Shinola to open first Southeastern US store in WynwoodJul 09, 2015
article courtesy of therealdeal.com
Shinola, a Detroit-based retailer selling watches, bicycles, upscale leather goods, pet accessories and other items, is opening its first store in the Southeastern United States in Wynwood, The Real Deal has learned.
The store, at 2399 Northwest Second Avenue, will occupy 1,300 square feet, and will open in the fourth quarter, said Drew Schaul, vice president and managing broker of RKF’s Miami office, who represented Shinola, along with RKF Senior Director Ben Mandell. The site, owned by Steve Rhodes, was previously occupied by Elemental, a home decor shop, which is now operating online.
Next door to Shinola will be another new shop, Italia Independent, carrying eyewear and accessories, Schaul told TRD.
Wynwood is becoming increasingly appealing to small retailers, due to its central location, affordable lease rates, and artsy and hip vibe that attracts millennials, said Schaul. RKF represents other tenants and property owners in the area, and has handled the sale of several Wynwood buildings, including the Wynwood Block, which Redsky Capital purchased for $26 million in March.
“It’s organic, it’s street level and it’s a neighborhood. It’s also a tourist destination,” Schaul said of Wynwood.
Shinola, launched by the founder of Fossil, currently has stores in New York, Los Angeles, Washington, D.C., London, Minneapolis, Chicago, Ann Arbor and Dallas. The company’s products are also sold at department stores, including Bloomingdale’s and Neiman Marcus.
“Everything today in retail is about experience,” Schaul said of Shinola’s choice of Wynwood, “and it’s a very unique experience.”
The city of Miami’s Planning, Zoning and Appeals Board recently approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood. The recommendations must still be finalized by the city commission.
“As the area gets upzoned, and residential development comes in,” Schaul said, “more retail will follow.”