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(Penn Ave Arts District) Garfield / Friendship

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(Penn Ave Arts District) Garfield / Friendship MARKET PROFILE Penn Avenue Commercial District (Penn Ave Arts District) Garfield / Friendship 2019 Business Summary (2 Minute Drive Time) Number of Businesses: 180 Number of Employees: 1,471 Employees/Residential Population Ratio*: 0.26:1 Major Commercial Industries: Food & Beverage Stores, Eating and Drinking Places, Apparel and Accessories For more information on the neighborhood, visit: Retail Potential Retail Sales Leakage/ Surplus Number of Marketplace Profile** Retail Gap (Demand) (Supply) Factor Business Motor Vehicle & Parts Dealers $13,008,800 $0 $13,008,800 100.0 0 Furniture & Home Furnishing Stores $2,166,068 $1,456,363 $709,705 19.6 1 Electronics and Appliance Stores $2,037,570 $217,516 $1,820,054 80.7 1 Building Materials, Garden Equip. & Supply Stores $3,170,261 $0 $3,170,261 100.0 0 Food and Beverage Stores $11,922,435 $11,746,675 $175,760 0.7 7 Health and Personal Care Stores $3,681,158 $2,330,220 $1,350,938 22.5 1 Gasoline Stations $6,336,870 $6,073,779 $263,091 2.1 2 Clothing & Clothing Accessories Stores $3,584,931 $995,890 $2,589,041 56.5 4 Sporting Goods / Hobby / Music / Book Stores $1,817,457 $688,150 $1,129,307 45.1 2 General Merchandise Stores $9,458,520 $901,307 $8,557,213 82.6 1 Nonstore Retailers $1,223,586 $0 $1,223,586 100.0 0 Food Services & Drinking Places $6,686,547 $3,307,048 $3,379,499 33.8 13 **Supply (retail sales) estimates sales to consumers by establishments. Sales to businesses are excluded. Demand (retail potential) estimates the expected amount spent by consumers at retail establishments. The Leakage/Surplus Factor measures the relationship between supply and demand that ranges from +100 (total leakage) to -100 (total surplus). A positive value represents 'leakage' of retail opportunity outside the trade area. A negative value represents a surplus of retail sales, a market where customers are drawn in from outside the trade area. The Retail Gap represents the difference between Retail Potential and Retail Sales. The NAICS is used to classify businesses by their primary type of economic activity. *This ratio indicates the number of employees working in the area versus the number of residents. A higher ratio indicates more commercial presence. Last Updated July 2019 Penn Avenue Commercial District 2024 2010 2019 Demographic Data (Projected) Population 5,564 5,687 5,747 Households 2,761 2,836 2.872 Median Age 32.9 34.6 34.8 % 0-9 9.9% 8.9% 9.0% % 10-14 4.8% 4.7% 4.5% Traffic Count Closest Cross- Count % 15-24 16.9% 14.3% 15.1% Profile Street % 25-34 22.0% 22.9% 21.8% N Aiken Ave Kincaid St 1,700 % 35-44 11.4% 12.7% 13.4% S Negley Ave Friendship Ave 12,841 % 45-54 12.3% 10.4% 9.8% Baum Blvd Vintage Way 9,367 % 55-64 11.3% 11.6% 10.4% Friendship Ave Joliet Way 11,816 % 65+ 11.4% 14.6% 15.9% Black St N Fairmount St 17,968 Median Household Income *** $43,887 $51,086 Liberty Ave Cedarville St 13,024 Average Household Income *** $62,037 $72,687 Penn Cir W Friendship Ave 7,668 *** $31,279 $36,743 Per Capita Income Penn Cir W Broad St 10,973 3,284 3,349 3,367 Total Housing Units S Negley Ave E Bus Way 13,901 % Owner Occupied Units 28.9% 26.8% 26.6% Penn Cir S Trade St 7,668 % Renter Occupied Units 55.1% 57.9% 58.8% Note: This profile measures the number of vehicles which travel through streets nearest to commercial corridor epicenter on a daily % Vacant Housing Units 15.9% 15.3% 14.7% basis. All counts from 2012 unless otherwise noted. Median Home Value *** $162,250 $203,155 2019 Households by Disposable Income Spending Potential Index <$15,000 19.6% Apparel and Services 76 $15,000—$24,999 14.6% Computers and Accessories 62 $25,000—$34,999 13.9% Education 69 $35,000—$49,999 17.0% Entertainment / Recreation 70 $50,000—$74,999 18.4% Food at Home 75 $75,000—$99,999 7.8% Food Away from Home 76 $100,000—$149,999 5.5% Health Care 69 $150,000+ 3.3% Household Furnishing and Equipment 71 Median Disposable Income $36,254 Personal Care Products and Services 73 Note: Disposable income is after-tax household income. Shelter 75 2018 Educational Attainment (Ages 25+) TV/Video/Audio 61 No High School Diploma 4.2% Travel 65 High School Diploma or Some College 36.8% Vehicle Maintenance & Repair 75 Associates Degree 6.7% Bachelor’s Degree 27.4% Note: The Spending Potential Index is household-based, and represents the asset value or amount spent for a product or service Graduate or Professional Degree 24.9% relative to the national average of 100. Values higher than 100 indicate spending above the national average, and values lower than 100 indicate lower spending than the national average. Last Updated July 2019 Penn Avenue Commercial District ESRI Tapestry Segmentation Area Profile Neighborhood Quick Facts* • Cultural district attracts artists, musicians, and other participants in the creative economy * The Walk Score is a measure between 0 and 100 that measures the ease of accessing amenities and running errands by walking. For more information, see http://www.walkscore.com/ TAPESTRY SEGMENT DESCRIPTIONS Metro Renters Residents in this highly mobile and educated market live alone or with a roommate in older apartment buildings and condos located in the urban core of the city. This is one of the fastest growing segments; the popularity of urban life continues to increase for consumers in their late twenties and thirties. Metro Renters residents income is close to the US average, but they spend a large portion of their wages on rent, clothes, and the latest technology. Com- puters and cell phones are an integral part of everyday life and are used interchangeably for news, entertainment, shopping, and social media. Metro Renters residents live close to their jobs and usually walk or take a taxi to get around the city. Modest Income Homes Families in this urban segment may be nontraditional; however, their religious faith and family values guide their modest lifestyles. Many residents are primary caregivers to their elderly family members. Jobs are not always easy to come by, but wages and salary income are still the main sources of income for most households. Reliance on Social Security and public assistance income is necessary to support single-parent and multigenerational families. High poverty rates in this market make it difficult to make ends meet. Nonetheless, rents are relatively low (Index 73), public transportation is available, and Medicaid can assist families in need. Young and Restless (14.8%) Gen Y comes of age: Well-educated young workers, some of whom are still completing their education, are employed in professional/technical occupations, as well as sales and office/administrative support roles. These residents are not established yet, but striving to get ahead and improve themselves. This market ranks in the top 5 for renters, movers, college enrollment, and labor force participation rate. Almost 1 in 5 residents move each year. Close to half of all householders are under the age of 35, the majority living alone or in shared nonfamily dwellings. Median household income is still below the US. Smartphones are a way of life, and they use the Internet extensively. Young and Restless consumers are diverse, favoring densely populated neighborhoods in large metropolitan areas; over 50% are located in the South (almost a fifth in Texas), with the rest chiefly in the West and Midwest. Note: ESRI is an independent geographic information systems (GIS) corporation and is not affiliated with the Urban Redevelopment Authority of Pitts- burgh. This analysis utilizes socioeconomic and marketing data to identify distinct segments of the population, map where they reside, and describe their socioeconomic qualities and consumer preferences. More information on tapestry segments and segment descriptions can be found at: http:// www.esri.com/library/whitepapers/pdfs/community Last Updated July 2019 Penn Avenue Commercial District Business District Programs The Pittsburgh Micro-Enterprise Loan Program Neighborhood Business District Program The Micro-Enterprise Loan Program is part of the Urban Redevelopment Authority of This program strives to ensure the health of the City’s traditional neighborhood Pittsburgh’s (URA) strategy to promote opportunities for groups who have not had commercial districts using the National Main Street Center’s Four Point Approach ready access to business financing in the City of Pittsburgh, including minority- and which considers: economic restructuring, promotion, design and sustainability. women-owned businesses. The program is part of the URA’s strategy to create new jobs, encourage new business start-up and expansion and grow the City of Pittsburgh’s To learn more about this program, contact Josette Fitzgibbons at tax base by assisting entrepreneurs and stimulating business growth in the city. (412) 255-6686 or visit: https://www.ura.org/pages/neighborhood-business-district-program For more information about applications and eligibility, visit: https://www.ura.org/pages/access-to-capital Façade Improvement Programs Restored storefronts improve the pedestrian environment, attract more customers, and encourage economic development and investment. The URA offers several different façade improvement programs designed for commercial building owners and tenants to improve their storefronts. Your location determines your building’s façade improvement program eligibility. For more information about applications and eligibility, contact Quianna Wasler at (412) 255-6550 or visit: https://www.ura.org/pages/facade-improvement-programs Featured Business: Gluten Free Goat Green and Screen Project on Penn Avenue Type of Business: Restaurant Contacts URA Program Utilized: Storefront Bloomfield Garfield Corporation: Renovation Program www.bloomfield-garfield.org/ URA Investment: $5,000 Urban Redevelopment Authority of Pittsburgh: Private Investment: $5,088 www.ura.org/ Total Project Investment: $10,088 All data from ESRI Business Analyst 2018 unless otherwise noted.
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