I wonder if the Joyce Hotel is going to be cozied up next to this swanky new establishment. That would be classy. Any word on what is happening to Fish Grotto, Boxxxes, Fez, Buffalo Exchange...?

This "new kind of shopping experience" sounds very similar to an 'arcade', as they are known in England and Australia, and have been since the 19th century. Also found under different names in Europe, Asia, and pretty much everywhere else on the planet. So, yeah, not so "new" really. Apparently the developers are some of those loathsome people who think America is the only country that exists...

(I'm also curious how having a hotel at one end is supposed to be a selling point to attract the locals needed for this to succeed)

@Stu-"Union Way finds its origins in the streets and alleyways of Europe, Asia, and the Middle East..."
Also, tourists spend an amazing amount of money on retail in Portland, everyone wants a piece of this dinky little pie to take home!

I'm sure it will do well. I walk through that area fairly regularly and it seems to support plenty of shops selling totally discretionary merchandise for three times the price you would expect. And an arcade is not a bad idea in this climate, as long as you've got the signage to let people know it is there.

WHERE DO THE FOOD CARTS GO? MY PORTLAND BRAIN NO UNDERSTAND.

@Stu: If you would have read the article above instead of looking at the pics and seeing the words in your periphery, you would have caught that:
1) It's a new shopping experience for Portland and;
2) Union Way finds it's origins from global precedents.

To use your closing line:
So, yeah, not so "new" really, but new for Portland. Apparently Stu is one of those loathsome people who lives in America but thinks America doesn't exist because he wishes he lived in Europe or Asia or the Middle East...