Detroit media outlets that like to flip out about gentrification (or even just the potential thought of it) are sure to be going nuts today over Whole Foods Effect . We've heard (and said) some pretty hyperbolic things about the Most Important Grocery Store in America before, but today Salon takes the (organic, gluten-free) cake for touting the most importance importance of the store to this city!
"The company is so good at the real-estate game that it has spawned a catchphrase, the Whole Foods Effect, a phenomenon Detroit is clearly banking on, having offered the retailer $4.2 million to come there. That figure suggests city leaders believe that Whole Foods is a force unto itself that can give a neighborhood the escape velocity it needs to break free of its doldrums."Whole Foods has a track record of accelerating gentrification (that may not even be intentional on the part of the store) which seem to work by certifying a neighborhood as a "quality buy." Where Whole Foods go, so do other retailers follow; lenders and bankers like to see one around as a sign of progress. So what will happen if Whole Foods effect* really takes place and raises property values by 17.5 %, as has been observed in other areas? The End of the World As We Know it! Which may be awesome or terrible depending on if you already have an offer in on a property versus if you like your current rental rate and refuse to pay a penny more. Either way, we say let them eat cake! * Anti-gentrifiers, please note it is not the arugula's fault! Whole Foods Effect isn’t caused by the store itself, it’s caused by the events a new store sets into motion. Nuance-y, no?
· Whole Foods is coming? Time to buy [Salon]
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