A ‘Sense of Place’ Is Not Enough To Overcome Market Dynamics
It can be easy to fall in love with the Pratt Street’s of the world (link below), but a “sense of place” can only go so far. Ultimately, a district’s prospects for retail rise or fall on the basis of broader market dynamics. Unless it is able to clearly and convincingly differentiate itself in the minds of consumers and prospective tenants from other nearby rivals (including ones within the Downtown itself), it is unlikely to gain traction – no matter how much charm it has or how much imagination urban designers bring to it – as there is, especially in smaller markets, simply not enough demand to go around. On Pratt St, the lead developer is saying the right things – a “vintage hipster” vibe would seem to offer a contrast to Hartford’s Front St. Then again, that might not necessarily mean the same thing to the next generation of urbanites (Gen Z) that it did to the now-suburbanizing one (Millennials). As always, getting the retail right will be more complicated than it seems.