Ann Arbor's State Street is waving good bye to Shaman Drum and hello to CVS. The times, they are a-changing. 

Excerpt:

A wave of changes among retail spaces on South State positions the near-campus commercial district to widen its mix, through the pending arrival of a national pharmacy chain and an expected decline in the number of fast-food outlets.

Several properties on State between William and Washington are in transition: The Shaman Drum Bookshop at 311 S. State is closing after nearly 30 years in business; a CVS Pharmacy may build a new store at 209 S. State; and a new U-M dorm and privately operated student housing high-rise promise to bring hundreds of new residents to the immediate area.

While some real estate brokers expressed fear that the result could be a proliferation of fast-casual food uses - which can more easily afford the $40-$50 per square foot rental rates - that in turn would hurt the economic diversity of the area, others say they're confident that the new student housing and the proximity to the Diag will keep the area vital.

"I don't think there's a recession on State Street," said Bob Andrus, a broker at Michigan Commercial Realty, who recently leased 2,250 square feet on State to Great Lakes Team Apparel to expand its existing location. "The demand is much stronger than I anticipated.

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