In the world of retail, the big players seem to keep getting bigger. Massive corporations dominate the shopping mall industry, making it difficult for smaller regional players to compete. However, there are a few exceptions. One such exception is Sidney Forbes, the mastermind behind The Somerset Collection in Troy, Michigan, and three other luxury shopping malls in Florida.
Forbes, along with his partner at Frankel Associates, has successfully navigated through recessions, retail bankruptcies, and changing demographics. Unlike other corporate leaders, Forbes has built his empire on quiet diplomacy and strong relationships with retailers, politicians, and his own team.
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When asked about his business philosophy, Forbes humbly shared a conversation he had with legendary golfer Jack Nicklaus. Just as Nicklaus focused on excellence, practice, and humility in his golf career, Forbes strives to always deliver excellence in his business ventures.
Recently, Forbes was honored with the Lifetime Achievement Award from the Urban Land Institute Michigan District Council. Reflecting on his life and career, Forbes discussed his vision for the next phase of development at Big Beaver and Coolidge, the epicenter of luxury shopping in Michigan.
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Forbes plans to integrate the former Kmart Corp. headquarters into the area, envisioning a signature office building, a five-star hotel, luxury residences, and elegant shops and eateries. His goal is to create an urbanistic experience that locals and visitors can be proud of.
Oakland County Executive L. Brooks Patterson expresses complete confidence in Forbes’ ability to transform the Kmart site. Forbes has earned a reputation for delivering quality and following through on his plans. Patterson even affectionately refers to him as “King Midas.”
The journey to success was not an easy one for Forbes. He wasn’t born into wealth, and after his father’s death in 1949, his family faced financial challenges. However, Forbes was determined to make his mark on the world. He started by acquiring an 80-acre parcel of land in Warren, Michigan, and turning it into a successful shopping center in 1965.
Throughout the years, Forbes developed several more projects, reflecting the ever-changing retail landscape. His most significant achievement was the development of The Gardens Mall in Palm Beach Gardens, Florida. This luxury mall attracted renowned retailers like Saks Fifth Avenue, Bloomingdale’s, Macy’s, and Nordstrom.
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Forbes’ success continued when he partnered with Sam Frankel to expand Somerset Mall. Adding a second level to the mall while keeping it open was a challenging feat that required meticulous planning and cooperation. The expansion opened in 1992, and shortly after, Forbes embarked on another project, Somerset North. This expansion included flagship stores like Hudson’s and Nordstrom, along with unique interior stores that brought a new shopping experience to Michigan.
In addition to his focus on luxury malls, Forbes has also taken a keen interest in the redevelopment of downtown Detroit. In partnership with Dan Gilbert, founder of Quicken Loans Inc., Forbes opened CityLoft, a temporary store where Somerset retailers displayed their products. The unique atmosphere and attention to detail showcased Forbes’ skill as a mall operator.
Forbes’ commitment to Detroit extends beyond CityLoft. He also opened The Detroit Shoppe, a store that donates all its proceeds to local charities. The store provided a museum-like experience, featuring products and merchandise that celebrate Detroit’s history and culture.
According to Jim Bieri, a principal at Stokas Bieri Real Estate, Forbes and Gilbert are early pioneers in the revitalization of downtown Detroit. While building a shopping mall may not be feasible at this time, the increasing number of workers and residents in the area shows promise for the future.
Sidney Forbes’ story is one of determination, vision, and a commitment to excellence. His ability to navigate through challenges and create exceptional shopping experiences has solidified his position as a leader in the retail industry. As he continues to shape the future of Somerset Mall and contribute to the redevelopment of downtown Detroit, Forbes’ legacy as a true mastermind of retail will undoubtedly endure.
Source: https://t-tees.com
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