DC’s Rising International Star
The District of Columbia is home to a highly educated population and ranks among the wealthiest metropolitan areas in the United States. Consumer sophistication has spurred demand for foreign luxury brands and new and unique concept stores. Putting the city in the expansion sights of European retailers is the next step in its retail evolution. The Washington, DC Economic Partnership will represent the District of Columbia for the third successive year at MAPIC 2006, November 15-17, 2006, in Cannes, France.
MAPIC is the leading international market for retail real estate where companies showcase new concepts and developments, discover new trends and increase their activity into the international arena. The three day event will attract more than 8,000 delegates from around the world and 831 exhibiting companies. Washington, DC Economic Partnership will participate with Forest City Washington, Nixon Peabody and the Downtown BID.
Under the leadership of Mayor Anthony A. Williams, the District of Columbia regained a strong financial rating from all major domestic investment rating services—a signal that the city was ripe for new investment opportunities. The city began attracting the attention of foreign investors, quickly becoming one of the most desirable markets for foreign investment portfolios. In fact, the District of Columbia has ranked among the top cities for commercial real estate investment by the Association of Foreign Investors in Real Estate (AFIRE). Beyond investment in buildings, European retailers and restaurateurs have turned their attention to a growing awareness of the sophisticated tastes and brand loyalty of District residents and workers.
The success stories of national and international retailers–including Zara, Mexx, Krön Choclatiers, Burberry’s, Douglas, Brioche d’Or, H&M and Benetton–may be found across the District of Columbia in established submarkets such as Georgetown, Friendship Heights, the Central Business District and the East End. Washington, DC Economic Partnership is focused on attracting the next wave of European franchisors to consider the District of Columbia as a lucrative retail market for expanding their operations in the United States.
Retail opportunities are emerging in several revitalizing urban neighborhoods, including Columbia Heights, Mount Vernon Triangle, NoMa, the Southeast and Southwest Waterfront areas, as well as the East End business district. Among the development projects that the Washington, DC Economic Partnership will feature at MAPIC are the Anacostia Waterfront, a 50-acre, mixed-use redevelopment site, and Center City, an 11-acre redevelopment site in the heart of downtown.
For more information about MAPIC 2006, please visit www.mapic.com.