Executive Summary: Retail Analysis and Business Attraction for Myrtle Avenue
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Submitted to the Myrtle Avenue Business Improvement District August 2013 Executive Summary: Retail Analysis and Business Attraction for Myrtle Avenue Table of Contents Highlights .................................................................................................................................... 2 Project Overview ...................................................................................................................... 3 Project Area ................................................................................................................................ 4 Neighborhood Accessibility .................................................................................................. 4 Trade Area Analysis ........................................................................................................................... 6 Overview ................................................................................................................................................ 7 Income .................................................................................................................................................... 9 Employment ...................................................................................................................................... 11 Destination for Immigrants ......................................................................................................... 11 Family and Household Types ...................................................................................................... 13 Age ......................................................................................................................................................... 14 Tapestry Segmentation ................................................................................................................. 14 LOA Lifestyle Matrix ....................................................................................................................... 17 Newcomers and Buzz ..................................................................................................................... 18 District Identity ................................................................................................................................ 20 Myrtle Avenue Corridor ...................................................................................................... 21 Business Mix ...................................................................................................................................... 21 Vacancies ............................................................................................................................................ 22 Block-by-Block Analysis ................................................................................................................ 22 Competitive Districts ...................................................................................................................... 24 Like Districts ..................................................................................................................................... 25 Retail Opportunities ....................................................................................................................... 26 Comprehensive Retail Recommendations .................................................................... 27 Conclusion ................................................................................................................................ 30 1 Highlights Ridgewood is a dynamic neighborhood on the border of Brooklyn and Queens. With a beautiful and affordable housing stock in a historic landmarked district, and a balanced mix of retail and services, it is a destination for families, artists and recent immigrants, coming together to create a culturally rich and vibrant community. Below are just a few of the corridor’s strengths: Accessible The Myrtle-Wyckoff station, a significant NYC transportation hub, brings riders to and from Union Square in 20 minutes on the L Train, and to Lower Manhattan and Midtown in 30 minutes on the newly-improved M Train. As of 2012 Myrtle-Wyckoff is the 20th busiest station of the outer boroughs, and the 79th busiest in New York City overall (out of 418), and its usage has increased by 4% on average, every year since 2007. There are also seven popular bus lines that serve the corridor and connect the district to neighborhoods throughout Brooklyn and Queens. Family-Oriented Retailers along Myrtle Avenue benefit from Ridgewood’s residential density, with nearly 60,000 residents per square mile. 71% of residents live in family households, higher than the borough average. It is no surprise that 26% of residents are kids and teens. Additionally, crime has gone down 35% since 2001. Because the community is historically very safe and continues to get safer, people come to Ridgewood to live, shop, start a business and raise a family. Culturally-Rich Myrtle Avenue’s residents and retailers enrich the community with a diverse mix of cultures. Puerto Rican, Polish, Italian, Thai, Nepalese, German, and Mexican restaurants are just a few examples of businesses that call Myrtle Avenue home. In addition, there are numerous art galleries and studios springing up all over the neighborhood, bringing new faces, ideas and creativity into the area. Strong Retail Environment A community-oriented shopping district, Myrtle Avenue’s retailers are a balanced mix of traditional and contemporary apparel, services, food and beverage stores, dining establishments, and general and specialty merchandise at a moderate price point. Tree-lined blocks and a solid building stock give Myrtle Avenue the look and feel of Brownstone Brooklyn, with retail spaces ranging from 800 to 20,000 square feet along the corridor. The corridor is home to independent, as well as national chain retailers. Anchor tenants include New York and Company and The Children’s Place, as well as local favorites including Art Cove, Kid City, Choco Latte café, Fruitti Yummi frozen yogurt, Rudy’s Pastry Shop, Pants Pantry, Ridgewood Eats and Liberty Department Store. 2 Project Overview In the spring of 2013, Myrtle Avenue Business Improvement District hired Larisa Ortiz Associates (LOA) to design a retail attraction program. The goal of this effort is to identify and attract retailers to Myrtle Avenue that will help to build a more balanced and effective retail mix that serves the needs of residents and visitors, and will have a healthy, long-term future on Myrtle Avenue. The team’s process involved an analysis of market and demographic data, physical conditions along the corridor, a block-by-block retail analysis, opportunity site analysis, competitive district analysis, as well as interviews with stakeholders, merchants, and residents in the community. This analysis also took into account the research and findings of the previous study commissioned by the BID in 2006. Each of these inputs informed the retail categories that Myrtle Avenue should target for their attraction efforts, as well as what types of retailers within those categories are a good fit for the district, its retail spaces and its residents and shoppers. The analysis informed the selection of a targeted list of retailers in the categories with customer profiles that matched those found in the primary and second trade areas serving Myrtle Avenue. Nearly two dozen retailers were identified, pre-qualified by expansion, size of space, and presence in the market. The Client received detailed sheets on each retailer for the purposes of outreach to both property owners, brokers and the retailers themselves. The strategy for retail attraction positions the Myrtle Avenue BID at the center of a collaborative partnership with the local real estate community, whose buy-in is essential to the success of this effort. A PowerPoint presentation highlighting key demographic indicators and consumer demand has been created for the Client to use as a tool for sharing their vision with prospective tenants, property owners and brokers. This presentation is designed to be updated with new information over time so it remains a useful communication and outreach tool. The LOA team presented the findings and prospect lists to a few select property owners in an effort to engage and enlist the active participation of property owners in the retail leasing efforts. The Client was also given a one-on-one training session in the mechanics of on- going attraction. The session included a three-year work plan and templates intended to aid in prospect database management. These templates include letters to prospective tenants and property owners, templates for prospect research, sell sheets, scout cards, and vacancy lists. The objective is to fully equip the Client to use these tools and keep momentum going over time. Marketing materials were designed that highlight the corridor’s strengths and desired retailers, and can be used by the BID, property owners, and brokers to communicate the BID’s vision and attract prospective tenants, with an emphasis on the targeted retail categories identified through this process. These materials and training are the foundation of Myrtle Avenue’s retail attraction program. In addition to the retail attraction program, this executive summary offers comprehensive retail 3 recommendations that can be used to engage local stakeholders in supporting the retail leasing efforts and in improving the overall