The Promenade At Chenal

[adman0468]

An article in today's Demozette says that the Grand Opening for the Promenade has been pushed back to spring. Many stores are delaying their opening, including DSW, who doesn't like to open their stores until the center is fully opened. They also said that White House/Black Market and Chili's were no longer part of the center, and Newk's Express Cafe doesn't yet have a franchisee.

They did still list several stores that are still planned and will open by spring, including American Eagle, Ann Taylor Loft, Bath & Body, bebe, Claire's, J. Crew, J. Jill, James Eyecare, Lucky, Kay, Nails So Pretty (ugh), Peyton Place, Sleep Number, Sunglass Station, Talbot's, Victoria's Secret and Yia Yia's Euro Bistro.

Overall, they said that there is room for 60 tenants and it should be 80% full by Spring. Not a bad number, but a disappointing debut for a major retail shopping center.

[bchris02]

An article in today's Demozette says that the Grand Opening for the Promenade has been pushed back to spring. Many stores are delaying their opening, including DSW, who doesn't like to open their stores until the center is fully opened. They also said that White House/Black Market and Chili's were no longer part of the center, and Newk's Express Cafe doesn't yet have a franchisee.

They did still list several stores that are still planned and will open by spring, including American Eagle, Ann Taylor Loft, Bath & Body, bebe, Claire's, J. Crew, J. Jill, James Eyecare, Lucky, Kay, Nails So Pretty (ugh), Peyton Place, Sleep Number, Sunglass Station, Talbot's, Victoria's Secret and Yia Yia's Euro Bistro.

Overall, they said that there is room for 60 tenants and it should be 80% full by Spring. Not a bad number, but a disappointing debut for a major retail shopping center.

Still no word on Apple?

[turboturtle]

An article in today's Demozette says that the Grand Opening for the Promenade has been pushed back to spring. Many stores are delaying their opening, including DSW, who doesn't like to open their stores until the center is fully opened. They also said that White House/Black Market and Chili's were no longer part of the center, and Newk's Express Cafe doesn't yet have a franchisee.

They did still list several stores that are still planned and will open by spring, including American Eagle, Ann Taylor Loft, Bath & Body, bebe, Claire's, J. Crew, J. Jill, James Eyecare, Lucky, Kay, Nails So Pretty (ugh), Peyton Place, Sleep Number, Sunglass Station, Talbot's, Victoria's Secret and Yia Yia's Euro Bistro.

Overall, they said that there is room for 60 tenants and it should be 80% full by Spring. Not a bad number, but a disappointing debut for a major retail shopping center.

Clearly the economy has torpedoed a lot of retail development plans. I'm sure there will be a similar delay for Park Avenue. In June the developer projected that work on the Park Avenue site would pick up again in August. So far, that hasn't happened.

Here's to hoping that the general economy will be on enough of an upswing in spring 2009 to dent the loss of Alltel jobs in our local market.

[Architect]

Still no word on Apple?

Agreed...pretty strange that the reporter didn't even mention that tenant, since they're arguably the highest tier tenant planned for the center.

[adman0468]

The shopping center's website still lists DSW as opening in November. Of course it doesn't have a lot of those coming-soon tenants (Lucky) even listed on there.

[theman]

Clearly the economy has torpedoed a lot of retail development plans. I'm sure there will be a similar delay for Park Avenue. In June the developer projected that work on the Park Avenue site would pick up again in August. So far, that hasn't happened.

Here's to hoping that the general economy will be on enough of an upswing in spring 2009 to dent the loss of Alltel jobs in our local market.

I hope the grand opening occurs in Spring. Most think the current economic conditions will continue well into 2009.

I think the Christmas shopping season is going to be a big test for retailers. If it is bad, look for more pull backs from retailers when it comes to opening new stores next year.

[jnholmes]

I was driving threw the center and saw the possible site for the Apple store. The exterior is unfinished and barricaded. If I'm not mistaken it's the only space that doesn't have any type of exterior already built, which could be waiting on the sleek stainless-steel exterior/lighted apple logo that appears on most Apple stores. The space looks like the right size for an Apple store too! Let's hope it will become a reality!!!

[comreguy]

I was driving threw the center and saw the possible site for the Apple store. The exterior is unfinished and barricaded. If I'm not mistaken it's the only space that doesn't have any type of exterior already built, which could be waiting on the sleek stainless-steel exterior/lighted apple logo that appears on most Apple stores. The space looks like the right size for an Apple store too! Let's hope it will become a reality!!!

Don't hold your breath...

[Architect]

Don't hold your breath...

They will inevitably open a store in this market...if not at a new/different development (Midtown or Park Avenue). Still pretty strange that they (apparently?) have put it on hold.

[Chenal]

They will inevitably open a store in this market...if not at a new/different development (Midtown or Park Avenue). Still pretty strange that they (apparently?) have put it on hold.

From a friend at Red Development: Most delays are caused by the length of construction running longer than expected and co-tenancy issues. Evidently most of the retailers are tied to the lease signature of certain other tenants. There has been a catch 22 type deal where one tenant is waiting on a percentage of signatures and another tenant may be waiting on the other to open. DSW, Talbot's, American Eagle, J Jill, J Crew Victoria's Secrets, Bath and Body, Kays, Lucky Brands, Anthropologie, Childrens Place and Aveda are all caught up in this. All will be open around mid March. Yia Yia's hopes to open this year. Just Dogs, Gourmet and the Fitness Center will open this month. Portrait Innovations will open this month also.

Apple will remain a mystery until they open, because they allow no release of anything they do by the developer. It does look like their storefront would fit the storefront mentioned.

[EJC]

From a friend at Red Development: Most delays are caused by the length of construction running longer than expected and co-tenancy issues. Evidently most of the retailers are tied to the lease signature of certain other tenants. There has been a catch 22 type deal where one tenant is waiting on a percentage of signatures and another tenant may be waiting on the other to open. DSW, Talbot's, American Eagle, J Jill, J Crew Victoria's Secrets, Bath and Body, Kays, Lucky Brands, Anthropologie, Childrens Place and Aveda are all caught up in this. All will be open around mid March. Yia Yia's hopes to open this year. Just Dogs, Gourmet and the Fitness Center will open this month. Portrait Innovations will open this month also.

Apple will remain a mystery until they open, because they allow no release of anything they do by the developer. It does look like their storefront would fit the storefront mentioned.

Yes, co-tenancy clauses can be maddening for the developer. March is late though...shame. Yia Yia's will help, but this place needs a few places to eat to really take off.

[comreguy]

They will inevitably open a store in this market...if not at a new/different development (Midtown or Park Avenue). Still pretty strange that they (apparently?) have put it on hold.

It's not inevitable at all.

The demographics don't support it at Midtowne, but the cotenants are closer in line to what Apple will accept. Park Avenue is a Target Shopping Center, plain and simple. Apple and Target don't go hand in hand. Park Avenue will end up as a power center with apartments and office, nothing more.

Chenal is a reach, because it is light in density. But, the mix is appropriate for an Apple store. I would bet on them, if Little Rock ever gets a store.

Otherwise, enjoy Best Buy and shopping online for iPods, etc.

[turboturtle]

It's not inevitable at all.

The demographics don't support it at Midtowne, but the cotenants are closer in line to what Apple will accept. Park Avenue is a Target Shopping Center, plain and simple. Apple and Target don't go hand in hand. Park Avenue will end up as a power center with apartments and office, nothing more.

Chenal is a reach, because it is light in density. But, the mix is appropriate for an Apple store. I would bet on them, if Little Rock ever gets a store.

Otherwise, enjoy Best Buy and shopping online for iPods, etc.

I may take issue with the demographics at Midtowne. For one, 100 feet away from Midtowne is Park Plaza. From a tenant perspective the Promenade at Chenal is Park Plaza West. Could you be more specific? Are we talking about the age, income or some other demographic?

As far as Little Rock not getting an Apple store... it would not surprise me if we miss the boat. Recall Gateway had B&M stores and Dell had kiosks. Where do consumers purchase those products today?

The Apple store is not an innovative concept. If anything, it is counter-productive to Apple. Apple stores are a strategy to increase market share, but at what cost? I'm not sure the cost benefit analysis would favor the strategy. If the goal is to get a pc user to switch to Apple, surely there are less expensive methods for achieving this. Why not give an existing Apple user a significant credit ($500), if they can convert a friend who has a PC?

Admittedly, I am not a hardware loyalist. In interest of disclosure, I just purchased a Dell lappy. A significant part of my decision was made based on how the keys feel. When writing code, there is a certain interaction between the keys and my fingertips that I prefer. Dell, IBM, Gateway and Microsoft keyboards have a similar feel. Sony and Apple are similar. Toshiba and HP are inferior (IMO). I know this because, prior to making my decision to order a Dell, I went to Best Buy to test keyboards. Also, my wife uses a Mac Book. I spent more time with it than any other test unit. It is a fundamental advantage to consumers to be able to go to one B&M and try multiple options.

From a software POV... there is no point to a B&M store. In fact, you are adding a HUGE cost to something that you just have to make a digital copy of and download.

I bet Apple closes stores in 5 years, keeping locations in super major cities. They'll be quasi-tourist destinations.

P.S. I'm digging the look and functionality of the Nano 4G. I don't have one, or any MP3 player, yet. The speed in which the products in this market are converging is phenomenal.

Edited September 10, 2008 by turboturtle

[LRU1967]

It's not inevitable at all.

The demographics don't support it at Midtowne, but the cotenants are closer in line to what Apple will accept. Park Avenue is a Target Shopping Center, plain and simple. Apple and Target don't go hand in hand. Park Avenue will end up as a power center with apartments and office, nothing more.

On what do you base your opinion regarding Midtowne's demographics?

[turboturtle]

On what do you base your opinion regarding Midtowne's demographics?

I was at Cantina Laredo from 9 p.m. till 10:30 p.m. last night (a Tuesday). The parking lot was full. Not just in front of Cantina Lareado either... Pei Wei and Starbucks were full bore. I had the enjoyment of watching a early twenties woman run out of Cantina Laredo with chipmunk cheeks. She tried to retain some shred of her dignity as she projected what was probably too much margarita into the shrubs.

The place emptied out by 10:30 p.m. This is only because the restaurants close. I'm certain because the development backs up to a neighborhood, this will never be an entertainment district. It is clear, however, Midtowne is enjoyed by a youthful, affluent crowd.

[Architect]

It's not inevitable at all.

You are right. Who knows at this point.

However, my statement was based upon current facts - and that is that Little Rock is wealthier and larger than several of Apple's current locations. They've also made it plain that they intend (or have intended) to locate a retail location here. Based upon these current facts, I think it is most likely that they will open a retail outlet. Never-the-less, if they don't, it will be a huge disappointment for me personally and the city retail scene at large.

[Chenal]

You are right. Who knows at this point.

However, my statement was based upon current facts - and that is that Little Rock is wealthier and larger than several of Apple's current locations. They've also made it plain that they intend (or have intended) to locate a retail location here. Based upon these current facts, I think it is most likely that they will open a retail outlet. Never-the-less, if they don't, it will be a huge disappointment for me personally and the city retail scene at large.

The Apple lease with the Promenade is executed and their contractor should check in January 5. It is a 60 day build, so you can do the math.

[Architect]

As far as Little Rock not getting an Apple store... it would not surprise me if we miss the boat. Recall Gateway had B&M stores and Dell had kiosks. Where do consumers purchase those products today?

The Apple store is not an innovative concept. If anything, it is counter-productive to Apple. Apple stores are a strategy to increase market share, but at what cost? I'm not sure the cost benefit analysis would favor the strategy. If the goal is to get a pc user to switch to Apple, surely there are less expensive methods for achieving this. Why not give an existing Apple user a significant credit ($500), if they can convert a friend who has a PC?

I bet Apple closes stores in 5 years, keeping locations in super major cities. They'll be quasi-tourist destinations.

I could not disagree with you more (and neither could the industry) about the success of Apple's retail venture. If you would do a little research, you would find that Apple has succeeded WILDLY where Gateway and Dell have not. Apple's retail outlets have been a huge success by all measures. They contribute over $1B to their bottom line annually, and growing. It is rumored that their revenue per sf is higher than any other retail outlet of a major brand...its ridiculous. They've also added to the allure of branding that Apple has perfected - much to the chagrin of their competitors - and has had a direct impact on their spectacular rise in market-share, pushing now toward 10% in the U.S., which is huge. You do know that Apple's market-cap dwarfs that of Dell, right?

How, again, is this counter-productive to Apple?

p.s. You cannot compare some "bozo" cow spotted retail outlet of Gateway in a strip center in WLR to Apple's concept. I can assure you that Apple gave that zero consideration when evaluating the LR market.

The Apple lease with the Promenade is executed and their contractor should check in January 5. It is a 60 day build, so you can do the math.

Seriously? Awesome news. I assume you are "in the know"!

[Chenal]

I could not disagree with you more (and neither could the industry) about the success of Apple's retail venture. If you would do a little research, you would find that Apple has succeeded WILDLY where Gateway and Dell have not. Apple's retail outlets have been a huge success by all measures. They contribute over $1B to their bottom line annually, and growing. It is rumored that their revenue per sf is higher than any other retail outlet of a major brand...its ridiculous. They've also added to the allure of branding that Apple has perfected - much to the chagrin of their competitors - and has had a direct impact on their spectacular rise in market-share, pushing now toward 10% in the U.S., which is huge. You do know that Apple's market-cap dwarfs that of Dell, right?

How, again, is this counter-productive to Apple?

p.s. You cannot compare some "bozo" cow spotted retail outlet of Gateway in a strip center in WLR to Apple's concept. I can assure you that Apple gave that zero consideration when evaluating the LR market.

Seriously? Awesome news. I assume you are "in the know"!

You can email me and i will show how i know.

[ndark]

The Apple lease with the Promenade is executed and their contractor should check in January 5. It is a 60 day build, so you can do the math.

I am not up on the lingo. What does all this mean? I can't do this kinda math. I understand what the lease being executed means but not the part about the contractor or the 60 day build. Thanks.

[turboturtle]

I could not disagree with you more (and neither could the industry) about the success of Apple's retail venture. If you would do a little research, you would find that Apple has succeeded WILDLY where Gateway and Dell have not. Apple's retail outlets have been a huge success by all measures. They contribute over $1B to their bottom line annually, and growing. It is rumored that their revenue per sf is higher than any other retail outlet of a major brand...its ridiculous. They've also added to the allure of branding that Apple has perfected - much to the chagrin of their competitors - and has had a direct impact on their spectacular rise in market-share, pushing now toward 10% in the U.S., which is huge. You do know that Apple's market-cap dwarfs that of Dell, right?

How, again, is this counter-productive to Apple?

p.s. You cannot compare some "bozo" cow spotted retail outlet of Gateway in a strip center in WLR to Apple's concept. I can assure you that Apple gave that zero consideration when evaluating the LR market.

My comments were based on my own observations, which don't include following Apple. I'm not a brand loyalist except for the Pittsburgh Steelers. But, even if they made hardware, I might have to take a pause.

I'm not an Apple-hater by any stretch... they make beautifully designed products. I'm a fan of classic modern and the design of Apple's hardware resonates with me. Right now, I don't own any Apple products. If look alone was my only criteria, I'd own many Apple products. I'm on the sideline for this whole music / video / games / internet / GPS / cell phone convergence thing. When I am ready to play, as a consumer, I stand to benefit. These technologies have major year-over-year improvements. Yesterday, Toshiba announce 240 GB 1.8 inch HDD.

If the Apple Store concept is as effective a tool as your research claims it to be, then we'll be seeing other companies emulate it. I'll look for that.

[Architect]

I am not up on the lingo. What does all this mean? I can't do this kinda math. I understand what the lease being executed means but not the part about the contractor or the 60 day build. Thanks.

January 5th construction start date, plus 60 days equals an early April opening.

[Chenal]

I am not up on the lingo. What does all this mean? I can't do this kinda math. I understand what the lease being executed means but not the part about the contractor or the 60 day build. Thanks.

They will start the finish out of the space on January 5. It will take them 60 days to finish the build out and 2 weeks for training. They should open in March.

[turboturtle]

January 5th construction start date, plus 60 days equals an early April opening.

Happy for you Architect... no one on this board has express a greater desire for this to come to fruition. I look forward to see my first Apple Store in my home town.

Edited September 10, 2008 by turboturtle

[Architect]

Happy for you Architect... no one on this board has express a greater desire for this to come to fruition. I look forward to see my first Apple Store in my home town.

This is true, and thanks. I admit, I'm an Apple enthusiast through-and-through. I've never been a "conformist" so Apple has always been a great (exceptional) alternate to the norm - though the more they grow and grow, the more pedestrian it becomes.

Anyway, regardless of my enthusiasm, I still think this is an exceptional addition to the LR metro retail scene - one of those type of additions that sort of brings it to another level.