WASHINGTON, DC-Marshall's has opened its second big box store in the District, at the National Press Building at 14th and F streets. It precedes a third store that is planned for the Shops at Dakota Cross in northeast DC. Perhaps more importantly, this retail outlet joins a wave of several national retailers that have inked leases in the District this year, including Barnes & Noble, H & M, Pinstripes, and Bloomers.
More than 400,000 square feet of new retail space has or is slated to open by yearend here. Keith Sellars, President/CEO of the Washington, DC Economic Partnership, notes that Marshall's is a strong anchor for the downtown retail market "because it serves the daytime workforce, tourists, and the growing downtown residential base." It also fits in well with a local trend in retail real estate to pair higher-end stores with more affordable offerings.
Marshall's, for instance, will not be that far away from the luxury retail tenants expected to sign on at CityCenterDC or the new Trump Hotel, to be located on Pennsylvania Avenue. "This blend of co-tenancy helps to drive consumer traffic and meet demand in DC," said Sellars.
KLNB represents the TJX Cos., Marshall's parent, in DC. This new store is part of the company's long-term expansion strategy to increase square footage by about 5% per year. Besides the first Marshalls in the District, in Columbia Heights, TJX Cos. also has a T.J. Maxx at 601 13th St. NW, and a 47,800 square foot combined T.J. Maxx & HomeGoods store at Georgetown Park.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
