Mainebiz

W W W. M A I N E B I Z . B I Z 17 JA N UA R Y 1 3 , 2 0 2 5 F O C U S E C O N O M I C F O R E C A S T "We continue to see the repurpos- ing of defunct office and retail spaces into industrial," he says. "I'm advising our brokers to think outside the box as much as possible." His bold prediction for 2025: "A commercial real estate transaction in Maine will be financed by cryptocur- rency. e Trump administration is embracing crypto, and Maine needs to be prepared to support those consum- ers. Oh, and the Celtics repeat." R E TA I L / R E S TA U R A N T Energy and foot traffic could define Portland's retail and restaurant scene B y A l e x i s W e l l s T he retail and restaurant business has certainly had its fair share of ups and downs. In the past couple of months, several restaurants and big chain retailers have closed or filed for bankruptcy. Many Mainers wonder if more will close in the new year. However, Tim Soley, president and CEO of East Brown Cow, says the Old Port remains a place that attracts new ideas, passionate business own- ers and a growing mix of local and national retailers. East Brown Cow, based in Portland, specializes in real estate management, investment and development. e firm has over 1 million square feet of space in office, retail, garage and hospitality properties. Solely told Mainebiz that the Old Port has proven to be a destination location where national retailers can achieve their goals while still comple- menting historic Portland. "National brands bring energy and foot traffic that uplift local busi- nesses," says Soley. "It's a dynamic critical to supporting the vitality of downtown." On the restaurant side, Portland has earned its place as one of the country's best food cities. Solely says that while this isn't about the number of restaurants, it's about the passion behind them. Despite recent closures, he believes that 2025 will be another year in which new and established businesses add to the city's growing reputation as a culinary destination. Soley said East Brown Cow will focus on significant projects in the Canal Plaza area in the coming year. is includes transforming the exist- ing office buildings' plaza and ground- floor levels to make way for new local and national retailers as part of a larger vision for this city block. e firm will continue expanding the Docent's Collection and portfolio with sustainability initiatives. "I'm optimistic about 2025," says Soley. "e economic challenges of the past few years have tested us all, but Portland has shown remarkable resil- ience. I believe that stability and growth are within reach for our community and that creates an opportunity for busi- nesses to think bigger about the ways we can give back." R E TA I L Maine's retail industry could see potential effect from trade tariffs B y A l e x i s W e l l s A lice Yardley, namesake of Alice Yardley Maine, a handcrafted leather brand, believes that the fashion industry is constantly "evolving." As many companies continue out- sourcing overseas production, more people are interested in locally made goods and "slow" fashion. Customers continue to be interested in how products are made, who makes them and what they represent. In March 2024, Yardley opened a storefront at 99 Exchange St. She is working as a one-woman show and trying to figure out how to increase pro- duction without losing quality. Like many companies, Yardley told Mainebiz that the possible tariffs could impact her ability to get some of the leather she's used before, mak- ing her products more expensive. Yardley says all her handbag hardware is made in the U.S. Domestic leather is trickier to find; a lot of times, the place where she pur- chased the leather isn't where the leather originated, and that's where trade tariffs could affect some retailers and manu- facturers, Yardley says. "I buy a lot of remnant leather from leather distributors in the Garment District in New York City, but all of those pieces come from tanneries all over the world," says Yardley. "Either way, I buy about 75% of my leather as scraps/ remnants, one-off pieces, or pieces with embossment or dye errors. is makes me pretty flexible when it comes to where I source my leather from. "Even if I'm getting some of my leather remnants locally, those distrib- utors may have fewer things to choose from or have a more difficult time getting certain leathers from abroad," she notes. Yardley says that she believes 2025 will continue to bring in customers who ask about sustainability and want a custom product or experience. "I just opened up my larger brick- and-mortar store in the Old Port in March, so I'm looking forward to spending 2025 figuring out the retail patterns throughout the entire calendar year," says Yardley. "I'm always look- ing to expand my knowledge of leather working and design, invest in a few new pieces of production equipment, streamline the digital landscape of the business, and create at least a few new styles to keep in the shop." C O N T I N U E D O N F O L L OW I N G PA G E » F I L E P H O T O / E A S T B ROW N C OW As we move into 2025, we remain focused on what matters most: building something that lasts and creates value for the community we love. — Tim Soley East Brown Cow P H O T O / T I M G R E E N WAY Tim Soley Alice Yardley, namesake of Alice Yardley Maine, opened a store at 99 Exchange St. in the Old Port to showcase her handbag designs.

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