New Life on Main St. - Summer 2017

It’s easy to believe that a departure by a key downtown merchant or restaurant is a bellwether for a larger trend, but in actuality, over the past decade retail vacancies in our market place have been quickly filled.   Take Sarasota’s Main Street, for instance; in the past year, desired tenants such as Alex and Ani and Brooks Brothers have departed, the latter after roughly a decade at the key intersection of Main Street and Lemon Avenue.  Both retailers are missed but others have taken their place.  The turnover does affect the market in that rental rates do not escalate as supply is steadily replenished.  Testament to the strength of downtown retail that backfilled so quickly -- upscale cosmetics store Bluemercury backfilled the Brooks Bros. space and Harry Roa Jewelry Design Studio filled in where Alex and Ani exited.