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Report: Research & Assessment www.marketventuresinc.com 118 William Street, Portland, Maine 04103 207.321.2016 tel 866.757.1705 fax Lexington Market Master Plan Phase 1 Report: Research & Assessment August 3, 2014 Table of Contents Executive Summary ................................................................................................................... 4 Best practices ...................................................................................................................... 4 Competitive and trend analysis ........................................................................................... 5 Development context .......................................................................................................... 5 Facility condition survey..................................................................................................... 5 Demand analysis ................................................................................................................. 6 Supply analysis ................................................................................................................... 7 Operations review ............................................................................................................... 8 SWOT analysis ................................................................................................................... 9 Introduction .............................................................................................................................. 10 Background ....................................................................................................................... 10 Consultant team ................................................................................................................ 10 Master plan process and methods ..................................................................................... 11 Goals ................................................................................................................................. 13 Lexington Market description ........................................................................................... 14 Best practices ............................................................................................................................ 16 Reading Terminal Market ................................................................................................. 17 Competitive and trend analysis ................................................................................................ 19 National trends .................................................................................................................. 19 Local trends ....................................................................................................................... 22 Development context ................................................................................................................ 25 Challenges ......................................................................................................................... 25 Opportunities..................................................................................................................... 26 Facility condition survey .......................................................................................................... 28 East Market and Arcade .................................................................................................... 28 West Market and Garage .................................................................................................. 32 Pfeiffer Building ............................................................................................................... 34 Demand analysis ....................................................................................................................... 35 Customer intercept survey ................................................................................................ 35 Internet survey .................................................................................................................. 50 Trade area analysis ............................................................................................................ 56 Sales potential ................................................................................................................... 62 Supply analysis ......................................................................................................................... 67 Existing tenants ................................................................................................................. 67 Merchant comments .......................................................................................................... 70 Prospective tenants............................................................................................................ 70 Operations review ..................................................................................................................... 76 Management and operations ............................................................................................. 76 Financial analysis of current operations ........................................................................... 78 SWOT analysis ......................................................................................................................... 81 Appendix A: Key Informant and Vendor Interviews .............................................................. 84 Key informants.................................................................................................................. 84 Interview findings ............................................................................................................. 85 Vendor interviews ............................................................................................................. 86 Master Plan: Phase 1 Market Ventures, Inc. Lexington Market Page 2 Appendix B: Best Practices ..................................................................................................... 89 Appendix C: Competitive Analysis ....................................................................................... 107 Fells Point/Canton ........................................................................................................... 107 CBD/Harbor East/Mount Vernon ................................................................................... 110 Bolton Hill/Mondawmin ................................................................................................. 113 Charles Village/Station North/Waverly/Hampden ......................................................... 116 Pigtown/Union Square .................................................................................................... 119 Federal Hill/South Baltimore .......................................................................................... 120 Upper Broadway/Johns Hopkins Medical ...................................................................... 122 Appendix D: Development Context ...................................................................................... 125 Immediate environment .................................................................................................. 125 Adjacent uses and activities ............................................................................................ 130 Westside Neighborhood .................................................................................................. 135 Downtown Baltimore ...................................................................................................... 141 Beyond Downtown ......................................................................................................... 142 Baltimore City and Region ............................................................................................. 143 Photos of Adjacent Streets .............................................................................................. 146 Appendix E: Customer Intercept Survey ............................................................................... 154 Overview ......................................................................................................................... 154 Methodology ................................................................................................................... 154 Findings........................................................................................................................... 155 Appendix F. Internet survey ................................................................................................. 182 Overview ......................................................................................................................... 182 Methodology ................................................................................................................... 182 Findings........................................................................................................................... 182 Appendix G: Sales Potential .................................................................................................. 206 Appendix H: Supply Analysis ............................................................................................... 207 Interview Summaries .....................................................................................................
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