The Collection at Chevy Chase may not be a Collection Much Longer…
August 25, 2008 by jessebkaye
Oh those darn rumors again…
As we approach the two year mark since the grand opening of the Collection at Chevy Chase we may be seeing an unexpected turn of events unfold. Quietly, word has been spreading that several of the high-end tenants may be closing shop as a combination of a rough economy and unexpected spending habits for local residents have hurt more than just the pride of the company’s located in what has been referred to as the “Rodeo Drive of the East Coast.” If rumors are true, many of the tenants two-year leases, most of which began in June-July of 2006, are not going to be renewed.
While the average household income of $109,709 and median home value of $952,119 in 2005, according to city-data, one would expect the location of the mall to be ideal but the Chevy Chase Land Company may soon realize that the consumer spending habits of DC area residents are not consistent with the corporation’s expectations. Combine that with the local big-brand departments stores, including Bloomingdale’s, Sak’s, and Neiman Marcus carrying identical product lines and it could just end up just like the deserted mining towns of the Mid-West in the early 1900′s (a bit of a long shot in Chevy Chase but it does paint a pretty picture).
So, in any normal fashion, I wanted to research a bit more about the likelihood of the rumors truthfulness. I used a program called Prizm NE, by Claritas, to research the residential makeup of zip code 20815. According to the site this area is made up of five market segments which are defined by the following characteristics:
Executive Suites- Median HH Income: $72,276
| Lifestyle Traits |
|
|
Money & Brains-Median HH Income: $85,900
| Lifestyle Traits |
|
|
Movers & Shakers-Median HH Income: $100,275
| Lifestyle Traits |
|
|
Upper Crust-Median HH Income: $111,546
| Lifestyle Traits |
|
|
Young Digerati-Median HH Income: $82,066
| Lifestyle Traits |
|
|
Has anyone else heard similar rumors?
Tenants include:
Barney’s Co-op
(301) 634-4061
www.barneys.com
Bvlgari
(301) 986-8610
www.bulgari.com
Cartier
(301) 654-5858
www.cartier.com
Christian Dior
(301) 986-8715
www.dior.com
Famoso Restaurant & Lounge
(301) 986-8785
www.famosorestaurant.com
GEF Management Corp.
(240) 482-8900
www.globalenvironmentfund.com
Gucci
(301) 986-8902
www.gucci.com
Hela Spa
(301) 951-4445
www.helaspa.com
Jimmy Choo Shoes
(240) 223-1102
www.jimmychoo.com
Louis Vuitton
(301) 654-1101
www.vuitton.com
M Cafe
(301) 986-4818
www.famosorestaurant.com
Max Mara
(301) 656-0581
www.maxmarafashion.com
Ralph Lauren
(301) 718-4223
www.ralphlauren.com
Tiffany & Co.
www.tiffany.com
Awesome! I work for Claritas. =)
Reply to this conversation!