When T.J. Maxx and HomeGoods opened in Georgetown in September 2013, residents worried about what it would do to “the character of the neighborhood,” according to the Washington Post. But from what we can tell, it’s been a boon—at least where property value is concerned.
Vornado Realty Trust purchased the Shops at Georgetown Park at a foreclosure auction in 2010 for $61 million and quickly filled it with chain stores—including a 27,000-square-foot H&M and a DSW—bringing lower-end retailers into the otherwise upscale shopping destination.
In August, Jamestown Properties bought the mall from Vornado for a full $211.5 million more than Vornado paid in 2010—and it’s inherited the lease of another bargain-friendly retailer, a 20,000-square-foot Forever 21, opening this Saturday. This is the brand’s second store to open in the District.
While some residents may balk at the trendy-cheap aesthetic coming to their neck of the woods, the developers have found a new niche of shoppers, attracting bargain-hunters and students on a budget.
As for what Jamestown intends to do with the mall now that they’re holding the reins? More food and dining, following the lead of Jamestown’s other properties, Boston’s Newbury Street and New York’s Chelsea Market.
The grand opening kicks off at 10 AM on Saturday, January 17, at 3222 M Street, Northwest. In addition to 50 percent off sale items, the first 300 customers in line will receive gift cards ranging in value from $10 to $210.
And in the meantime: If you love the price of big-box stores but not necessarily the quality, here are some tips to help you get away with shopping at Forever 21 (without looking like you shop at Forever 21).