The Corners of Brookfield

The Corners of Brookfield

By: Carly Van Altena

Recently Von Maur, a department store based out of Iowa, opened up in The Corners of Brookfield, last Saturday, April 8th. The Corners of Brookfield is a “lifestyle center” that will have stores, many new restaurants, such as Belaire’s Cantina, a Sendik's and apartments above all of the stores. This retail center will have a large economic impact on the Brookfield community, as well as the other malls and shopping centers around it. Whether this impact will be positive or negative is up for debate; some believe that it will boost the economy around it, while others believe that it was an unnecessary addition and will only divert business from the local mall, Brookfield Square. It is clear that the city decided that the opportunity cost of building The Corners was better than the money and time it would take to build it.

The picture above shows the plans for The Corners. It is going to feature a green space and Von Maur in the center, with surrounding retail shops and restaurants, and above those shops and restaurants will be over 200 apartments, there will also be a parking garage below The Corners to help with space and weather.

The Corners of Brookfield is projected to have many positive impacts on Brookfield’s economy as well as the area around it. It is going to have stores and restaurants that have a mix of local and national popularity, for example the much talked about Von Maur. Ideally, this will reach a more diverse customer base and will therefore draw in new business to the city. Subsequently, The Corners will have positive externalities on the surrounding businesses, because of the customers it will draw to the city. Additionally, the construction of The Corners generated more than 1,100 permanent new retail jobs and more than 300 temporary construction jobs. The lifestyle centers has a lot of growth opportunities, and an attractive outdoor area that accommodates all of Wisconsin’s seasons.With it’s versatility and job outlook it is easy to understand why the project has been so seen to be so popular for the area.

Though there is a positive outlook for the economy due to the addition of The Corners, there are also some concerns about the negative externalities The Corners could bring to the surrounding retailers and community. The Corners has the potential to take revenue and customers away from local retail shops and could therefore cause the malls and shopping centers lose tenants. With so many new customers being drawn to The Corners, the other retailers are bound to lose out on business and therefore will suffer, so that brings many people to question why the need for a new building when it is hard enough to keep retailers in business as it is.

The Corners of Brookfield has been a project that the city has been working on for years, and now that it is finally open there are a lot of economic factors to consider that went into the decision to build this lifestyle center. The abundance of new tenants that will be moving into the open stores, restaurants and apartments provide a lot of great job opportunities and will boost the economy in Brookfield. Additionally, the project alone created numerous jobs for construction workers and retailers. Though there are some negative impacts The Corners will have on the surrounding businesses, overall The Corners stand to do more good for the community than they will do harm, which is why the city deemed the opportunity cost of creating The Corners higher than that of the cost and potential negative externalities on the surrounding retailers.

Works Cited:

Gores, Paul. "The Corners of Brookfield Enters Dynamic Retail Environment." Milwaukee Journal Sentinel. N.p., 09 Apr. 2017. Web. 18 Apr. 2017. <http://www.jsonline.com/story/money/business/2017/04/09/corners-brookfield-enters-dynamic-retail-environment/100184312/>.

Lawder, Melanie. "Inside Look: The Corners of Brookfield Takes Shape." Bizjournals.com. 2017 American City Business Journals, 29 Oct. 2016. Web. 18 Apr. 2017. <http://www.bizjournals.com/milwaukee/news/2016/10/29/inside-look-the-corners-of-brookfield-takes-shape.html>.

Staff Writer. "Commercial Real Estate Property News for Chicago and the Midwest."REJournals.com. REJournals, 17 Mar. 2015. Web. 18 Apr. 2017. <http://www.rejournals.com/2015/03/17/progress-under-way-at-the-corners-of-brookfield-wisconsins-70-rsf-premier-lifestyle-center/>.

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