square. With the recent acquisition of the center by Ackerberg Group, we have no doubts that we will see a breath of new life instilled within the center within the very near future.