OPENINGS AROUND THE SOUND

A look at the area's new stores

Posted February 2005

Spotlight: Community Banks
Looking to take advantage of multiple mergers and the declining availability of local branches, a group of new banks are looking at this region as the place to grow.

First Sound Bank, a startup bank serving small and mid-size businesses, opened in July with one Seattle-based location. Management hopes the $20 million in startup capital and a downtown Seattle address will allow for plenty of prosperity. First Sound will have competition from others targeting the same business segments. IronStone Bank is set to open its first Washington retail location in the fall across from Seattle Center. Puget Sound Bank, an institution with no formal affiliation with the bank of the same name that was purchased by KeyBank in 1993, is looking to open an office in Bellevue Place by February. Umpqua Bank, based in Roseburg, Ore., is also opening up a branch in Bellevue that is said to feature non-traditional amenities including a computer cafþ, the bank's own blend of coffee and financially-oriented business books on sale in a retail setting.

Cold Stone Creamery, an ice cream parlor, opened its 10th store in King County with a new store in downtown Seattle. More downtown Seattle stores are planned as the franchise continues past the 800-store mark. internationally. The franchise operation doubled in size last year, ranking it as one of the fastest growing businesses in America.

Diesel, an Italian clothing retailer, opened in downtown Seattle in November. The retailer hopes its first store in Washington will find new markets for its $100 belts and $200 denim jeans as the chain approaches 50 U.S. stores.

Grand Central Bakery is expanding its Northwest presence by opening a retail location to complement the existing Seattle retail location and production facility. The bakery, known for its breads and pastries, also sells platters and breakfasts that it delivers to area businesses. Grocery stores like QFC, Whole Foods and Fred Meyer also feature the Seattle-based store's baked goods. Cosi, a "fast-casual" chain of restaurants, expanded into Bon-Macy's downtown Seattle flagship store in November. Cosi is proceeding with its expansion plans that allow for new stores in Atlanta, Miami and Memphis, with growth pegged at 21 new stores for 2005. Both bakeries are going after their slice of the $105 billion sandwich industry.

Grocery Outlet, a deep-discount grocery store, opened three new retail locations in the Puget Sound since December 2004. The stores, based in Kenmore, Lynnwood and Federal Way, are in addition to the 13-store commitment the chain has made to the region. The chain likens the shopping experience there to a treasure hunt where one never knows what items might be available on shelves, including frozen foods, refrigerated items, health and beauty products and toys. Grocery Outlet can expect pressure from traditional supermarkets and from mass-market retailers, like Target and Wal-Mart, which have entered the grocery business.