File Photo / EAST BROWN COW
Tim Soley
Updated: January 13, 2025
Economic forecast
Energy and foot traffic could define Portland’s retail and restaurant scene
The 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 owners and a growing mix of local and national retailers.
East Brown Cow, based in Portland, specializes in real estate management, investment and development. The firm has over 1 million square feet of space in office, retail, garage and hospitality properties.
Soley told Mainebiz that the Old Port has proven to be a destination location where national retailers can achieve their goals while still complementing historic Portland.
“National brands bring energy and foot traffic that uplift local businesses,” 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.
Soley 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. This includes transforming the existing 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.
The firm will continue expanding the Docent’s Collection and portfolio with sustainability initiatives.
“I’m optimistic about 2025,” says Soley. “The economic challenges of the past few years have tested us all, but Portland has shown remarkable resilience. I believe that stability and growth are within reach for our community and that creates an opportunity for businesses to think bigger about the ways we can give back.”
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