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, Detroit Free Press Published 12:29 p.m. ET Dec. 17, 2018 | Updated 5:51 p.m. ET Dec. 17, 2018

The Broadway, located at 1247 Broadway Street in Detroit, is closing.

“When I moved to Detroit in 1972, I was 23 and just beginning my career in the clothing industry. I learned the trade from Hot Sam’s and Van Dyke Clothiers. When a store location became open on Broadway and Gratiot in Detroit, Donny Goldstein and I used our life savings to lease the building and The Broadway was born,” Martin said in a statement.

“After 43 years of serving generations of customers, it is time for me to retire. I have enjoyed every moment of owning The Broadway, the good days and the times I couldn’t take a paycheck. The best thing has been working with the people of Detroit. This is not a sad day. To witness the city rise up from the depths it was in, and being in the heart of downtown to witness its rebirth has been exhilarating.”

In the statement, Martin said he reached out to Bedrock, a real estate and development firm owned by Dan Gilbert, to inquire whether it would be interested in purchasing the building when Martin decided it was time to retire. Bedrock purchased the property in August 2018.

According to a release, The Broadway has become known for high-end and exotic clothes from around the globe — from Italian suits and sweaters to alligator and ostrich shoes — the shop has catered to a number of notable patrons, such as Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, the Temptations, George Clinton, Oral Roberts, Notorious BIG, Mike Epps and more.

The Broadway clothing store on Broadway downtown, 1990

With the ongoing liquidation, everything in The Broadway’s inventory has been marked down 30 percent.

According to the release, the shop’s inventory is valued at nearly $1 million. The following deals are available:

  • Suits normally $650 and $450 have been marked down to $399 and $199
  • Buy one, get one free for dress pants, shirt set and sweaters

Contact Aleanna Siacon: Follow her on Twitter: @AleannaSiacon. 

This article was originally written for the Detroit Free Press and can be found hereFor more information about how Marx Layne & Company can elevate your brand, please visit our expertise page here.