LRretail

Some spaces I don't believe will ever be occupied on the side where Homegoods is located unless something else besides the Homegoods is placed there. The theater is obviously a big driver but has changed hands twice since it's been opened. I'm thankful AMC bought it but it's never seemed like it's full of customers. I frequent the theater several times a month and there's never very many people there when I take my kids to watch a movie. Location perhaps might get better with time. I'm encouraged by the activity in Chenal. More rooftops being built no doubt helps.

That's probably the reason why it's closing. Not because you haven't gone there but that's most likely a trend that started when stuff got a bit more saturated in the market. Isn't either one of those. Although I can see Zoe's going away soon being so close to Taziki's. Although Taziki's may be looking elsewhere too since sales have been reduced so much from Zoe's being so close. Either way both of those are suffering from market saturation. Starbucks is supposed to be going into the old Dunkin location as they've bought the property from the old Dunkin franchisee. Also Panera Bread's lease in Pleasant Ridge has come up for renewal and the franchisee has chosen not to renew it since the property owner won't help Panera pursue a drive-thru in their current location. Panera will end up closing that location I assume within a year perhaps a little longer.

The owner of David’s has been in a lengthy court battle with the bank that owns the building. He has a history of getting into cheaper leases. If any of you will recall the space was occupied by a failed cafe before David’s located there. The bank doesn’t have a very profitable lease with David’s so they’ve been trying to kick them out for years so they could sell the property to CVS. Pretty greedy. But no doubt a business decision in the banks part. They won’t be renewing David’s lease so it’s forcing them to relocate. My bet is it’s moving to the old Mexico Chiquito on Cantrell which the owner of David’s bought a few months ago. As another sign that the restaurant scene in Little Rock is contracting, the Krispy Kreme on Shackleford near Kanis will be closing as soon as the property owner finds a new tenant or can sell the property. There’s also another restaurant near Chenal and Markham that will be closing in the next six months though I cannot disclose who that is right now. There has also been some talk about the Juicy Seafood in Pleasant Ridge closing in the near future with sales being less than expected and a high rent factor.

I can honestly tell you that it's a lot of both. There are far too many restaurants that serve the same food. (la Madeleine btw isn't a Mexican place. It serves French food.) However that's the restaurant scene everywhere, even in larger markets. The difference is that there are enough people to support lots of different brands in the same space. With 200k or so in Little Rock city limits, alot of the restaurants compete with each other across types and spaces. I don't agree with your assertion that there's room for more restaurants without further diluting existing restaurants that are already in operation. Thai and Indian places have opened up and have done "OK" but not well enough to write home about. Most of those folks are owner/operators who basically bought themselves a job. It's honestly very hard for consumers to expect more diversity in choices outside of the norm as you describe (burgers, Mexican, pizza, fish/chicken, etc) when that's all the local residents support. Restaurant developers see that in their demographics because they do their homework before coming to market. I respect your opinion and/or observations about what you think you see in the market but I encourage you to talk with some existing restaurant owners and see what their experience is this year versus last and 2017 versus 2016. 85% of the respondents I talk to in the market (especially in Little Rock) tell me that this year sales have been down. I don't see how lower sales justifies opening more restaurants just for those stores to open with a six month honeymoon season only to close in less than five years. This is of course just my field observations in the market, for what its worth.

I’m heavily involved with the restaurant industry in our city. From someone that is on the ground in the field I can unequivocally state that the market has reached saturation point. Possibly this happened last year. There are more dining options than ever for the consumer. While the consumer may love that, it absolutely doesn’t work for the owners of the businesses. This year I’ve talked to many restaurant owners both chain and independent that have experienced a significant shift in the industry. Off premise sales are increasing while on premise dining is losing steam by the double digits. We are beginning to see many long time restauranteurs have second thoughts about their business. Many new owners are finding that business isn’t what they had hoped for. There was mention in previous comments that “there’s so many options I can’t eat at them all” and that’s precisely the problem. The market is saturated and you can’t eat at them all and that kills business for some folks. So while business is usual for openings and closings perhaps on an annual basis, I can tell you from being ingrained in the industry that this year is worse than last year by double digits and last year was worse than the year before by high single digits.

While I agree with you that the centers in Little Rock are far too dispersed, I'll have to respectfully disagree with your comment that the market isn't saturated. I'm heavily involved in the restaurant industry in Central Arkansas. Restaurant consumers are changing nationwide with our market getting the trends of those changes a little bit later than many other major markets. In the transitions section of ArDemGaz every week there are a significant number of restaurants closing and just as many opening. We are a "foodie" town. That's what's so great about us. We've got fantastic homegrown brands (David's, Slim Chickens, Yellow Rocket, etc). The hard truth is that often when national brands come to Little Rock they get disappointed in the sales numbers. We all love Little Rock. At least I do. But that's the realism of the trend in the City. There's too many. I've had in depth hours long conversations with multiple restaurant owners. The majority of them say at some point in the conversation, "We just wish sales figures were better. There's too much competition for us in some portions of the City". Those are comments coming from real world restaurant operators here in Little Rock, both chain and independent. Sales might be up or down as a whole. I don't have those figures. But per location sales are down at a time when they should be up. The market is just overbuilt.

I agree with you. Perhaps it's a different kind of support, demographic, or trends in Central Arkansas versus Northwest Arkansas. Many in Northwest Arkansas are more transient. Perhaps cause they come from alot of different places in connection to JB Hunt, Walmart, Tyson, etc. Central Arkansas populations support more local brands. So perhaps that's why so many national brands go to Northwest Arkansas first.

I haven't seen that article and have no doubt that may be the case. But I'm not sure that many restaurants in Central Arkansas are seeing that type of increase... I wish we were able to get more statistics from A&P to study that. But a law passed a couple of years ago stopped that. In past years, development teams from a number of national brands have expressed concern that the market isn't strong enough in Little Rock (due to level of competition, population numbers, check averages, work force pool) to make a major investment. The Red Robin in Benton is purely a play in connection with GBT Realty which is a national landlord that operates all across the country and has a close relationship with Red Robin. But they wouldn't make the same play in Little Rock. I'm not trying to say anything negative but there ARE reasons why we don't get many of the same brands in Little Rock and Central Arkansas as a hole in comparison to Northwest Arkansas perhaps. I don't see a Top Golf coming here any time soon much less a Pappadeaux.

Ruth Chris has been negotiating with Del Frisco's on the terms of their deal. The rent factor at Del Friscos was very high. I'm sure Ruth Chris is trying to negotiate as much of a discount on the rent with Del Frisco's subsidizing as much of it as they are willing to. Ruth Chris has been interested in Little Rock for a number of years but the big kink in the deal has always been their demand of $900k in tenant improvement money from a landlord or seller. That is what killed the deal at every venue they've gone to. But with Del Friscos buying, building, and now closing this location in promenade, Ruth Chris has finally found their deal to get open. From what I am hearing, the deal is very close to being done if not already completed.

The market for restaurants in Little Rock has become saturated. The restaurant column in the AR Dem Gaz has multiple closures every week. Many of us that live in Little Rock support local independent restaurant operators much more than we support the national chains. There's not as much competition in smaller towns like Benton or Bryant. Often times we will see certain brands come into Little Rock last. It's a combination of a couple of things - Lack of good sites and lack of enough population that will support so many restaurants. Many restauranteurs are experiencing a shift in the market. We're seeing alot of restaurant brands go smaller (like the Chili's on Markham across from la Madeleine). Younger diners are using online apps more to order and buy. Home delivery increases double digits every year. Foot traffic into restaurants are generally less and has declined quarter after quarter. This is a nationwide trend as well. Just my two cents and what some observations have been in the market.

I do like Main Event. I've been to several in different locales. The flavor of concept, I agree, is dissimilar with respect to amenities. I suppose that I should clarify that my hopes are that there is enough demand to support both concepts. My experience has been that there's a consumer dollar in our market and even though two businesses are dissimilar in execution, there might not be enough of the consumer dollar to split that would make both Dave n Busters AND Main Event financially feasible for both places. I think that Playtime Pizza was poorly operated long before Dave and Busters came along. But Dave and Busters opening was sort of like putting an suffering dog out of its misery. Personally I hope Main Event shows and I hope its a screaming success.

Well then I sincerely hope you're able to convince the people at Main Event to locate to Little Rock! I hope you're able to convince them to seek this location before the Landers or some other car dealer acquires the space. I also hope they don't view being in direct competition with Dave and Buster's in close proximity as a bad thing. I personally wished that Playtime Pizza was able to stay in their location. But like many others wasn't surprised to see it go. I hope Little Rock can support both Main Event and Dave and Buster's.

Landers is already in discussion to purchase to relocate their Kia dealership there or extend Chysler Dodge Jeep into the space. The Main Event has expressed that our market is too small for them. Although the Movie Tavern said that as well some years ago but they are here now. So who knows.

I wish it were more of a real NY deli. Much of the food is similar to McAlister's. But it was $3 an entree more than McAlister's. IMO a lost opportunity for a great replacement for Boneheads or whatever was there before. Damn shame.

It's expected that a hotel will be the primary use of the development. I'm not sure if Aloft is going to be the brand chosen but word is that the hotel element will still be an adaptive reuse, contemporary design. The rezoning application filed with the planning commission was to provide flexibility in the building's use in the future so that apartments may be included at some point. No word as to whether any apartments will be constructed as I'm told the overall plan for the structure is still hotel from top to bottom. I do find it interesting that there's a zoning application with similar wording as the previously approved zoning for the Cohn Building next door.

He will retire.

From my understanding, any occasions of Costco looking at a site in Central Arkansas have been at someone's request. Either a developer or a property owner that would try to prop up or heighten the exposure of their development for the sake of getting tenants. I do not believe that the "look" at 430 and Cantrell was ever a serious occurrence of Costco looking for property. I know that the company that is in charge of attracting tenants to the old Sears site on University is good at getting national tenants. Costco would be a good anchor for that site but I will second adman by saying that access would be tough. I do, however, believe whole heartedly that any attempt at entry into the Arkansas market by Costco would receive a significant pushback from Walmart. When you have the largest retailer on the planet keeping you out of their home turf, it is difficult to open. Same fight with Dillards and Macy's, Nordstrom, et al.

I very highly doubt that we will ever get a Costco in the state of Arkansas. For the same reasons why we don't have many competitors to Dillard's. I'm sure that Walmart would never allow a Costco to show up in the state... which is sad.

Mark McLarty is Mack McLarty's eldest son. The McLarty's opened all the North Point dealerships before selling them off to the Asbury Group. Mack McLarty went on to be in Bill Clinton's cabinet for a time and then moved to DC. His son, Mark, helped open many of the upscale auto dealerships in China before all of that imploded. He's returned to Little Rock and has been back for a time. He's been in the process of acquiring as many dealerships as he can. Buying in multiple states from Frank Fletcher, Bale, and others. So yes, McLarty is acquiring quite a bit.

Actually I think their concerns over low sales volumes speaks to the Pleasant Ridge Shopping Center and that relative section of HWY 10 about 1-2 miles in both direction. It's not information available to the public any longer but restaurant sales in that area, for a variety of reasons, falls below average for Newks, Chick-fil-a, Chipotle, Bonefish, Bar Louie, etc. It's confused me why it's like that because that portion of Cantrell has the highest non-interstate daily traffic count in the state. So it's not for lack of exposure. So although it's not adjacent to 430, it gets quite a bit of exposure to traffic. Perhaps it's because of low visibility / access or other things you've mentioned and other things we haven't thought of. Yay. Another better burger place opening. Cause we seem to have a lack of those around.... Almost like the need for more banks, pizza places, dental offices, and nail salons... Yay.

I do like the idea of the Costco going in the shopping center where Chili's is currently. The price might be too high for them and there's still a number of tenants still occupying space. I wouldn't think they'd be open to going in where Kmart is. Chili's is not looking at any other location along Rodney Parham or in Pleasant Ridge. They've cited that almost every national brand open in the Pleasant Ridge area currently does below average sales volumes. They may end up in the former Luby's location on Markham or go out further west closer to Chuy's.

Good...Luck... I'd love to see something like this in the future. But the way things are paid for (or not) in Central Arkansas, I think it would be a LONG time before we see this.

I wouldn't be surprised if you see them move out west somewhere in Chenal. More than likely not at the Promenade. I wouldn't expect to see them at former Luby's.

They've not chosen a location yet. The search just began. The lease on their current location is coming due soon and they've chosen not to renew. I'm not sure what to say about the area. I know that it's struggled to retain tenants in the shopping center where Chili's is currently located with Whole Foods leaving and Chili's will be gone soon. Dixie Cafe's lease has another couple of years left. Crime in the area has increased. Perhaps some new tenants will move in and fill the void.

They are having issues with certain things meeting code which doesn't surprise me. That Arby's location along with the McDonalds and Taco Bell on Rodney Parham has been there since the early 80's. If they can't get the remodel effort to jive with building code they will likely move away or shut that location down. Chili's on Rodney Parham is moving out of it's current location. Olive Garden across the street was considering a move last year but their sales are adequate enough to warrant staying.