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Dan Gilbert Announces New Nike Store in Downtown Detroit This Spring

Announced Wednesday, Dan Gilbert, who is the billionaire founder and chairman of Quicken Loans Inc and real estate company Rock Ventures LLC, tweeted that Nike Inc NKE will open a 22,000 square foot store this spring in Detroit's downtown area. The future retail store will take over the old F.W. Woodward Co building located at 1261 Woodward Avenue.

Welcome @Nike to downtown Detroit!Two-level 22,000 sq. ft 'Nike Detroit' will open this spring at 1261 Woodward Avenue.Believe.Then see it.- Dan Gilbert (@cavsdan) November 18, 2015

The size of the store will be slightly larger than an average Nike Factory store, but it will be much smaller than the company's upscale flagship locations in urban shopping areas. The Detroit store will also be a Nike Community Store, which, according to its website, means that the store will "build and empower a healthy local community through the unifying power of sport and to serve as a catalyst for positive change in each area a store is located. Additionally, Nike provides volunteer hours each month for Nike Community Ambassadors - store athletes who have completed training to deliver sports programming for kids - to give back within their community. Nike also rewards employee volunteer hours with money directed to the nonprofit of the employee's choice."

Other Nike community stores are located in Portland, Oregon, New Orleans, Chicago, Washington D.C., and Los Angeles.

Livonia, Michigan-based commercial real estate company Schostak Bros. & Co. owns the building while Gilbert's Bedrock Real Estate Services LLC holds the master lease on the location.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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