As ‘Dull Retail Is Dying,’ Dallas Founders Announce New Department Store Neighborhood Goods

by MR Magazine Staff

As legacy retailers battle Amazon and suburban malls struggle to stay afloat, a Dallas startup is going the opposite direction: It’s launching a new department store. Neighborhood Goods plans to open this fall in Plano. It is co-founded by Matt Alexander, a Dallas entrepreneur with fashion and retail experience, and Mark Masinter, a real estate adviser to developers and well-known brands including Apple, J. Crew and Restoration Hardware. Alexander will serve as the company’s chief executive. But the department store will have a different look and feel than the ones that customers know, Alexander and Masinter said. For one, it will be a fraction of the footprint — 13,000 square feet compared to the typical department store of 150,000 to 300,000 square feet that anchor malls. The store will host speaking events, have its own podcast and include a bar and restaurant. Customers will be able to use an app to navigate the store, call over a sales associate, receive push notifications about an unfamiliar brand or use self-guided checkout. Read more at The Dallas Morning News.