1 / 45

The Shoppes at Fox Run Glastonbury, CT Step 3

The Shoppes at Fox Run Glastonbury, CT Step 3. 5 Member Team. Thesis. Additional, more-detailed research from steps 1 & 2 indicates that Fox Run benefits from an affluent surrounding area with positive population and job growth

evette
Download Presentation

The Shoppes at Fox Run Glastonbury, CT Step 3

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Shoppes at Fox Run Glastonbury, CT Step 3 5 Member Team

  2. Thesis • Additional, more-detailed research from steps 1 & 2 indicates that Fox Run benefits from an affluent surrounding area with positive population and job growth • A large number of local employers, including a 1,000+ employee organization will help drive demand • Census and CERC data show potential sales leakage

  3. Thesis - Continued • With the Fox Run shopping mall being located in such an affluent area, there is an opportunity to add tenants such as SAT prep centers and high-level apparel stores • This is despite the mall having weak signage, a lower bag count, and being close to so many other shopping centers

  4. Addressing Zoning from Steps 1 and 2 Signage: • Planning commission can modify: • Allowed number of ground signs • Most multi-tenant properties get one sign • Signs cannot be bigger than 32 SF (Whole Foods got permission to have larger sign - 35 SF) • Each individual tenant has its own sign • 15 inches for letters • No flashing signs • The Shoppes has 4 ground signs, one of which is in poor shape

  5. Signage 3 newer signs Only advertise 3 places on all of their signs

  6. Signage Older sign that hasn't been removed yet In bad shape and you can't read anything on the sign from the road

  7. Signage: Liquor Permit Removal

  8. Signage: Liquor Permit Removal (ctd) • Placed right in front of the shopping center which brings a lot of attention to it • First thing we saw when we pulled up • Siam LLC - Thai restaurant within Fox Run • Theory: Believe that they were getting their liquor license revoked possibly for serving alcohol to minors • This could drive away customers

  9. Tenants

  10. Tenants

  11. Upstairs Tenants • Offices located on the second floor of the building which include: • Medical Offices • Lawyers • Temp Agency • No signs located around the area advertising the tenants upstairs • Must use other forms of advertising to bring in customers • Any open spaces are located on the second floor not the first

  12. Area Around Fox Run Back road with back doors to the stores Parking - most likely for employees Garbage pick-up

  13. Central District Zone • Retail • Restaurant (Food services) • Services • Offices (i.e. Dental) • CANNOT have any manufacturing or industrial tenants

  14. Market Defining Story •What is the product? •Retail and office space at 55 Welles St. Glastonbury, CT •Specifically 5 different spaces ranging 308 SF – 2,200 SF •Who are the customers? •Tenants: Businesses in need of office or retail space •Consumers: Those in and around the Glastonbury, CT area in need of goods or services •Where are the customers? •Various towns surrounding Glastonbury (Wethersfield, Hartford, Rocky Hill)

  15. Market Defining Story (continued) What do customers care about in Glastonbury, CT? Tenants: •Amenities – Loading dock, parking spaces, trash removal, etc •Location - Day care centers, highways, gyms, etc

  16. Market Defining Story (continued) What do customers care about in Glastonbury, CT? Consumers: •Ease of access – Close to major roadways, hassle-free entry/exit, available and free parking •Convenience – The ability to meet multiple needs at one location (Food, clothing, banking, etc.) •Location – Close to home, on the way to/from work

  17. Glastonbury Overview • Unemployment rate in Glastonbury is 5.4% • CT - 8.6%. • U.S. - 8.6% • Recent job growth is positive at .52% • Higher than the CT growth (-.49%) and U.S. growth (.35%) • Future job growth is expected to increase dramatically (~35%)

  18. Glastonbury Overview • Population: 34,427 (2010 Census data) • Population growth • 1-mile: 4.9% • 3-mile: 0.9% • 5-mile: 1.9% 3 mile 5 mile 7 mile Population 41,119 159,259 328,012 Households 17,269 62,236 130,044 Avg HH Income $82,117 $73,938 $68,340

  19. Glastonbury Overview • Population Growth Source: Costar

  20. Results • Lower unemployment rate in comparison to state and national levels • Positive job growth with high expected growth in the future • Expected population growth • Overall promise in the area (job/population growth, high HH income, low unemployment rate)

  21. Retail Sales per Capita • Determine total Retail Sales from each town and divide by town population

  22. Retail Sales per Household • For each town determine Total Retail Sales and divide by Number of Households

  23. Surplus/Leakage • Using Costar Retail Sales per Household (radius) divided by Average Retail Sales by Household indicates that the area around the SS sees households spending less on retail than in the surrounding towns.

  24. Surplus/Leakage • Effect of Manchester Sales: • Manchester Retail Sales ($2.2B, 2007) vs. sales for Glastonbury and surrounding towns, incl. Manchester ($4.6B) • Inflates the Retail Sales per Household for the area around Glastonbury, making the surplus/leakage calculation less precise for the radius intervals reported by Costar • Data Collection Mismatch: • Census Retail Sales Data from 2007 and Costar Estimates from 2011, recession in between

  25. Glastonbury Income Range Median Household Income

  26. Housing Breakdown

  27. Housing Breakdown • Three apartment complexes and one condo complex less than two miles from The Shoppes • Walking distance for any residents with no car • Rent (for apartments) anywhere from $900-$2,400 • Condo complexes at typical rates (upwards of $350,000)

  28. Surrounding Area • Three colleges within 5 miles of SS • Goodwin College (2.7 miles NW, East Hartford) • Manchester CC (3.9 miles NE) • Trinity College (4.9 miles NW, Hartford) • Only location that would have reasonable consumers is Goodwin College • ~3,200 enrolled students as of 2011 • (MCC and Trinity have plenty of other options closer to them)

  29. Directions to Goodwin

  30. Surrounding Area Employment

  31. Employers in the Area • U.S. Census: 3,900 companies in Glastonbury • 27 in the 100-249 employee range • 4 businesses have 250-499 employees • One with 1,000-4,999: Healthtrax, Inc. • Healthtrax is a chain of fitness and wellness centers located throughout Southern New England and New York • Corporate office on Main St., less than a minute drive to Fox Run • Health and Wellness employees likely to help demand, especially for Whole Foods Source: U.S. Census and Connecticut Labor Market Information

  32. Employers in the Area • Other top employers in Glastonbury: • Glastonbury Town Hall (250-499 employees) • Ricoh USA (250-499 employees) • Amica Mutual Insurance (100-249 employees) • Bank of America Business Capital (100-249 employees) • Overall, a high density of small and medium sized businesses in Glastonbury, many that are near the subject site Source: Connecticut Labor Market Information

  33. Public Transportation • Will CT Transit buses increase demand? • Saturday (Popular shopping day) at noon Source: Google maps, public transit directions

  34. Public Transportation • Friday at noon • ~30 minute intervals • More than doubles driving time Source: Google maps, public transit directions

  35. Public Transportation • Because of long intervals and large increase in travel time, public transportation is unlikely to drive demand at Fox Run. • If those in the high density, less affluent areas discussed in steps 1 and 2 do visit Fox Run it is likely they will do so in a personal automobile

  36. Pedestrian Traffic • Sidewalks throughout the area surrounding Fox Run • Pedestrian crosswalks painted on road and labeled with reflective traffic signage • Three crosswalks along Welles St., one along Grove St., and one on the New London Turnpike • Pedestrian traffic likely to come from other local businesses • Example: Crossing the street to purchase a sandwich at Whole Foods after finishing yoga

  37. Pedestrian Traffic Source: Google maps

  38. Site Visit Activity • Over an 8-minute time frame: • Total traffic on Welles Street: 57 • Amount that turned into The Shoppes: 11 • Close to 20% of the traffic on Welles Street turned into The Shoppes • Welles Street connects New London Turnpike to Main Street • Can account for some traffic that may not turn into The Shoppes

  39. Bag Count • Whole Foods: 90% of people who went in came out with a bag • Over a longer period of time, we expect that ratio to be closer to 100% • Other retail stores (i.e. RadioShack): Ratio anywhere from 40% to 100% • Outside of anchor tenants, demand will fluctuate accordingly • Services are harder to determine

  40. Consumer Demand

  41. Consumer Demand

  42. Consumer Demand Whole Foods: Food Away/At Home and Alcohol (organic food selection - differentiated) Health Care: Second floor offices (dentist, chiropractor)

  43. Recommendations • Not enough space for transportation or maintenance tenant (i.e. AutoZone) • Open office space on second floor • Affluent area - SAT/LSAT preparation office • Elsewhere, attempt to appeal to apparel • When and if spaces open on first floor • Payless Shoes, small clothing store

  44. Other Influences on Demand • Subject site redeveloped in 2008 • Great condition and appealing to customers • Good visibility from surrounding area (Main Street, Grove Street, New London Turnpike) • Improved signs that show appeal • Heavy traffic on Routes 2 and 94, as well as Main Street

  45. Works Cited • http://glastonbury-ct.gov/index.aspx?page=109 • http://glastonbury-ct.gov/Modules/ShowDocument.aspx?documentid=8145 • Google Maps • www.census.gov • CoStar • http://brixmor.com/PropertyProfile_short.asp?ProjectID=PCTFOXRN1 • CT Labor Market Information: http://www1.ctdol.state.ct.us/lmi/EmpSearchTopList.asp?intCurrentPage=1

More Related