By Justin Yelda, Associate at Locations Commercial Real Estate Services
It has been amazing to see the steady stream of both established and new businesses finding their way back to the city. Everyone is excited about all the development happening in the Downtown Detroit and Midtown areas, as well as suburban downtowns.
While reading an article in Crain’s Detroit about new business openings, a few things really caught my eye. As a commercial real estate professional, I find it is essential to follow the different types of trends in the market. From my own experience, I have learned that it is extremely beneficial to have different types of businesses, in close proximity, that complement one another. For example, New Order Coffee Roasters, a coffee shop, is scheduled to open in the winter of 2017. The coffee shop will be located in Midtown, only minutes away from the Campus Martius Park; a good example of making Downtown Detroit a destination where a couple, or group, can enjoy the winter activities at Campus Martius, then have fresh roasted coffee.
Another bit of news that caught my eye referenced a market in Dearborn Heights. Fresh Value Marketplace will now serve Chester’s Fried Chicken in the deli. I think this is a smart business move. With an increase of people becoming more conscious of the types of foods we consume, more and more health-based cafés and smoothie shops are opening up around town. However, the fried food business still draws a large crowd. There will always be a desire for good fried chicken.
I believe small businesses like these play a dramatic role in the local economy. A small business, like the café, fills the vacancies that may have been previously hard to fill. The various niches in this market are important because not only do they fill vacancies, they also draw a crowd to the surrounding businesses. With small businesses creating new energy and job opportunities, it is inevitable that they will have a major impact on building the economy in the city of Detroit and the surrounding suburban areas.