Washington, D.c. has revised its reputation as more than just america’s political hub, becoming a destination for iconic momunments, world-class museums, historical neighborhoods, chef-driven restaurants, and a plethora of shopping options. few global cities are able to match the district’s mix of historical treasures and inspiring attractions.
The D.C. area has remained fairly resilient throughout the recession, though the effects of sequestration and government debates remain a drag on the region’s economic growth. Despite any government and economic uncertainty, the power of retail has shown little sign of stopping. Area retail sales volume is expected to top $100 billion in 2015 and the sector has seen consistent gains since the end of 2009. Six of the 10 counties currently on Forbes’ America’s Richest Counties list are in the D.C. region, with Falls Church City and its median annual household income of $121,250 ranking first; where more than half of the city’s residents reside in houses valued above $500,000. This local spending power, coupled with an estimated $6.2 billion in visitor spending in the District alone, make it easy to see why top domestic and international brands consider D.C. a key market.
DUPONT CIRCLEAppealing to a broad range of tastes, the north side of Dupont Circle is lined with eclectic bookstores, boutiques, and cafes, while south of the circle one can find more traditional staples such as Brooks Brothers, Thomas Pink, H&M, and Ann Taylor along Connecticut Avenue.
EAST END / PENN QUARTERRunning east from 16th Street to and encompassing Penn Quarter downtown, the East End / Penn Quarter submarket features fine-dining, big name chains, and local treasures. Its proximity to the White House, monuments, museums, Chinatown, and the Verizon Center make this a popular shopping destination for both tourists and residents, and it’s also well located for the workday traffic flowing through one of the city’s prime office markets. The CityCenter DC Development has revitalized retail in this neighborhood, luring luxury retailers to the heart of the city and introducing others to the D.C. market.
The Capitol Hill area includes D.C.’s famed Eastern Market farmers’ market; Barracks Row, lined with small local boutiques and restaurants; and Union Station. While tourists are a mainstay at Union Station, the surrounding area is composed of charming neighborhoods and local shoppers.
BETHESDALocated in Suburban Maryland, downtown Bethesda has a variety of retail options immediately surrounding the Metro in the Woodmont Triangle area and along the posh Bethesda Row. Boasting a wide range of cuisines and an array of shops for everyday lifestyle, Bethesda provides an urban vibe for its surrounding suburban residents.
TYSONS CORNERLocated in Northern Virginia, Tysons Corner is home to the Washington D.C. area’s largest shopping malls. It includes Tysons Corner Center, with over 290 stores ranging from high-fashion to home furnishings, and Tyson’s Galleria, a luxury destination with 120 premium retail stores. Completed in late 2013, the Metro extension, known as the Silver Line has brought greater commuter rail access to Tysons Corner.
OLD TOWN ALEXANDRIA
Less than 10 miles outside of D.C., Old Town Alexandria is a popular destination for sightseeing, shopping, and dining. King Street, the town’s historic main street, is lined with storefronts ranging from local boutiques to antique stores, home goods to clothing stores. A highly desirable place to live, Old Town is home to retirees and young families alike.
CHEVY CHASEOn the border of D.C. and Maryland at the Friendship Heights Metro Station, Chevy Chase has several retail centers including the Mazza Gallerie Mall, Chevy Chase Pavilion, The Shops at Wisconsin Place, and The Collection at Chevy Chase. Primarily a luxury-goods destination, the area offers a handful of budget friendly options and retail basics as well, inclusing J. Crew and H&M.
14th STREET CORRIDORSpanning from P Street through Columbia Heights, the 14th Street Corridor is one of Washington, D.C.’s trendiest retail destinations. The revitalized neighborhood is home to many of D.C.’s most popular restaurants, bars, boutiques, galleries, music clubs, and home furnishing stores. The Columbia Heights neighborhood offers the urban convenience of retailers that are most often found in suburban shopping centers, as it is home to several big box stores, including Best Buy, Bed, Bath & Beyond, and the District’s only Target.
The Rosslyn-Ballston Corridor in Arlington, Virginia is a model of transit-oriented development and truly a place to live, work, and play. Spanning five stops along Metro’s orange line, the corridor is packed with restaurants, nightlife, gyms and a multitude of shopping options that cater to the successful young demographic that make this area so popular.
East endRunning from 16th Street to Penn Quarter downtown, the East End features fine-dining, big name chains, and local treasures. Its proximity to the White House and monuments make this a popular shopping destination for tourists. It is also well located for the workday traffic flowing through one of the city’s prime office markets. The CityCenter DC Development has revitalized retail in this neighborhood, luring luxury retailers to the heart of the city.
GEORGETOWNCentered at the intersection of M Street and Wisconsin Avenue NW, historic Georgetown has it all: international brands, small boutiques, home design stores, galleries, and dining and nightlife hot spots. Georgetown is often considered the SoHo of Washington and is the go-to destination for high fashion retail. Its cobblestone charm draws tourists, undergraduate students, and locals alike to this quintessential D.C. shopping destination.
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000 SQFT||RANGE OF UNIT SIZES|
|Georgetown||Tourists, local shoppers, students||Urban Outfitters, banana Republic, Apple, Cusp, Kate Spade, J. Crew, Sephora, Nike, T.J. Maxx, Tory Burch||Bonobos, Warby Parker, Club Monaco||$150 -$200PSF||700-30,000 SF|
|East End / Penn Quarter||Tourists, local business density, local shoppers||Macy’s, H&M, Forever 21, Jos. A Bank, T.J. Maxx, Zara, Ann Taylor, Banana Republic, J. Crew, Kate Spade, Tumi, Ferragamo||Saks Off Fifth, Nordstorms Rack, Carolina Herrera,||$100-$200 psf||1,000-50,000 SF|
|Dupont Circle||Tourists, local business density||Brooks Brothers, Books A Million, Tiny Jewel Box, Proper Topper, Ann Taylor||Core Power Yoga||$70-$125 PSF||1,000-35,000 SF|
|14th Street Corridor||Local shoppers||Mitchell Gold + Bob Williams, Lululemon, Whole Foods, West Elm, Room & Board, Target, DSW||Shinola, Marine Layer, Filson||$40-$75 PSF||1,000-15,000 SF|
|Capitol Hill||Tourists, local business density, local shoppers||Chico’s, Johnston & Murphy, Victoria’s Secret, Ann Taylor||Moleskin, H&M||$40-$70 PSF||1,000-10,000 SF|
|Chevy Chase||Local business density, local shoppers||Bloomingdales, Neiman Marcus, Tiffany & Co., J. Crew, Jimmy Choo, H&M, Le Pain Quotidien, World Market||Old Navy, Marshalls||$60-$100 PSF||1,000-45,000 SF|
|Bethesda||Local business density, local shoppers||Apple, Lululemon, The North Face, Barnes & Noble, Bang & Olufsen, Lucy, Lou Lou, Pottery Barn||Kendra Scott, Williams Sonoma||$50-$90 PSF||500-40,000 SF|
|Tysons Corner||Local shoppers||Nordstrom, Macy’s, Neiman Marcus, Bloomingdales, Saks Fifth Avenue||Soul Cycle, Uniqlo, Frye||$60-$200 PSF||500-80,000 SF|
|Old Town Alexandria||Tourists, local shoppers||Banana Republic, Papersource, Nine West, Gap Outlet, Lou Lou, Anthropologie, H&M||Lululemon, Portner Brewhouse||$40-$75 PSF||500-25,000 SF|
|Rosslyn-Ballston Corridor||Local business density, local shoppers||Crate & Barrel, Pottery Barn, Macy’s, lululemon,Free People, Trader Joes||Core Power Yoga, Orange Theory, District Taco, Bistro 360||$40-$75 psf||1,000-20,000 SF|
Data as of April 2016
Having firmly established itself as a destination for nationally recognized chefs, the Washington D.C. restaurant scene has shed its former reputation as old fashioned and outdated, and evolved into a stirring destination that both diners and restaurateurs are excited to be a part of.
No longer known just for power lunches and state dinners, D.C. restaurants feature hip design, locally sourced ingredients, and a host of celebrity chefs including Jose Andres, Wolfgang Puck, Daniel Boulud, Michel Richard, and Eric Ziebold and “Top Chefs” Mike Isabella, Spike Mendelsohn, and Brian Voltaggio, Steven Starr, and David Chang of Momofuku.
D.C. diners are repeatedly ready to open their wallets for a good meal and top spots for closing deals or savoring award-winning cuisine remain consistently filled. Traditional, tried and true favorites including 1789, The Source, BLT Steak, Komi, Restaurant Eve, and Equinox are joined by trendier scenes like Farmers Fishers Bakers, Minibar, Graffiato, Kapnos, STK, and Rose’s Luxury.
In recent years, Washington’s progressive dining power has attracted several concepts from other cities to the area including Bobby Flay’s Bobby’s Burger Palace on K Street; France’s Paul Bakery with a number of D.C. area locations; Denver-based Smashburger, and several New York City institutions including Shake Shack, Hill Country Barbeque, Carmine’s, Momofuku, Milk Bar, The Smith, Fig & Olive, and Del Frisco’s.
During the lunchtime rush, fast casual concepts reign supreme, with stores packed and lines out the door. Local budget-friendly favorites include salad models Chop’t and Sweetgreen, sandwich shops Taylor Gourmet, Devon & Blakely, and Potbelly’s, Pizza from Custom Fuel, Pete’s New Haven Style Apizza and &Pizza and even Mediterranean fare from Cava and Chicago-based Roti. It seems as if a new location for each of these debuts weekly, with expansions planned throughout the entire region.
For new openings, the 14th Street Corridor is the place to be with over 14 new restaurants opening in the last six months. 14th Street is attracting expansion outposts of local spots Matchbox, Ted’s Bulletin, Mike Isabella’s new concept Kapnos, new ventures like Tico and Doi Moi and some high-profile out-of-towners like Stephen Starr’s Le Diplomate, which has quickly become one of the highest grossing restaurants in the District.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATOR INCLUDING||RENT FOR 3,500 SQFT UNIT|
|Georgetown||Tourists, local residential population, business density||Clyde’s, Georgetown Cupcake, Paul, Bandolero, Dean & Deluca, Sequoia, Café Milano, Farmers Fishers Bakers||$135-$150 PSF|
|East End / Penn Quarter||Tourists, local business density, residential population||Rosa Mexicano, Chop’t, Clyde’s, Zaytinya, Jaleo, Matchbox, Graffiato, Carmines, Luke’s Lobster, Hill Country BBQ, Fig & Olive||$50-$200 PSF|
|Dupont Circle||Local business density, residential population||Circa, Shake Shack, Sweetgreen, BGR, Sette Osteria, The Palm, Cosi, STK, Shophouse||$40-$70 PSF|
|14th Street Corridor||Local residential population||Taylor Gourmet, Ben’s Chili Bowl, Estadio, Busboys & Poets, Cakelove, Pete’s New Haven Style APizza, Marvin, Kapnos, Le Diplomate, Ghibellina, Doi Moi, Tico||$40-$100 PSF|
|Chevy Chase||Local residential population, business density||Maggiano’s, Clyde’s, The Capital Grille, Chipotle Range by Bryan Voltaggio||$60-$80 PSF|
|Bethesda||Local business density, residential population||Jaleo, Taylor Gourmet, Redwood, Black’s Bar and Kitchen, Le Pain Quotidien, Morton’s, Daily Grill, Mon Ami Gabi||$60-$100 PSF|
|Rosslyn-Ballston Corridor||Residential population, local business density||Circa, Vapiano, Cava Mezze, Roti, Ray’s the Steaks / Ray’s Hell Burger, La Tasca, La Tagliatella, Café Aficionado, Heavy Seas Alehouse||$40-$70 PSF|
|Old Town Alexandria||Tourists, local residential||Brabo, The Majestic, Restaurant Eve, BGR, Junction Bakery & Bistro, Live Oak||$40-$70 PSF|
Data as of April 2016