Viability of The Shops at Clearfork? (Houston, Dallas: 2013, leasing, hotels)

[transplant2013]

I am very excited about the prospect of a luxury shopping destination in Fort Worth, aka The Shops at Clearfork. However, I have some reservations for this upcoming place. Upon research, I realized that The Shops and University Village are both developed by Simon Property Group. Add in the fact that the two places are 3 miles/5 minutes away from each other, and I would assume that whatever clothing brands they have at University Village, they won't have at The Shops. This leaves out brands like Tory Burch, Michael Kors, Banana Republic, Ann Taylor, JCrew, Gap, Madewell, etc. I also know that Neiman Marcus is relocating to The Shops, so the place is probably trying to position itself as a high-end destination. Yet I don't think Fort Worth population in general is wealthy and large enough to support real luxury brands like LV, Chanel, Gucci, so I don't think we will be seeing those at The Shops. Plus out of habit, I guess people would simply drive to Dallas if they ever want to spend big money. So my points are:

A. The Shops is not going to house real luxury brands
B. Some of the most popular aspirational/upper-middle brands have already been taken by University Village

These two reasons alone would definitely create a problem for The Shops to build a portfolio of diverse and desirable fashion brands.

Do you think my assumptions are correct? If not, why? If correct, then what brands do you expect to see at The Shops? (Kate Spade comes to my mind)

[Yellow pool of piddle]

Originally Posted by transplant2013

I am very excited about the prospect of a luxury shopping destination in Fort Worth, aka The Shops at Clearfork. However, I have some reservations for this upcoming place. Upon research, I realized that The Shops and University Village are both developed by Simon Property Group. Add in the fact that the two places are 3 miles/5 minutes away from each other, and I would assume that whatever clothing brands they have at University Village, they won't have at The Shops. This leaves out brands like Tory Burch, Michael Kors, Banana Republic, Ann Taylor, JCrew, Gap, Madewell, etc. I also know that Neiman Marcus is relocating to The Shops, so the place is probably trying to position itself as a high-end destination. Yet I don't think Fort Worth population in general is wealthy and large enough to support real luxury brands like LV, Chanel, Gucci, so I don't think we will be seeing those at The Shops. Plus out of habit, I guess people would simply drive to Dallas if they ever want to spend big money. So my points are:

A. The Shops is not going to house real luxury brands
B. Some of the most popular aspirational/upper-middle brands have already been taken by University Village

These two reasons alone would definitely create a problem for The Shops to build a portfolio of diverse and desirable fashion brands.

Do you think my assumptions are correct? If not, why? If correct, then what brands do you expect to see at The Shops? (Kate Spade comes to my mind)

This was my point in the thread I started. They aren't going to split the luxury. If they ever do, I think it will go to Southlake. Don't feel bad. Plano won't get it either. And if luxury starts suffering in Texas, look for it to shrink from Houston to Dallas. Keep quiet about that.

[mschrief]

I think the shopping center will serve their demographic well.


I live in Marine Creek area and prefer to shop at the stores on Tehama Parkway off I35(hell highway).


I have the money but have no reason for the conspicuous consumption other seem to need to validate their existence. I'll stick to www.shopgoodwill.com , www.EBTH.com, Costco, Amazon and Chico's.


I am not a lady who "lunches" and shops, as it were.

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Originally Posted by mschrief

I think the shopping center will serve their demographic well.


I live in Marine Creek area and prefer to shop at the stores on Tehama Parkway off I35(hell highway).


I have the money but have no reason for the conspicuous consumption other seem to need to validate their existence. I'll stick to www.shopgoodwill.com , www.EBTH.com, Costco, Amazon and Chico's.


I am not a lady who "lunches" and shops, as it were.

The area between the shops at Clear Fork and the University Park Village is beautiful though. Think Lakewood Shopping Center. Another similar pretty area in Dallas is North Oak Cliff. Luxury is difficult if not impossible to define. I think Marshall Fields from Chicago said it the best. Just get the lady what she wants. That is the American spirit. The customer is the boss. One sees the same tenacity going on at Neiman Marcus, Stanley Korshak, and Forty-Five-Ten.

[Stevehanrahan41]

YPP, did you create a new user name just to reply to yourself? Lol. Are you trying to trump up more enthusiasm about luxury retail?

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Originally Posted by Stevehanrahan41

YPP, did you create a new user name just to reply to yourself? Lol. Are you trying to trump up more enthusiasm about luxury retail?

No way. I think he or she just didn't recognize my thread. I am surprised more aren't discussing this. Stop looking at downtown Fort Worth so much. There is something going on in the vicinity of these two upscale shopping centers one existing and the other under development.

[transplant2013]

Hey y'all, I am not YPP, just a transplant who happens to like Fort Worth and feel excited about its future.

I made this thread because as much as I like this project, I have reservations of it becoming a huge success. Based on observation, The Shops can accommodate up to 70 - 80 tenants. As I mentioned before, after omitting the real luxury brands and those already leasing at University Village, I have a hard time thinking of this many quality fashion brands that are willing to open in Fort Worth. Not to mention the whole Clearfork area is currently nothing but grazing land, even after the development is completed, the majority of the area will still be empty lots. Lastly, Tanger Outlet will also open in 2017 at about the same time, I bet these two places will on some level share overlapping customers, so I expect a competition.

I think the best The Shops can turn out to be is probably something like Southlake Townsquare. But the later has 3 times more retail leasing areas and Fort Worth wealth concentration is nowhere near Southlake, so this assumption might be a stretch.

Some of y'all might get tired of my rant but I really want The Shops to be a premier shopping destination in Fort Worth. University Village is way too small and offers too few selections. And I just don't like to drive to either Southlake or Dallas to shop something as ubiquitous as Brooks Brothers, North Face, or Vineyard Vines (not really, but you know what I am saying)

[Austin55]

With 2,500 residential units, 2 hotels, and 2 million square feet of office space, the number of jobs, residents and guests should support a lot of the retail. The surrounding neighborhoods are quite well off as well.

[Yellow pool of piddle]

Originally Posted by transplant2013

Hey y'all, I am not YPP, just a transplant who happens to like Fort Worth and feel excited about its future.

I made this thread because as much as I like this project, I have reservations of it becoming a huge success. Based on observation, The Shops can accommodate up to 70 - 80 tenants. As I mentioned before, after omitting the real luxury brands and those already leasing at University Village, I have a hard time thinking of this many quality fashion brands that are willing to open in Fort Worth. Not to mention the whole Clearfork area is currently nothing but grazing land, even after the development is completed, the majority of the area will still be empty lots. Lastly, Tanger Outlet will also open in 2017 at about the same time, I bet these two places will on some level share overlapping customers, so I expect a competition.

I think the best The Shops can turn out to be is probably something like Southlake Townsquare. But the later has 3 times more retail leasing areas and Fort Worth wealth concentration is nowhere near Southlake, so this assumption might be a stretch.

Some of y'all might get tired of my rant but I really want The Shops to be a premier shopping destination in Fort Worth. University Village is way too small and offers too few selections. And I just don't like to drive to either Southlake or Dallas to shop something as ubiquitous as Brooks Brothers, North Face, or Vineyard Vines (not really, but you know what I am saying)

I don't mind. Yack all you want.

[Yellow pool of piddle]

Originally Posted by Austin55

With 2,500 residential units, 2 hotels, and 2 million square feet of office space, the number of jobs, residents and guests should support a lot of the retail. The surrounding neighborhoods are quite well off as well.

Highland Park Village wasn't designed originally to house luxury shops. It was a master planned community. It was the very first shopping center of its kind built in the nation. Even without luxury, Highland Park Village would be a landmark.

In contrast, University Park Village was built during the eighties. Figure that the Shops at Clearforkis being constructed out of tilt wall construction and plastic. Still, that area is developing into something special. Perhaps one day someone will go all in investing in a legacy building something like a NorthPark Center or another Crescent.