1 min read
Posted on 05.20.13
  • 1 min read
  • Posted on 05.20.13

This is a disappointing announcement, but it is neither unexpected nor tragic.

While it has been great having one of the remaining few downtown department stores in the country, we all knew that overall retail shopping trends meant that its days in downtown St. Louis were numbered. Department stores have yet to find successful urban business models, though ours certainly tried. I commend the Macy's team for its efforts.

Ten years ago this would have been a much bigger blow. Today, so much else is happening downtown - in places like MX - that what we mostly lose are some memories of a very different era. Downtown's fast growing cadre of young residents don't shop in department stores and don't even remember shopping in them.

Since the recession hit, we have seen more than half a billion dollars in new investment. Ballpark Village and City/Arch/River are underway. A new owner is going to remake the Roberts Tower. The convention business is growing because Downtown is getting better. Downtown is gaining a national reputation as a place for innovation and entrepreneurs.