Downtown & Specialty Retail Districts
4Insights helps Communities of all sizes realistically assess their potential for retail expansion or redevelopment—and provides a concrete strategy with specific tenant mix plans to make it happen.
The objectives of a 4Insights Market Assessment are first, to reduce the risk of retail investment—for the Community, the developer, and the retailer; and second, to create a thriving amenity that generates sales and property taxes, and attracts homebuyers and visitors.
But while most aspects of Central Business or Specialty District re-development or expansion are detailed in the City’s Master Plan—there is usually no specific Retail Plan that factually estimates how much retail can successfully be supported by the market; what needs to happen before retail will succeed; what the retail mix should be; or the specific tenants that should be recruited. More often, brokers are enlisted by the City or property owners to “fill spaces” as quickly as possible. The result is a lopsided mix of retail that loses its focus and identity and too many chain food outlets.
More unfortunate, without an overall District vision and strategy, property owners subdivide the much-needed larger retail spaces Downtown into multiple smaller ones to boost their lease revenue, because there is no overall future vision or retail plan to encourage them to wait for the right tenant—in their own best interest.
That’s why 4Insights starts every Downtown District retail study by finding out—through personal interviews—what the majority of leadership and other stakeholders envision for retail expansion; what they expect from it; what they are willing to invest upfront and their tolerance for risk and long-term return; and what must happen before it can be accomplished. With this majority consensus in hand, the City can move forward with confidence that its development policy will be consistent and not derailed at the next public meeting by a few vocal objectors. Developers, in turn, will find the City more attractive because of consistent policies. And the City will be able to consider their proposals against a comprehensive vision, not as individual “one-off” projects.
Next, 4Insights executes a comprehensive Retail Impact and Market Assessment (See ‘Services’ tab for Assessment Process) culminating in a realistic Retail Strategy and specific Tenant Mix Plan, which is a blueprint for recruitment efforts. We also review and take into account the Community’s Economic Development plans and policies--from land use, through zoning, historic character, and TIF districts.
Specific Services for Downtowns and Specialty Retail Districts:
- Retail Economic Impact
- TIF Revenue Impact Estimates
- Stakeholder Vision Interviews
- Consumer Intercept, Direct Mail, and On-Line Surveys
- Current Business Inventory & Owner Surveys
- Competition Review
- Trade Area Delineation
- Target Customer Profile
- Incremental Customer Base Identification
- Consumer Demand Estimate
- Retail Strategy & Market Positioning
- Tenant Mix Plan
- Tenant Recruitment Strategy & Materials
- Site Analysis and Land Use Recommendations
- Economic Development Strategies & Materials
- Launch (or re-launch) Consumer Marketing Strategies