Agenda - Council - 01/24/2017 - Laserfiche WebLink

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Grocers Contend for Market Share(con't.) Restaurants,Wine& Spiking Rates Fresh Thyme Farmer's Market opened three new stores in Fast casual/quick serve restaurants continue to dominate growth in Plymouth,Vadnais Heights,and Savage,adding to existing stares this category.Naf N'af Grill Caf6 Zupas,Piada Italian Street Food, in Bloomington and Apple Valley.There are also plans for stores and Pancheros are all expanding or looking for new locations in in Waite Park and West St.Paul.Aldi recently opened a Cottage this market,and will compete with established brands Chipotle and Grave store,is opening a new store in Apple Valley,and has a store Noodles&Co. planned for Burnsville.Whole Foods,Cub Foods,Kowalskis,and Trader Joe's are all expanding locations,and Cub Foods,Kowalskis, Total Wine continues to scout locations and post strong volumes in and Lunds and Byerlys are remodeling existing stores. the stores it has opened.Their search is not without its challenges, as local liquor owners petition city council's to block their entrance. Coffee Competition Minnetonka recently rejected Total Wine's appeal for a liquor license Tim Hortons and Dunkin Donuts are new entrants in the coffee after the retailer had spent two years working to comply with the market this year.Existing players Caribou Coffee and Starbucks are city of Minnetonka's requirements.There are stores in Bloomington, already well-established here.Starbucks has several new stores Burnsville,Chanhassen,Roseville,Maple Grove,and Woodbury, planned,and is partnering with Hy-Vee to open shops in their and a new store will be opening soon at Central Park Commons in Minneapolis-St.Paul stores. Eagan. Discount departme es T.J.Max,Marshalls,HomeGoods,and Nordstrom Rack anding and thriving. The compe' retail lands and lowvacancy continues to DUNKIN• push re les upward to all ti (ghs.We are seeing growing ODONUTSdem secondary locations a ers try to expand or open • n res.Ove ccupancy costs will continue to rise as CAM an inc Many assets have changed hands at high prices, leading r assessed values and pushing up the tax burden, which[an pass on to tenants. fart+ii 2ccs ct to s kness in the office products category as 0fft to les pull back on expansion plans and close • s Co con from online sales will continue to plague are[,footwear and handbag sectors and hamper brick-and- ortar growth among these retailers. Net Absorption- 03 Vacancy- 03 A00.0O6 246,5q7 25% 2(50,006 o 2096 90,944 20,3;d — t4.7% n 3 ° I�SA�SS ,t ' (309,009) a 5% 5.�i°f, - (400,000) 0 i 11% CLIU Conrruniry Ughtortnod Oude( Regional COQ Community Neighborhood Oudei Reglorai Minneapolis-St.Paul Research& Forecast Report I Quarter 3 1 Retail I Colliers International 3 441 Page