The entrance of one popular business into an area can attract many more businesses. That's what many in Detroit are anticipating with the announcement by H&M that they'll be opening a store downtown this fall.
The popular clothing retailer, which started in Sweden and has grown to have a worldwide presence, has leased space in three adjoining buildings at the corner of Clifford and Woodward. It will be joining a number of high-end stores already in the area. The head of the company that H&M is leasing the 25,000 square feet from says, "H&M is one of those flagship retail stores that will take the Woodward Avenue shops to another level." Retail experts predict that H&M's presence will attract more popular retailers.
The head of one Michigan retail design firm says that H&M, which is known for trendy, reasonably priced apparel and other products, is "a store people go to when they want to browse, which means higher foot-traffic more often. This lays out a welcome mat for other interested retailers...."
One retail industry analyst says that Detroit "is no longer off-limits as it was 10, 15 years ago." He notes that a retailer like H&M would have done a good deal of research before deciding to invest in this stretch of the downtown area. He says, "They've done demographic studies, and they're exhaustive when they decide to go somewhere and plant down a new retail store…. What they are seeing is more business moving down, more retail going up before them. More apartments being constructed, residential housing, more safety…."
Of course, it also means more jobs coming to the downtown area. It also means more incentive for restaurants and other types of businesses to come into the area, where stretches of storefronts have remained vacant for years.
Before deciding to lease or buy land to open or expand your business, it's essential to make sure that you're getting sound legal advice. By having an experienced attorney in your corner, you can better avoid problems down the line and focus on the success of your company.