SHOPPING CENTERS This section of the report deals specifically with shopping center in the county. It is a subset of the commercial sections previously identified in the Commercial, Industrial, and Office Uses section of the report.
Chesterfield County 50 2016 Business Report
Convenience Centers Convenience centers consist of attached stores or service outlets. While store fronts may be connected via covered canopies, Shopping Center Square Footage convenience centers do not have enclosed walkways. At less than 30,000 square feet, convenience centers are the smallest type of SuperRegional Convenience shopping center. Stores cater to a limited variety of needs and a 8% 7% local trade vicinity. Convenience centers either do not have an anchor or are anchored by a convenience store, such as a mini- mart. Power 24% Neighborhood 24% Size and Acreage
There are 33 convenience centers in Chesterfield. These centers Community have a combined area of over 833,000 square feet, an average of 37% about 25,200 square feet per center. Convenience centers account center square footage. Total convenience center acreage amounts to approximately 100 acres, or three acres per center.
Convenience Center Construction Age Centers Square Feet
The average convenience center was 12 250,000
constructed in 1987, during which decade t l
i 10 one-third of convenience centers were u 200,000 B
t s e
r 8
constructed. During the 1980s, over 236,000 e e 150,000 F t
n e
square feet of convenience center space was e 6 r a C
u constructed. Since 2000, ten new f 100,000 q o
4 S r convenience centers have been constructed e b 2 50,000 in Chesterfield covering 343,000 square feet. m u No new convenience centers have been N 0 0 constructed since 2008.
Assessment Trend
In 2015, Convenience centers had a total assessed value of nearly $95 million, accounting for 6.8 percent center was just over $2.85 million.
Since 2005, convenience center assessment value increased 58.42 percent, an average annual change of 5.6 percent average annual assessment change of 4.9 percent. Between 2014 and 2015, convenience center assessed value decreased 2.2 percent. Four convenience centers decreased in assessed value while the rest remained the same.
Chesterfield County 51 2016 Business Report
2015 Total Shopping Assessment Convenience Center Assessment Trend
$120,000,000 Convenience 7% $100,000,000 SuperRegional 10% $80,000,000 Neighborhood 20% $60,000,000 Power 32% $40,000,000
Community $20,000,000 31% $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Primary Trade Area is the smallest of all the shopping centers with a radius of less than one mile. This gives convenience centers a primary trade area of just under 3.14 square miles. Convenience centers are oriented towards - and passing traffic. The map below shows the primary trade areas and locations of convenience centers in Chesterfield.
Chesterfield County 52 2016 Business Report
Neighborhood Centers Neighborhood centers are based on a supermarket anchor. Shopping Center Square Footage They are primarily in the form of strip malls and accommodate SuperRegional typical daily shopping needs of locals. There are between five 8% and 20 stores per neighborhood center, covering 30,000 to Convenience 7% 125,000 square feet.
Power Neighborhood 24% 24% Size and Acreage
There are 43 neighborhood centers located in the County, encompassing nearly 3 million square feet of shopping space, Community with an average of approximately 70,000 square feet. 37% Neighborhood centers make up nearly 25 percent of the over 420 acres, an average of 9.8 acres per center.
Neighborhood Center Construction Age Centers Square Feet 25 1,800,000 The average neighborhood center was
t 1,600,000 l i built in 1988. It was during this decade u 20 1,400,000 B t
e s r that over half of neighborhood centers 1,200,000 e F e
t 15 e n were constructed. During the 1980s, an 1,000,000 r e a C u
average of nearly 158,000 square feet of f 800,000 q
o 10 S neighborhood centers were constructed r 600,000 e b 5 400,000 annually. Since 2000, six new m u 200,000 neighborhood centers have been built, N the last in 2009. 0 0
Assessment Trend
Neighborhood centers had a total assessed value of over $275 million in 2015, an average of over $6.4 million per center. These centers made up approximately 20 center assessment value.
Since 2005, neighborhood centers have increased in value by approximately 23 percent, or an average annual increase of 2.5 percent, below the countywide averages for all types of shopping centers. Between 2014 and 2015, neighborhood center value decreased 1.4 percent. Though one neighborhood center increased in value, five decreased in assessed value while there was no change in the remaining 37 centers.
Chesterfield County 53 2016 Business Report
2015 Total Shopping Assessment Neighborhood Center Assessment Trend
Convenience $350,000,000 SuperRegional 7% 10% $300,000,000
Neighborhood $250,000,000 20% $200,000,000 Power 32% $150,000,000
$100,000,000 Community 31% $50,000,000
$0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Primary Trade Area
hborhood centers is a radius of three miles. This gives neighborhood centers a primary trade area of approximately 28 square miles each. Neighborhood centers are oriented towards surrounding residential development at intersections of major transportation routes. The map below shows the primary trade areas and locations of neighborhood centers in Chesterfield.
Chesterfield County 54 2016 Business Report
Community Centers
Community centers have general merchandise or convenience- Shopping Center Square Footage focused stores. Unlike neighborhood centers, they offer a larger selection of soft goods retailers and serve a broader customer SuperRegional Convenience base. Anchors are usually grocery stores, but also include 8% 7% discount stores, supermarkets, drug stores, and larger specialty discount stores. Each community center contains 15 to 40 stores and spreads over 125,000 to 400,000 square feet. Power 24% Neighborhood 24% Size and Acreage
There are 24 community centers in the county. These centers account for nearly 37 Community center square footage. Community centers encompass more 37% than 4.5 million square feet total for an average of 187,795 square feet per center. Total community center acreage amounts to about 560 acres, or 23.3 acres per center.
Community Center Construction 10 2,500,000 Age t
l 9 i
u 8 2,000,000 B
The average community center was t s e
r 7 e e F t constructed in 1987. However, 37.5 percent 6 1,500,000 n e e 5 r of community centers were built in the C a
u f q o 4 1,000,000
1990s, when an average of 198,753 square S r
e 3 feet of community center space was b 2 500,000 m constructed annually. The newest u 1 N community center was built in 2014. 0 0
Assessment Trend
Community centers had a total assessed value of more than $427 million in 2015. Each center had an average value of over $17.8 million. Community centers accounted for nearly 31 shopping center assessment value.
Since 2005, community center assessment value increased nearly 40 percent, an average of 3.7 percent annually. This Of the 24 community centers, two increased in assessed value while four decreased in assessment.
Chesterfield County 55 2016 Business Report
2015 Total Shopping Assessment Community Center Assessment Trend
Convenience $500,000,000 7% $450,000,000 SuperRegional 10% $400,000,000 $350,000,000 Neighborhood $300,000,000 20% $250,000,000 Power $200,000,000 32% $150,000,000 $100,000,000 Community $50,000,000 31% $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Primary Trade Area
The primary trade area (the area from which most of a center is a radius of three to six miles. This report will use a middle value of 4.5 miles for this figure, giving each community centers lie along heavily used transportation corridors and urban areas. The map below shows the primary trade areas and locations for community centers in the county.
Chesterfield County 56 2016 Business Report
Power Centers Shopping Center Square Footage Power centers are characterized by large, dominant anchors SuperRegional Convenience bordered by a limited number of small tenants. Anchors can 8% 7% be home improvement, warehouse club, discount department, and off-price stores. The total area for a power center is between 250,000 and 600,000 square feet. Power 24% Neighborhood 24% Size and Acreage
There are seven power centers located in Chesterfield. Power centers cover almost 3 million square feet, or an Community average of 423,000 square feet per center. They make up for 37% 24.3 footage. These centers span over over 400 acres, or over 57 acres per center.
Power Center Construction
Age 5 1,800,000 1,600,000 t
The average power center was constructed l 4 i 1,400,000 u B in 2001. Power center construction is more s t
r 1,200,000 e e t
3 e
recent than other shopping center n F
1,000,000 e e C r
f construction because it is a relatively new a o
800,000 u
r 2 q e phenomenon. In fact, four out of S b 600,000 m
ere u N 1 400,000 constructed during the 1990s. None were 200,000 built prior to 1995. The newest power center 0 0 was built in 2009.
Assessment Trend
Power centers had a total assessed value of over $450 million in 2015, amounting to a value of more than $64 million per center. T assessment value.
Since 2005, power center assessment value increased over 146 percent, an average of 10.23 percent annually. This was higher than the overall average for all the county percent. Between 2014 and 2015, power centers increased by 22.5 percent, mainly caused by the increased assessment of the Watkins Centre.
Chesterfield County 57 2016 Business Report
2015 Total Shopping Assessment Power Center Assessment Trend
$500,000,000 Convenience $450,000,000 7% SuperRegional $400,000,000 10% $350,000,000 $300,000,000 Neighborhood $250,000,000 20% Power $200,000,000 32% $150,000,000 $100,000,000 $50,000,000 Community $0 31% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Primary Trade Area The primary trade area (the area from which most radius between five and ten miles. For the purposes of this report, a middle figure of 7.5 miles will be used, giving power centers a primary trade area of nearly 177 square miles each. Power centers are usually located along the most heavily traveled transportation corridors. The map below shows the primary trade areas and locations of power centers in the county.
Chesterfield County 58 2016 Business Report
Super-Regional Centers Shopping Center Square Footage Super-Regional centers are the largest shopping centers, spanning over 800,000 square feet. They are located in highly SuperRegional 8% developed transportation corridors and offer large assortments of stores. Typical anchors for super-regional centers are full-line Convenience department stores, discount department stores, mass 7% merchants, and fashion stores. Chesterfield is home to one Power 24% Neighborhood super-regional center: Chesterfield Towne Center. 24%
Size and Acreage Community Chesterfield Towne Center accounts for nearly 8 percent of the 37%
927,000 square feet. It covers approximately 85 acres at the intersection of Midlothian Turnpike and Huguenot Road.
Age
Chesterfield Towne Center was constructed in 1976 in an area where little commercial growth occurred until the 1980s. Since its construction, this center has expanded and remodeled itself many times to keep current. Once relegated to secondary status behind Cloverleaf Mall, Chesterfield Towne Center has now
Assessment Trend Chesterfield Towne Center Assessment Trend Chesterfield Towne Center had an assessed value of nearly $138 million in 2015, making $160,000,000 up approximately ten percent of the $140,000,000 $120,000,000 value. $100,000,000 Since 2005 $80,000,000 assessed value increased 31 percent, an $60,000,000 average of nearly 3 percent per year. This $40,000,000 was higher than the overall average for all $20,000,000 Between 2014 and 2015, there is no change in the $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 super-
Chesterfield County 59 2016 Business Report
2015 Total Shopping Assessment Super-Regional Center Assessment Trend Super-Reg'l Center All Shopping Centers
SuperRegional 25.00% 10% Convenience 7% 20.00%
15.00% Neighborhood 20% 10.00%
Power 5.00% 32% 0.00%
Community -5.00% 31% -10.00%
Primary Trade Area
customers come) for super-regional centers is a radius of five to 25 miles. For the purposes of this report, a middle value of 15 miles will be used, giving super-regional centers a primary trade area of over 700 square miles. The map below shows the prim -regional center.
Chesterfield County 60 2016 Business Report
Shopping Center Summary of Findings Size and Acreage
Occupying over 12.2 million square feet, shopping centers account for nearly 14 percent of total commercial, industrial, and office span approximately 1,566 acres.
Age
The average shopping center in Chesterfield was built in 1988. During the 1980s, 39 shopping centers were constructed in the county. However, it was during the 1990s that the greatest amount of shopping center square footage was constructed, amounting to nearly 4.2 million square feet. Since 2000, 22 shopping centers have been constructed.
Chesterfield Commerical Square Shopping Center Construction Footage 2015 45 4,500,000 40 4,000,000 Shopping
Center t 35 3,500,000 l i
14% u B 30 3,000,000 t
e s r e e F
25 2,500,000 t e n r e a
C 20 2,000,000
u f q o S 15 1,500,000 r
Other e b 10 1,000,000
Commercial m
86% u N 5 500,000 0 0
Assessment Trend Shopping Center Assessment Trend
In 2015, shopping centers had a combined $1.6 assessed value of nearly $1.38 billion, a nearly $1.4 4 percent increase over 2013. Shopping $1.2 centers comprised over 25 percent of total s $1.0 n commercial assessed value in the county. Since o i l l i $0.8
2005, Chesterfield shopping centers have B increased in assessed value by approximately $0.6
57 percent, or an annual average of 4.9 $0.4 percent. Of the 108 shopping centers in the $0.2 County between 2014 and 2015, 13 decreased while four increased in assessed value. $0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Chesterfield County 61 2016 Business Report