New retail concept seeks to reinvent the department store
A retail start-up is set to unveil its take on the department store of the future.
Neighborhood Goods announced it will open its first store this November, in Legacy West, a 255-acre open-air retail and restaurant development in the fast-growing town of Plano, Texas. The Dallas-based retailer said it is creating a modern alternative to — and evolution of — the traditional department store.
The 14,000-sq.-ft. store will house a variety of brands, but on a revolving basis. Other attractions will include a restaurant, daily event programming, and an editorially driven e-commerce platform; Featured brands will include both established and digitally native brands from the fashion, accessories, beauty, home decor, family, wellness, and consumer tech categories. (According to a report by glossy.com, the company will offer different commission plans for the brands it showcases, with options to share revenue, pay a fixed fee per month or work out a hybrid of the two.)
The brands set to launch at the opening of Neighborhood Goods include the following: sneaker and streetwear marketplace, Stadium Goods; direct-to-consumer home furnishings brand, The Inside; UK-based luxury pajama brand, Desmond & Dempsey; direct-to-consumer mattress and bedding brand, Allswell; Reese Witherspoon’s Southern-inspired lifestyle brand, Draper James; kids clothing brand, Primary; men’s wellness brand focused on personal car, hims; intimates brand, MeUndies; and affordable contact lens brand; Hubble. The on-site restaurant, Prim & Proper, is being created in partnership with Front Burner Restaurants, a culinary innovation lab for unique Dallas-based brands.
Additional brand integrations include Made In, whose custom cookware will be used in Neighborhood Goods’ restaurant, and simplehuman, whose innovative mirrors and bins will be featured throughout. Local Dallas artist Rob Wilson, via RR& Co Shop, will create custom artwork to outfit the space and to be sold exclusively through Neighborhood Goods.
In addition, Neighborhood Goods will house its own retail concept, The Residency, which will feature a curated collection of products from new, local and pilot brands. The company is also creating a “bedroom environment” that will house some of the industry’s top home brands, as well as a dedicated space for gifts curated for the holidays in partnership with some top brands.
“When we set out to curate our launch lineup, we planned to sign 10 to 15 brands for the Legacy West location,” said Matt Alexander, co-founder and CEO of Neighborhood Goods. “Now that we’ll be launching with 25 – 35 of some of the most dynamic brands — established and digitally-native startups alike — we believe it represents a resounding endorsement of the concept and the opportunity in the space. Brands, property developers, and consumers are all clamoring for new types of retail experiences and, with this group, we believe we’ll be delivering something very special.”
Headquartered in Dallas, Neighborhood Goods was co-founded in 2017 by Alexander and Mark Masinter. In May, it secured a seed round of $5.7 million led by Forerunner Ventures. Also participating in the round were Maveron, CAA Ventures, Global Founders Capital and other venture capital firms, and individual investors such as Michael Dubin of the Dollar Shave Club.
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