| 41 shopassociation.org
PLENTY OF ATTENTION IS BEING PAID to the High
Streets, Main Streets, and malls. But a new report by Cushman
& Wakefield notes that it’s the urban Cool Streets where the
retail hip factor is reaching a fever pitch.
The global real-estate-services firm set out to define and
find the top 100, out-of-the-box, hipster neighborhoods in the
United States and Canada. Many are longstanding bohemian
enclaves and up-and-coming trade areas.
Statistics show Millennials are fueling this phenomenon,
with 44% ranking access to shopping and entertainment as
a top priority, compared to 36% of Generation X-ers and
43% of Baby Boomers. Public transportation, walkability,
and affordable rents are also prime motives behind the move-
ment, according to the report.
Other drivers are the Millennial embrace of experiences
over material goods, as seen by the volume of dining options.
In roughly half of the markets, restaurants outnumber retail
by a ratio of 2: 1.
Clicks-to-bricks players such as Warby Parker, Bonobos,
Marine Layer, and others also have been active, along with
the occasional upscale mall or lifestyle center retailer. Mean-
while, brands like Kit and Ace and Shinola have flourished.
Independent retailers remain the heart and soul of the Cool
Street phenomenon, however. Rents play a big role. Across
the 100 markets included in this year’s report, average rents in
Cool Street neighborhoods stood at roughly 55% of the average
asking rate of the nearest Class A mall or High Street shopping
district. Looking ahead, many more mainstream retailers
will likely look for Cool Street shop space. This holds partic-
ularly true for beleaguered mall apparel concepts, according
to Cushman & Wakefield.
How does a neighborhood qualify as cool? A hip-o-meter
measured liveability and retail flavor, residential rents, retail
rents, and demographics. Survey participants included commercial real estate brokers, property managers, appraisers,
consultants, research and marketing professionals, and
executives. Here are the top 15 markets, with percentage
of Millennial population and average household income:
— Beth Feinstein-Bartl
No boohoos for boho—
Urban ‘Cool Streets’ are where it’s at
Sunset Park Brooklyn, NY 26.9% $81,529
Logan Square Chicago, IL 34. 3 84,529
Over-the-Rhine Cincinnati, OH 36. 9 49,466
RiNO Denver, CO 39. 6 69,790
Silver Lake Los Angeles, CA 26. 6 80,375
Wynwood Miami, FL 26. 9 44,350
North Loop Minneapolis, MN 39. 4 61,767
Roosevelt Row Phoenix, AZ 26.0 47,541
Carytown Richmond, VA 43. 1 81,444
East Village San Diego, CA 32. 7 74,414
Jackson Square San Francisco, CA 34. 6 107,916
Demar Loop St. Louis, MO 29. 8 85,425
West Queen West Toronto, Canada 75.9 92,354
Main Street Vancouver, BC, Canada 31. 3 85,689
Shaw Washington, D.C. 43. 4 117,035
East Village in downtown San Diego is among the neighborhoods
appealing to today’s hipsters.
The art of graffiti is celebrated in Miami’s Wynwood community.
Tours of the ubiquitous murals, which change constantly, are popular.