JC Penney’s intent to locate in Detroit seen as positive sign for retail
JC Penney has signed a letter of intent to locate at the Eight Mile
and Woodward Shoppes at Gateway Park, which is a positive signal from
a national retailer about investment in Detroit.
Excerpt:
The department store’s interest reflects some major retailers’
strategy to consider areas they’ve overlooked, said Fred Marx, partner
in Marx Layne & Co.
“You look at that population of potential shoppers that are not being
served,” Marx said. Pharmacy chains like CVS took that route and saw
success, Marx said.
Read the entire article here.
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