Mini-Market Analysis
Executive Summary through an in-store mapping project; and • Estimates (in current-year dollars) of the retail buying As everyone in Frisco knows well. Frisco is one of the fastest-growing power of future Frisco residents, based on the City’s cities in the US. projections of population growth.
But, Frisco’s downtown was developed for a town of 1,000 – not the We also incorporated information from meetings with over 100 city of 170,000 it is today – and, it is having growing pains. The city’s community representatives and from two online surveys. rapid growth has triggered a chain of changes downtown – changes We found a number of interesting data that help understand how in traffic congestion, business composition, public image. In 2017, much new market demand might exist for retail goods and services to help explore potential solutions to these and other challenges the in the years ahead, how much new retail and mixed-used space this district is facing, and to outline some direction for the downtown’s new demand might support, and the types of shopping experiences future development, the City engaged Gateway Planning, a Dallas- Frisco’s residents and visitors are likely to prefer. based urban planning firm, to help create a new comprehensive plan to guide downtown Frisco’s development, and Gateway invited our The most significant finding is this: We found that every new household firm, the Community Land Use + Economics Group, to collaborate on that moves to Frisco brings with it over $13,800 in new market demand downtown economic development and management issues. annually, in current-year dollars, for retail goods and services. Frisco expects to reach its population growth target (362,500) by 2030. Over To explore how much, and what type of, new retail market demand the next ten years alone, Frisco’s new residents will generate enough might exist in the years ahead, we conducted a brief retail market retail demand to support an estimated 1.4 million square feet of new analysis. Our research involved several primary components: retail space. This offers the community an unprecedented opportunity to capitalize on this new retail market demand to reshape the downtown • An analysis of major demographic characteristics that landscape, creating new market footholds and a new market position typically influence consumers’ shopping decisions, that could define and sustain downtown Frisco in the decades ahead. such as household income, household size, age, and education. Given this phenomenal growth in population and retail buying power, there are many potential combinations of businesses that could, in • An analysis of psychographic characteristics of Frisco’s theory, succeed in downtown Frisco (see note below). Based on the residents, providing important insights into likely district’s current business composition and business performance, consumer preferences; its building stock, availability of nearby land, public perceptions, and • An analysis of downtown Frisco’s current business other characteristics, our recommendations include the following: composition; • Create a design district downtown – one that would • Retail sales void analyses for Frisco and for the areas offer mid- and up-market furniture, home furnishings, and within 5-, 10-, and 15-minute drive times of downtown; home design/decor services, tailored to Frisco residents’ • Gathering and examining vehicular traffic counts through preferences, and considerably more convenient to Frisco downtown Frisco, on Main Street; residents than Dallas. • Identification of where current downtown customers live, • Add more restaurants, offering a wider variety of
FRISCO | DOWNTOWN MASTER PLAN 2018 89 cuisine choices than is currently available downtown and and home furnishings, while older households upgrade the quality incorporating a range of entertainment experiences. of their furniture and furnishings over time. Communities with large • Emphasize family-friendly experiences, incorporating percentages of large households are more likely to prefer family dining them into businesses, public spaces, and public events. restaurants, with large tables and selections specifically for children, than communities with lots of one- and two-person households. • Develop multimedia, multipurpose theatre downtown. Communities with large percentages of two-earner households are Frisco has grown so quickly in recent years that it now likely to spend more money on convenience-oriented goods and lags behind cities of comparable size in development of services than those with larger percentages of households with single arts and cultural institutions – and risks losing market earners. And communities with a majority of older households are share for arts, cultural, and entertainment activities likely to spend a higher percentage of household income on health to the North Dallas region. In addition to the direct care than those with younger households – but they are also more benefits of arts institutions, multiple national studies in likely to splurge on purchases for grandchildren. recent years have demonstrated that the presence of cultural institutions – museums, performing arts centers, We examined the demographic characteristics most likely to influence multimedia arts centers, etc. – provides a critical boost to the retail shopping preferences of Frisco and regional residents. business and scientific creativity. There is considerable Among the most significant findings, in terms of retail development: unmet market demand in Frisco for ticketed arts and cultural events, and filling these voids, and creating a POPULATION GROWTH IS NOT SLOWING DOWN. As everyone vibrant civic arts culture, will not only help downtown in Frisco knows, Frisco is one of the fastest-growing cities in the Frisco’s market position but will also strengthen new- US. And, it is growing really fast – a 41 percent increase between economy business development throughout Frisco. 2010-2016; 1,184 people in 1960; 163,656 in 2016. At its current rate of growth, Frisco will reach its targeted build-out level of 362,500 NOTE: The availability of unmet retail market demand alone does not residents within the next 12-15 years. At current-year income levels, ensure business viability. Business success relies on the skills of the every new household generates $13,823 in new retail spending – so, business operator, level of business capitalization, the quality of the for at least the next decade or so, Frisco should be able to support physical environment, changes in overall economic conditions, the lots of new retail development (see chart on page 71). effectiveness of business and district marketing programs, and many other factors. HOUSEHOLD SIZE ISN’T CHANGING MUCH. In 2010, the average Frisco household had 2.9 people. In 2016, the average household had 3.0 Demographic Characteristics people (see chart on page 74). Only a slight increase in household size. MEDIAN AGE IS STEADILY INCREASING. Median age grew by Demographic characteristics significantly shape the types and eight percent between 2010-2016, from 33.5 to 36.2 (see chart on characteristics of businesses that are likely to thrive in a community page 74). That’s significant over the course of just six years. In terms or region. Household income has an obvious impact on how much of percentage growth, the fastest growing age groups are both young market demand might exist for various products and services. and old: people between 15-19 years of age (a 104.6 percent increase But other demographic characteristics are equally important in between 2010-2016), 70-74 (169.5% increase), and 80-84 (182.4% identifying opportunities for business growth and development. For increase). But, numerically, the largest age cohorts remain people example, younger households tend to buy inexpensive furniture under 19 and people in between 35-50 (page 73). The latter group
90 Total population of Frisco, 1910-2016 Population of Frisco, 1910 - 2016
163,656
116,989
33,714
3,420 6,138 332 733 618 670 736 1,184 1,845
1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2016 Sources: US Census Bureau’s decennial censuses and 2016 American Community Survey
TOTAL POPULATION: As everyone in Frisco knows, the annualized growth rate it has experienced over the past five city’s smoking-hot population growth rate makes it one of years (according to the City’s Department of Development is in its primethe spending the fastest-growing years, with those city on in thethe younger US (in 2016, end o fit the was children’sServices), clothing, this toys, means and Frisco’s games –population and tend to will spend hit 300,000buy higher- spectrum stillsecond furnishing only their to Conroe, first households Texas, according and those to on the the US older Census ticketwithin items than12 years parents and do. will reach its anticipated build-out limit end investing in home improvements and remodeling. There could Bureau). And, it is growing really fast – a 41 percent increase of 362,500 residents by 2034 – just 17 years from now. also be some niche opportunities for retail growth among the smaller EDUCATIONAL ATTAINMENT IS HIGH – AND CONTINUING age cohortsbetween experiencing 2010-2016. rapid growth. 1,184 For people instance, in 1960;because 163,656 they in TO IMPROVE.Each new Friscohousehold is a well-educated spends approximately city. Nearly $13,823 90 percent per of year often have fewer2016. time If the constraints city continues and often to growhave moreat the disposable 4.9 percent Friscoon residents retail goods have anda high services school (not diploma, including and nearly motor 60 vehicles). percent income than their adult children, grandparents often enjoy shopping for have a bachelors degree. And, the city’s education profile continues MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 5
FRISCO | DOWNTOWN MASTER PLAN 2018 91 to improve. Since the 2010 Census, the percentage of people with could be opportunities for co-working facilities (including some graduate degrees has grown by 23.9 percent, from 17.0 percent specialized co-working spaces) and “third place” gathering places. in 2010 to 20.9 percent in 2016 (see chart on page 75). That’s a significant increase over the course of just six years. TOTAL POPULATION: As everyone in Frisco knows, the city’s population growth rate makes it one of the fastest-growing cities in FRISCO IS BECOMING MORE RACIALLY DIVERSE. The Asian the US (in 2016, it was second only to Conroe, Texas, according to population grew by 63 percent between 2010-2016. The total number the US Census Bureau). And, it is growing quickly – a 41 percent of Asian residents is still relatively small (9.3 percent of the city’s total increase between 2010-2016; 1,184 people in 1960; 163,656 in 2016. population in 2010, 15.2 percent in 2016), but that’s a substantial If the city continues to grow at the 4.9 percent annualized growth rate increase. The percentage of African-American residents also grew it has experienced over the past five years (according to the City’s from 6.8 percent of the total population in 2010 to 7.6 percent in 2016, Department of Development Services), this means Frisco’s population a 12 percent increase. will hit 300,000 within 12 years and will reach its anticipated build-out limit of 362,500 residents by 2034 – just 17 years from now. Each new HOUSEHOLD INCOME IS HIGH. The median income of a Frisco household spends approximately $13,823 per year on retail goods household was $117,642 in 2016, according to the US Census and services (not including motor vehicles). Bureau’s American Community Survey (see chart on page 75). That’s more than twice that of the state ($54,727) and nation ($55,322). And that means that there is plenty of disposable income for Frisco’s households to spend.
OVER HALF OF THE CITY’S EMPLOYED RESIDENTS WORK IN MANAGEMENT, BUSINESS, SCIENCE, AND ARTS OCCUPATIONS. Fifty-nine percent of Frisco’s employed workers 16 years old and older have management, business, science, or arts occupations (see chart on page 77).
EDUCATION/HEALTH CARE/SOCIAL ASSISTANCE IS THE INDUSTRY THAT EMPLOY THE MOST FRISCO RESIDENTS. Twenty percent of Frisco’s employed workers 16 years old and older work in the education, health care, and social assistance industry – and the number of Frisco’s workers employed in this industry grew by 60.9 percent between 2010-2016 (see chart on page 77).
LOTS OF PEOPLE WORK FROM HOME. Of the 71,549 Frisco residents in the work force, 11 percent of them – 7,870 people – work from home (see chart on page 76). This number does not include people who occasionally telecommute; these are people whose businesses are home-based. This is one of the highest percentages of home-based workers in the nation – and that suggests that there
92 Frisco’s population, by age cohort, 2010 and 2016 Frisco’s Population, by Age Cohort, 2010 and 2016
16,458
14,710 14,419 14,419 13,982
10,195 10,341 9,613 9,176
6,117
5,243 5,389 4,952
4,078
3,059
1,748 1,165 583
<5 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+
Sources: US Census Bureau’s 2010 decennial census and 2016 American Community Survey
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 6
FRISCO | DOWNTOWN MASTER PLAN 2018 93 Median Age and Average Household Size, 2010 - 2016
MEDIAN AGE: The median age of Frisco residents grew by 8.1 percent between 2010 - 2016 - which means that Frisco is getting older much faster than either the state (whose median population age grew by 2.4 percent during that six-year period) or nation (2.2 percent).
Sources: US Census Bureau’s 2010 decennial census and 2016 American Community Survey
AVERAGE HOUSEHOLD SIZE: Frisco’s household size barely changed between 2010 - 2016 - and, in fact, it hasn’t changed for the last five years. Household sizes in Texas and the US have barely changed either - but Frisco’s average household size is slightly larger than that of either the state or nation.
Sources: US Census Bureau’s 2010 decennial census and 2016 American Community Survey
94 Educational Attainment and Median Household Income, 2010 - 2016
EDUCATIONAL ATTAINMENT: More than 20 percent of Frisco’s residents have graduate or professional degrees. That percentage has been growing since 2010. The same is true of the state and nation - but almost twice as many Frisco residents have graduate or professional degrees than Texas and Americans overall.
Sources: US Census Bureau’s 2010 decennial census and 2016 American Community Survey
MEDIAN HOUSEHOLD INCOME: Frisco’s median household grew by 13.6 percent between 2010 - 2016, outpacing that of the state (10.2 percent) and nation (6.6 percent). More significantly, Frisco’s median household income has been roughly twice that of both Texas and the US throughout this period. In 2016, the median household income nationally was $55,322; in Texas it was $54,727; and, in Frisco, it was $117,642.
Sources: US Census Bureau’s 2010 decennial census and 2016 American Community Survey
FRISCO | DOWNTOWN MASTER PLAN 2018 95 Working from Home and Commuting Time, 2010 - 2016
WORKING FROM HOME: The percentage of Frisco residents in the workforce who work from home is more than twice that of the state and nation. In fact, Frisco appears to have one of the highest percentages of home-based workers in the nation. Among the cities with more than 70,000 residents in the workforce, it has the highest percentage.
The 11 percent of Frisco residents in the workplace who work from home represent 7,870 workers. Of all towns and cities with more than 7,000 working residents who work from home, only two are smaller than Frisco (Boulder, Colorado and Fort Leonard Wood, Missouri).
Sources: US Census Bureau’s 2010 decennial census and 2016 American Community Survey
COMMUTING TIME: The mean travel time to work for Frisco residents in the workforce was 29.7 minutes in 2016 - slightly above those for Texas and US workers (25.9 and 26.1 minutes, respectively).
Sources: US Census Bureau’s 2010 decennial census and 2016 American Community Survey
96 Occupation of Employed Frisco Workers 16+, 2010 - 2016
FRISCO | DOWNTOWN MASTER PLAN 2018 97 Industry of Employment, 2016
98 Psychographic and promotional events for the district. On the following pages, we have summarized ESRI’s description Characteristics of each of the major Tapestry LifeMode groups and the detailed subsegments in Frisco. In brief, ESRI has identified clusters in Frisco in Demographics describe quantifiable characteristics of individuals nine of its 14 LifeMode groups and, within these six groups, in 12 of its and groups of people. Psychographics build on demographic 67 subgroups: characteristics, helping identify preferences for certain types of products or activities based on a person’s values, attitudes, lifestyle, Affluent Estates Middle Ground and other factors. Two people might be demographically identical – the Upscale Avenues Senior Styles same age, household size, profession, income, etc. – but one might Uptown Individuals Midtown Singles prefer canned domestic beer, for example, while the other prefers Family Landscapes Next Wave bottled imports. Ethnic Enclaves
To better understand some of the general lifestyle characteristics NOTE: For more information on the methodology ESRI uses to develop and and consumer preferences of Frisco, we used data from ESRI, a assign psychographic segments, see Tapestry Segmentation: Methodology private-sector geospatial information provider. ESRI has developed a (May 2017), available online at http://downloads.esri.com/esri_content_doc/ proprietary classification system, called Tapestry, to classify residential dbl/us/J9941_Tapestry_Segmentation_%20Methodology_2017.pdf . neighborhoods in the US into 14 major “LifeMode” groups, then into 67 more detailed segments, or subgroups, based on demographic and Here’s the most amazing finding: A whopping 70 percent of Frisco’s socioeconomic characteristics. It then identifies concentrations, or households fall into ONE LIfeMode group, “Affluent Estates” – and, 63 clusters, of individuals and households throughout the US according percent fall into one of its subgroups – Boomburbs. Nationally, only to these characteristics. ESRI uses information from almost 6,000 9.7 percent of households fall into the “Affluent Estates” category. sources to develop its segments and to identify clusters throughout This is a remarkable, and very unusual, degree of psychographic the U.S. Its sources include data about magazine and newspaper homogeneity. The subgroup that is next in magnitude, “Up and subscriptions, TV watching and radio listening by program and Coming Families”, clocks in at only 6.6 percent, just barely one-tenth channel, and Internet usage, as well as Census information and direct the size of the Boomburbs subgroup. consumer surveys. Generally speaking (psychographic prototyping involves plenty of ESRI’s Tapestry database has been used by the National generalizations), Boomburbs residents are affluent young families Weather Service to predict the locations of potentially vulnerable living in new suburban homes. The are well-educated; nationally, 52 neighborhoods before hurricanes strike, by political candidates to percents are college graduates. Most Boomburbs households own select locations for campaign events – and, of course, by countless their own homes (and are still paying off their mortgages). Nationally, product marketers to design products, create advertising campaigns, the median value of a Boomburbs household’s home is $293,000 – and choose store locations. For the purposes of downtown quite a bit above the US median of $177,000. But, they often have revitalization, Tapestry data can be useful in helping civic leaders and long commutes to work, and they consequently often opt for working landlords make decisions about the types of businesses to develop or from home when possible. recruit, in helping retail business owners make decisions about the types and price points of merchandise to carry, and in helping create marketing Boomburbs residents are style-conscious, both in terms of fashion
FRISCO | DOWNTOWN MASTER PLAN 2018 99 LifeMode groups in Frisco + USA
Frisco
LifeModeUSA Groups in Frisco & USA
9.7% 1 - Affluent Estates 70.0% LifeMode groups in Frisco + USA 5.7% 2 - Upscale Avenues 1.3% 3.6% 3 - Uptown Individuals 6.0% Frisco 7.4% 4 - Family Landscapes 5.3% USA 11.5% 5 - GenXurban 0.0% 12.2% 6 - Cozy Country Living 0.0% 7 - Ethnic Enclaves 6.9% 7.1% 1 - Affluent Estates 9.7% 10.9% 70.0% 8 - Middle Ground 2.8% 5.7% 5.8% 2 - Upscale Avenues 9 - Senior Styles 2.0% 1.3% 8.4% 10 - Rustic Outposts 0.0% 3.6% 3 - Uptown Individuals 6.0% 11 - Midtown Singles 6.2% 4.0% 7.4% 6.3% 4 - Family Landscapes 12 - Hometown 0.0% 5.3% 13 - Next Wave 3.9% 11.5% 1.4% 5 - GenXurban 0.0% 14 - Scholars and Patriots 3.9% 1.4% 12.2% 6 - Cozy Country Living 0.0% 6.9% 7 - Ethnic Enclaves 7.1% and home decor. They enjoy gardening, but they often hire service and listen to movies (streaming and on DVD), sports, TV dramas, providers to take care of other aspects of home and lawn maintenance. sitcoms, talk radio, soft rock. They own the latest smartphones and 10.9% 8 - Middle Ground 2.8% MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO They spend money on toys, sports equipment, and the latest electronic tablets and know how to use them efficiently, although they14 often gadgets (they are one of the top markets for new technology). complain that they intrude on their personal time too much. Their 5.8% vacations tend to be family-oriented, such as visits to theme parks. 9 - Senior Styles 2.0% For leisure, Boomburbs residents enjoy a variety of sports activities They are generous in supporting charitable organizations. 8.4% – hiking, biking, swimming, golf. They place a high value on physical 10 - Rustic Outposts 0.0% fitness and often belong to clubs and invest in workout equipment for The fact that so many of Frisco’s households fit many of the their homes. They read parenting and business magazines and watch characteristics of this particular psychographic subgroup, coupled 6.2% 11 - Midtown Singles 4.0% 6.3% 100 12 - Hometown 0.0% 3.9% 13 - Next Wave 1.4% 3.9% 14 - Scholars and Patriots 1.4%
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 14 15
Frisco’s LifeMode groups and subgroups Frisco’s LifeMode Groups and SubGroups
Groups + Subgroups Frisco USA Groups + Subgroups Frisco USA
1 Affluent Estates 70.0% 9.7% 7 Ethnic Enclaves 7.1% 6.9% § Top Tier (1A) 2.3% § Up and Coming Families (7A) 6.6% § Professional Pride (1B) 4.3% § American Dreamers (7C) 0.6% § Boomburbs (1C) 63.4% 8 Middle Ground 2.8% 10.9% 2 Upscale Avenues 1.3% 5.7% § Bright Young Professionals (8C) 2.8% § Enterprising Professionals (2D) 1.3% 9 Senior Styles 2.0% 5.8% 3 Uptown Individuals 6.0% 3.6% § Silver + Gold (9A) 2.0% § Laptops and Lattes (3A) 1.1% § Metro Renters (3B) 4.6% 10 Rustic Outposts 0% 8.4% § Trendsetters (3C) 0.3% 11 Midtown Singles 4.0% 6.2% 4 Family Landscapes 5.3% 7.4% § Young and Restless (11B) 4.0% § Soccer Moms (4A) 2.9% § Home Improvement (4B) 1.5% 12 Hometown 0 6.3% § Middleburg (4C) 0.9% 13 Next Wave 1.4% 3.9% § International Marketplace (13A) 1.4% 5 GenXurban 0 11.5%
6 Cozy Country Living 0 12.2% 14 Scholars and Patriots 0 1.6%
with the city’s enormous anticipated growth in resident consumer promising. demand, could have many implications for downtown retail • Family-friendly in-store experiences and promotional development, in terms of marketing, store mix, and merchandising. events are likely to be popular.
Among the potential implications:
• The market potential for mid- to upmarket home furnishings products and services is likely to be quite strong. MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 15 • Similarly, the market potential for unique apparel is very
FRISCO | DOWNTOWN MASTER PLAN 2018 101 LifeMode subgroups LifeMode subgroups Frisco TOP TIER (Affluent Estates subgroup 1A) Average household size (USA): 2.82 Frisco MedianTOP TIER age (Affluent (USA): 46.2 Estates subgroup 1A) (USA): $157,000 Lifemode SubGroups MedianAverage household household income size (USA): 2.82 2.3% Median age (USA): 46.2 TheMedianTOP residents TIER household (Affluent of Top Estates income Tier, Subgroup the (USA): wealthiest 1A) $157,000 Tapestry market, earn more than three times the average US Average Household Size (USA): 2.82 2.3% household. They have purchasing power to indulge any choice – but what do they want? They spend money Median Age: 46.2 forThe Medianthe residents upkeep Household of of TopIncome their Tier, (USA): lavish the $157,000 wealthiesthomes, and Tapestry they select market, upscale earn salons more andthan fitness three timescenters the for average their personal US well-being. They shop at high-end retailers. Whether short or long, domestic or foreign, their frequent household.The residents They of Top Tierhave, the purchasing wealthiest Tapestry power market, to earn indulge more than any three choicetimes the average– but USwhat do they want? They spend money vacationshousehold. spare They have no purchasing expense. power These to indulge highly any choice educated – but what professionals do they want? They have spend moneyreached their corporate career goals. 97.7 for the upkeep of their lavish homes, and they select upscale salons and fitness centers for their personal % Withfor theaccumulated upkeep of their lavish net homes,worth and over they select$1.5 upscale million, salo nsmany and fitness of these centers olderfor their residentspersonal have moved into consulting well-being.well-being. They They shop shop at high-end at high-end retailers. Whether retailers. short or Whetherlong, domestic short or foreign, or theirlong, frequent domestic or foreign, their frequent rolesvacationsvacations or operate sparespare no noexpense.their expense. own These businesses.highly These educated highly professionalsSome educated other have marketreached professionals their characteristics: corporate have career reached goals. their corporate career goals. 97.7 With accumulated net worth over $1.5 million, many of these older residents have moved into consulting roles % Withor operate accumulated their own businesses. net worth Some overother market $1.5 characteristics: million, many of these older residents have moved into consulting §roles They or operateare interested their own in the businesses. fine arts andSome contribute other market to arts/cultural characteristics: organizations, as well as NPR and PBS § When• They at ar home,e interested their in the schedulesfine arts and contribute are packed to arts/cultural with organizations, lunch dates, as well bookclubs, as NPR and PBS charity dinners, and concerts. LifeMode subgroups • When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. § They• They farm farm out out their their household household chores, from chores, property fromand garden property maintenance and to housekeeping.garden maintenance to housekeeping. § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) Frisco § They farm out their household chores, from property and garden maintenance to housekeeping. AverageTOP TIERhousehold (Affluent size Estates (USA): subgroup 3.11 1A) Average household size (USA): 2.82 MedianPROFESSIONAL age (USA): PRIDE 40.5 (Affluent Estates subgroup 1B) MedianPROFESSIONALMedian household age PRIDE(USA): income (Affluent 46.2 (USA):Estates Subgroup $127,000 1B) AverageAverage household Household Size size (USA): (USA): 3.11 3.11 4.3% Median household income (USA): $157,000 Median Age: 40.5(USA): 40.5 2.3% Median age ProfessionalMedian Household Pride Income consumers (USA): $127,000(USA): are well-educated $127,000 career professionals who have prospered through the MedianThe residentshousehold of income Top Tier, the wealthiest Tapestry market, earn more than three times the average US 4.3% Great Professional Recession. Pride consumers To maintain are well-educated their upscale career professionals suburban who havelifestyles, prospered these through goal-orientedthe Great couples work, often Recession.household. To maintain They their have upscale purchasing suburban lifestyles, power these to goal-oriented indulge couplesany choice work, often – butcommuting what do they want? They spend money commutingProfessional farPride and consumers working long are well-educatedhours. However, career their professionals schedules are who finely have tuned prospered to meet through the needs the of farfor and the working upkeep long hours. of their However, lavish their schedules homes, are and finely they tuned selectto meet the upscale needs of theirsalons school and fitness centers for their personal theirGreatage school children.Recession. Theyage are children. To financially maintain Theysavvy; their they are invest upscalefinancially wisely andsuburban savvy;benefit from theylifestyles, interest invest and thesedividend wisely goal-orientedincome. and benefit fromcouples interest work, and often dividendTheywell-being. take income. pride in They their They newer shop takehomes at prideandhigh-end spend in valuabletheir retailers. newertime and Whether energyhomes upgrading and short spendthem. or Their long, valuable homes domestic are time orand foreign, energy their upgrading frequent 95.7 commuting far and working long hours. However, their schedules are finely tuned to meet the needs of furnishedvacations with thespare latest noin home expense. trends, including These finished highly basements educated equipped professionals with home gyms haveand in- reached their corporate career goals. % 97.7 them.theirhome school Their theatres. homesage Some children. market are characteristics:furnished They are with financially the latest savvy; in home they trends,invest wiselyincluding and finished benefit basementsfrom interest equipped and % withWith home accumulated gyms and in-home net worth theatres. over $1.5 Some million, market many characteristics: of these older residents have moved into consulting • These frequent travelers take several domestic trips a year, booking their arrangements online. 95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading roles• They or spendoperate on credit their but avoid own carrying businesses. balances. They Some spend other heavily online; market Amazon characteristics: is a favorite. % them. Their homes are furnished with the latest in home trends, including finished basements equipped
§with These home frequent gyms and travelers in-home take theatres. several Some domestic market trips characteristics: a year, booking their arrangements online. § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite. § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. 102 § These frequent travelers take several domestic trips a year, booking their arrangements online. 16 MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO § They farm out their household chores, from property and garden maintenance to housekeeping. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 16 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 Frisco BOOMBURBS (Affluent Estates subgroup 1C) Average household size (USA): 3.22 Frisco MedianBOOMBURBS age (USA): (Affluent 33.6 Estates subgroup 1C) MedianAverage household household income size (USA): (USA): 3.22 $105,000 Median age (USA): 33.6 BoomburbsMedianBOOMBURBS household residents (Affluent income Estates are young Subgroup (USA): professionals 1C) $105,000 with families that have opted to trade up to the newest housingAverage inHousehold the suburbs. Size (USA): This 3.22 is an affluent market but with a higher proportion of mortgages. Residents are Median Age: 33.6 33.6% well-educatedBoomburbsMedian Household residents professionals Income are (USA): young $105,000 with professionals a running start with on families prosperity. that Somehave opted market to characteristics: trade up to the newest
housingBoomburbs in residentsthe suburbs. are young This professionals is an withaffluent families marketthat have opted but towith trade aup higher to the newest proportion housing of mortgages. Residents are 33.6% 63.4% §well-educated inThey the suburbs. are well This professionals is connected: an affluent market withThey but a withown running a higher the proportion lateststart ondevices of prosperity. mortgages. and Residents use Some them are marketwell- efficiently. characteristics: educated professionals with a running start on prosperity. Some market characteristics: § Longer commute times from the suburban growth corridors have created more home workers. § Prefer• They late are well model connected: imports, They own primarily the latest devices SUVs, and useand them also effici luxuryently. cars and minivans. 63.4% § They are well connected: They own the latest devices and use them efficiently. § They• Longer like commuteto garden, times fr butom the more suburban often growth contract corridors have for created home more services. home workers. § Longer• Prefer commute late model imports, times primarily from SUVs, the and suburban also luxury cars growth and minivans. corridors have created more home workers. § • They like to garden, but more often contract for home services. § PreferStyle matters late model in the imports, Boomburbs primarily, from SUVs, personal and alsoappearance luxury cars to their and homes. minivans. § Physical• Style matters fitness in the is Boomburbs, a priority, from including personal appearance club memberships to their homes. and home equipment. LifeMode subgroups§ They• Physical like tofitness garden, is a priority but, including more club often memberships contract and home for equipment.home services. § Style matters in the Boomburbs, from personal appearance to their homes. § Physical fitness is a priority, including club memberships and home equipment. Frisco ENTERPRISING PROFESSIONALS (Upscale Avenues subgroup 2D) AverageTOP TIER household (Affluent size Estates (USA): subgroup 2.46 1A) Average household size (USA): 2.82 MedianENTERPRISING age (USA): PROFESSIONALS 34.8 (Upscale Avenues subgroup 2D) ENTERPRISINGMedian age PROFESSIONALS (USA): 46.2 MedianAverage household household income size (USA): (Upscale(USA): 2.46 Avenues $77,000 Subgroup 2D) 1.3% AverageMedian Household household Size (USA): income 2.46 (USA): $157,000 MedianMedian Age:age 34.8(USA): 34.8 2.3% EnterprisingMedianMedian Householdhousehold Professionals Income income (USA): residents $77,000 (USA): $77,000 are well educated and climbing the ladder in STEM occupations. They The residents of Top Tier, the wealthiest Tapestry market, earn more than three times the average US 1.3% change Enterprising jobs Professionals often and residents therefore are well educatedchoose and to climbing live in the condos, ladder in STEM town occupations. homes, They or apartments; many still rent their changehousehold. jobs often They and therefore have choose purchasing to live in condos, power town to homes, indulge or apartments; any choice many still – rentbut what do they want? They spend money homes.Enterprising Enterprising Professionals Professionals residents residents are well areeducated diverse, and with climbing Asians themaking ladder up in over STEM one-fifth occupations. of the They theirfor homes.the upkeep Enterprising of Professionals their lavish residents homes, are diverse, and with they Asians select making upscale up over one-fifth salons of theand fitness centers for their personal population.changepopulation. jobs This This often young young marketand thereforemakesmarket over makes 1.5 choose times overmore to income 1.5live timesthanin condos, the moreUS median, townincome supplementing homes, than theirtheor apartments; US median, manysupplementing still rent their incomeswell-being. with high-risk They investments. shop at Some high-end market characteristics: retailers. Whether short or long, domestic or foreign, their frequent theirhomes. incomes Enterprising with high-risk Professionals investments. residents Some are diverse, market withcharacteristics: Asians making up over one-fifth of the 98.7 vacations spare no expense. These highly educated professionals have reached their corporate career goals. % 97.7 population.• Early adopters This youngof new technology market in hopesmakes of impr overessing 1.5 peers times with new more gadgets. income than the US median, supplementing % With• Strive accumulated to stay youthful andnet healthy worth, eat overorganic $1.5and natural million, foods, run,many and doof yoga. these older residents have moved into consulting §their Early incomes adopters with of high-risk new technology investments. in hopes Some of market impressing characteristics: peers with new gadgets. 98.7 roles• Buy or name operate brands andtheir trendy own clothes businesses. online. Some other market characteristics: % § Strive• Eat toout atstay The Cheesecakeyouthful Factory and healthy,and Chick-fil-A; eat drorganicop by Starbucks and for natural coffee. foods, run, and do yoga. § § EarlyBuy name adopters brands of newand trendytechnology clothes in hopesonline. of impressing peers with new gadgets. § § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § StriveEat out to at stay The youthful Cheesecake and healthy,Factory andeat organicChick-fil and-A; naturaldrop by foods, Starbucks run, forand coffee. do yoga. § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. § Buy name brands and trendy clothes online. FRISCO | DOWNTOWN MASTERMINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PLAN 2018 § They farm out their household chores, from property and garden maintenance103 to housekeeping. 17 § Eat out at The Cheesecake Factory and Chick-fil-A; drop by Starbucks for coffee.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 17 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 Frisco LAPTOPS AND LATTES (Uptown Individuals subgroup 3A) Average household size (USA): 1.85 Frisco LAPTOPSMedian age AND (USA): LATTES 36.9 (Uptown Individuals subgroup 3A) AverageMedian household household income size (USA): (USA): 1.85 $93,000 1.1% Median age (USA): 36.9 MedianLaptopsLAPTOPS andhousehold AND Lattes LATTES residents income(Uptown Individuals (USA): are predominantly Subgroup $93,000 3A) single, well-educated professionals in business, finance, 1.1% legal,Average computer, Household and Size (USA):entertainment 1.85 occupations. They are affluent and partial to city living and its amenities. Median Age: 36.9 LaptopsNeighborhoodsMedian andHousehold Lattes areIncome residents densely (USA): $93,000 populated.are predominantly Many residents single, well-educated walk, bike, or professionalsuse public transportation in business, tofinance, get to work; a number work from home. Although single households technically outnumber couples, this market legal,Laptops computer, and Lattes r esidentsand entertainment are predominantly single, occupations. well-educated They professionals are affluent in business, and finance, partial to city living and its amenities. 86.9 Neighborhoodsincludeslegal, computer, a higher and are entertainment proportion densely occupations. populated. of partner They areManyhouseholds, affluent residents and partialincluding walk,to city living bike, the and highest orits useamenities. publicproportion transportation of same-sex to getcouples. to % ResidentsNeighborhoods are are more densely interested populated. Many in theresidents stock walk, market bike, or use than public the transportation housing to getmarket. to work; Other characteristics: work;a number a number work from workhome. Although from home.single households Although technically single outnumber households couples, this technically market includes outnumber couples, this market includes a higher proportiona higher of partnerproportion households, of includingpartner the households, highest proportion including of same-sex couples.the highest Residents proportion of same-sex couples. 86.9 are more interested in the stock market than the housing market. Other characteristics: % Residents§ They are are technologically more interested savvy, in the well stock connected market thanconsumers. the housing market. Other characteristics: § These• They are are technologicallyhealth-conscious savvy, well connectedconsumers consumers. who exercise regularly and pay attention to nutrition. § Environmentally• These are health-conscious conscious consumers but who also exercise image-conscious; regularly and pay attention both to nutrition.impact their purchasing. LifeMode subgroups§ They• Envir areonmentally technologically conscious but alsosavvy, image-conscious; well connected both impact consumers. their purchasing. § • They favor organic food, buying groceries at higher-end grocery stores. § TheseThey favor are health-conscious organic food, buying consumers groceries who at exercisehigher-end regularly grocery and stores. pay attention to nutrition. § Environmentally conscious but also image-conscious; both impact their purchasing. Frisco §METRO They favorRENTERS organic (Uptown food, Individualsbuying groceries subgroup at higher-end 3B) grocery stores. AverageTOP TIER household (Affluent size Estates (USA): subgroup 1.66 1A) Average household size (USA): 2.82 METROMedian ageRENTERS (USA): 31.8 (Uptown Individuals subgroup 3B) METROMedian RENTERS age (USA): 46.2 Median household(Uptown income Individuals (USA): (USA): Subgroup 1.66 $52,000 3B) AverageAverage Householdhousehold Size size(USA): 1.66 4.6% Median household income (USA): $157,000 Median Median Age:age 31.8(USA): 31.8 2.3% MedianResidentsMedian Householdhousehold of this Income highly income (USA): mobile $52,000 (USA): and $52,000 educated market live alone or with a roommate in apartments or condos The residents of Top Tier, the wealthiest Tapestry market, earn more than three times the average US 4.6% in urbanResidents areas. of this highly This mobile is one and educatedof the fastestmarket live growingalone or with market a roommate segments; in apartments theor condos popularity of urban life continues to inhousehold. urban areas. This They is one have of the fastestpurchasing growing market power segments; to indulge the popularity any of choice urban life –continues but what to do they want? They spend money Residentsincrease for of consumers this highly mobilein their andlate educated20s and 30s. market Metro live Renters alone orresidents’ with a roommate income is closein apartments to the US or average, condos increasefor the for upkeep consumers of in their their late lavish20s and 30s.homes, Metro Rentersand they residents’ select income upscale is close to salons the US average, and fitness centers for their personal inbut urbanbut they they spendareas.spend a large Thisa large portion is one portionof their of wages the of onfastesttheir rent, clothes,wages growing and on the rent,market latest technology.clothes, segments; Computersand the the and latest popularity cell technology. of urban Computers life continues and cellto phoneswell-being. are an integral They part shop of everyday at high-end life and are usedretailers. interchangeably Whether for news, short entertainment, or long, shopping, domestic or foreign, their frequent increasephones are for an consumers integral part in their of everyday late 20s lifeand and 30s. are Metro used Renters interchangeably residents’ incomefor news, is entertainment,close to the US shopping,average, 95.4 andvacations social media. spare Socializing no expense.and social status These are very highly important educated to Metro Renters. professionals Other characteristics: have reached their corporate career goals. % 97.7 butand theysocial spend media. a largeSocializing portion and of socialtheir wages status onare rent, very clothes, important and to the Metro latest Renters. technology. Other Computers characteristics: and cell % With• V eryaccumulated interested in the fine net arts, worth they strive over to be$1.5 sophisticated million, and manythey value of education these andolder creativity. residents have moved into consulting phones are an integral part of everyday life and are used interchangeably for news, entertainment, shopping, 95.4 roles• Pr orefer operate environmentally their safe own products businesses. and are partial toSome organic otherfoods from market Trader Joe’s characteristics: and Whole Foods. % and§ Very •social Shop interested media. for clothes Socializing at in stor thees like fine Banana and arts, Republic, social they The statusstrive Gap, andtoare Nordstrom.be very sophisticated important Prefer Macs to to andPCs. Metro they Renters. value education Other characteristics: and creativity.
§ Prefer environmentally safe products and are partial to organic foods from Trader Joe’s and Whole Foods. § § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § VeryShop interestedfor clothes in at the stores fine likearts, Banana they strive Repubilc to be, The sophisticated Gap, and Nordstrom. and they value Prefer education Macs to and PCs. creativity. § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. § Prefer environmentally safe products and are partial to organic foods from Trader Joe’s and Whole Foods. MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO § They farm out their household chores, from property and garden maintenance to housekeeping. 18 104 § Shop for clothes at stores like Banana Repubilc, The Gap, and Nordstrom. Prefer Macs to PCs.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 18 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 Frisco TRENDSETTERS (Uptown Individuals subgroup 3C) Average household size (USA): 2.10 Frisco MedianTRENDSETTERS age (USA): (Uptown 35.5 Individuals subgroup 3C) MedianAverage household household income size (USA): (USA): 2.10 $51,000 0.3% Median age (USA): 35.5 ArmedMedianTRENDSETTERS with household the (Uptown motto income Individuals “You’re (USA): Subgroup only $51,000 young3C) once”, Trendsetters residents live life to its full potential. These 0.3% educatedAverage Household young singlesSize (USA): aren’t 2.10 ready to settle down; they do not own homes and choose to spend their Median Age: 35.5 disposableArmedMedian with Household income the mottoIncome on (USA):upscale “You’re $51,000 cityonly living young and once”, entertainment. Trendsetters Dressed residents head live to life toe to in its the full most potential. current These fashions, their weeknights and weekends are filled discovering local art and culture, dining out, or exploring new educatedArmed with young the motto singles “You’re only aren’t young readyonce”, Trendsetters to settle residents down; live they life to itsdo full not potential. own These homes and choose to spend their 99.7 hobbies.disposableeducated Theiryoung income singles vacations aren’ton upscale ready are to often settle city down; spontaneous,living they anddo not entertainment. own packedhomes and with choose Dressed new to spend experiences their head to toe and in chronicled the most current on their fashions, % Facebookdisposable pages.income on Some upscale citymarket living and characteristics: entertainment. Dressed head to toe in the most current theirfashions, weeknights their weeknights and and weekends weekends are are filled filled discovering discovering local art and localculture, artdining and out, culture,or exploring dining out, or exploring new hobbies.new hobbies. Their Their vacations vacations are areoften oftenspontaneous, spontaneous, packed with new packed experiences with and newchronicled experiences on their and chronicled on their 99.7 Facebook pages. Some market characteristics: % §Facebook Socially pages. and environmentally Some market characteristics: conscious, they are willing to pay more for products that support their causes. § Well• Socially paid, and with envir onmentallylittle financial conscious, responsibility,they are willing to pay thesemore for productsconsumers that support are their spenders causes. rather than savers. § They• W ellown paid, thewith littlelatest financial in cellphonesresponsibility, these and consumers tablets, are andspenders they rather are than always savers. connected. LifeMode subgroups§ Socially• They own and the environmentally latest in cellphones and tablets,conscious, and they theyare always are connected. willing to pay more for products that support their causes. § • Trendsetters jog, run, or walk for exercise and occasionally attend a yoga class. § WellTrendsetters paid, with jog, little run, financialor walk for responsibility, exercise and these occasionally consumers attend are aspenders yoga class. rather than savers. § They own the latest in cellphones and tablets, and they are always connected. Frisco §SOCCER Trendsetters MOMS jog, (Family run, or Landscapes walk for exercise subgroup and 4A) occasionally attend a yoga class. AverageTOP TIER household (Affluent size Estates (USA): subgroup 2.96 1A) Average household size (USA): 2.82 MedianSOCCER age MOMS (USA): (Family 36.6 Landscapes subgroup 4A) Median age (USA): 46.2 MedianAverageSOCCER household household MOMS (Family income Landscapessize (USA): (USA): Subgroup 2.96 $84,000 4A) 2.9% AverageMedian Household household Size (USA): income 2.96 (USA): $157,000 Median age (USA): 36.6 2.3% Median Age: 36.6 SoccerMedianMedian Moms Householdhousehold is an Income affluent, income (USA): $84,000 family-oriented(USA): $84,000 market with a country flavor. Residents are partial to new The residents of Top Tier, the wealthiest Tapestry market, earn more than three times the average US 2.9% housing away from the bustle of the city but close enough to commute to professional job centers. Life in Soccerhousehold. Moms is an They affluent, have family-oriented purchasing market power with a countryto indulge flavor. Residentsany choice are partial – tobut new what do they want? They spend money thisSoccerhousing suburban Moms away from is wilderness anthe bustleaffluent, of the offsets cityfamily-oriented but close the enough hectic to marketcommutepace of to with twoprofessional workinga country job centers. parents flavor. Life in withResidentsthis growing are children.partial to They new favor time-savingsuburbanfor the wilderness upkeep devices, offsets of theirlike the bankinghectic lavish pace homes, ofonline two working andor housekeepingparents they withselect growing upscale services,children. salonsThey and favor family-orientedandtime- fitness centers pursuits. for their They personal tend housingsaving devices, away like from banking the online bustle or housekeeping of the city services, but an closed family-oriented enough pursuits. to commute They tend to to carry professional job centers. Life in awell-being. higher level of debt, They including shop first at andhigh-end second mortgages retailers. and carWhether loans. Other short characteristics: or long, domestic or foreign, their frequent 97.1 tothis carry suburban a higher wilderness level of debt, offsets including the hectic first pace and ofsecond two working mortgages parents and carwith loans. growing Other children. characteristics: They favor % 97.7 vacations spare no expense. These highly educated professionals have reached their corporate career goals. time-saving• Family-oriented devices, purchases like andbanking activities online dominate, or like housekeeping 4+ televisions, movie services,purchases or rentals,and family-oriented pursuits. They tend % With accumulated net worth over $1.5 million, many of these older residents have moved into consulting §to carryFamily-orientedchildren’s a higher apparel level andpurchases toys,of debt, and visits andincluding to theme activities parks first or zoos.dominate, and second like mortgages 4+ televisions, and car movie loans. purchases Other characteristics: or rentals, 97.1 roles• Home or operate maintenance their services own are frequently businesses. contracted, Some but these other families market also like theircharacteristics: gardens and own % children’sthe tools forapparel minor upkeep, and liketoys, riding and mowers visits and tillers.to theme parks or zoos.
§ Family-orientedHome maintenance purchases services and are activities frequently dominate, contracted, like 4+but televisions, these families movie also purchases like their gardensor rentals, and § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS children’sown the tools apparel for minorand toys, upkeep, and visits like riding to theme mowers parks and or tillers. zoos. § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. FRISCO | DOWNTOWN MASTER PLAN 2018 § Home maintenance services are frequently contracted, but these families also105 like their gardens and MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO § They farm out their household chores, from property and garden maintenance to housekeeping. 19 own the tools for minor upkeep, like riding mowers and tillers.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 19 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 Frisco HOME IMPROVEMENT (Family Landscapes subgroup 4B) Average household size (USA): 2.86 Frisco HOMEMedian IMPROVEMENT age (USA): 37.0 (Family Landscapes subgroup 4B) AverageMedian householdhousehold incomesize (USA): (USA): 2.86 $105,000 1.5% Median age (USA): 37.0 MedianMarried-coupleHOME IMPROVEMENT household families income(Family occupyLandscapes (USA): well Subgroup $105,000 over 4B) half of these suburban households. Most Home Improvement 1.5% residencesAverage Household are single-family Size (USA): 2.86 homes that are owner occupied, with only one-fifth of the homes occupied by Median Age: 37.0 Married-couplerenters.Median HouseholdThese families familiesIncome (USA): spend occupy $105,000 a lotwell of over time half on theof these go and suburban therefore households. tend to eat Most out regularly.Home Improvement When at home, weekends are consumed with home improvement and remodeling projects. Other characteristics: residencesMarried-couple are families single-family occupy well over homes half of thesethat suburban are owner households. occupied, Most Home with Improvement only one-fifth of the homes occupied by 98.5 renters. residences These are single-family families homes spend that area lot owner of occupied, time on with the only go one-fifth and oftherefore the homes occupied tend toby eat out regularly. When at home, % § renters.Cautious These familiesconsumers spend a lotwho of time do on their the go researchand therefore beforetend to eat buying; out regularly. they When protect at home, their investments. weekends weekends are are consumed consumed with home with improvement home andimprovement remodeling projects. and Other remodeling characteristics: projects. Other characteristics: § They spend heavily on eating out, at both fast-food and family restaurants. 98.5 • Cautious consumers who do their research before buying; they protect their investments. % § Own a giant screen TV with fiber-optic connection an premium cable; rent DVDs from Redbox or Netflix. § Cautious• They spend consumers heavily on eating who out, do at both their fast-food research and family before restaurants. buying; they protect their investments. § • Own a giant screen TV with fiber-optic connection an premium cable; rent DVDs from Redbox or Netflix. § TheyEnjoy spend dining heavily at Chili’s, on Chick-fil-A,eating out, atand both Panera fast-food Bread. and family restaurants. § Make• Enjoy frequent dining at Chili’ tripss, Chick-fil-A, to warehouse and Panera clubsBread. and home improvement stores in their minivans or SUVs. LifeMode subgroups§ Own• Make a giant frequent screen trips to warehouse TV with clubs fiber-optic and home improvement connection stores in an their premium minivans or SUVs.cable; rent DVDs from Redbox or Netflix. § Enjoy dining at Chili’s, Chick-fil-A, and Panera Bread. § Make frequent trips to warehouse clubs and home improvement stores in their minivans or SUVs. Frisco MIDDLEBURG (Family Landscapes subgroup 4C) AverageTOP TIER household (Affluent size Estates (USA): subgroup 2.73 1A) Average household size (USA): 2.82 MIDDLEBURGMedian age (USA): (Family 35.3 Landscapes subgroup 4C) MIDDLEBURGMedian age (USA): 46.2 AverageMedian householdhousehold(Family Landscapes incomesize (USA): Subgroup (USA): 2.73 4C) $55,000 0.9% AverageMedian Household household Size (USA): income 2.73 (USA): $157,000 Median Median Age:age 35.3(USA): 35.3 2.3% MedianMiddleburgMedian Householdhousehold neighborhoods Income income (USA): $55,000 transformed(USA): $55,000 from the easy pace of country living to semirural subdivisions in The residents of Top Tier, the wealthiest Tapestry market, earn more than three times the average US 0.9% theMiddleburg last decade, neighborhoods when transformed the housing from the boom easy pace reached of country livingout. to Residents semirural subdivisions are conservative, in the family-oriented lasthousehold. decade, when They the housing have boom purchasing reached out. Residentspower areto conservative,indulge any family-oriented choice –consumers. but what do they want? They spend money Middleburgconsumers. neighborhoods Traditional values transformed are the norm from here the – easy faith, pace country, of country and family. living toStill semirural more country subdivisions than rock in Traditionalfor the valuesupkeep are the of norm their here lavish – faith, country, homes, and andfamily. they Still more select country upscale than rock andsalons roll, they and fitness centers for their personal theandare lastroll, thrifty decade, they but willing are whento thrifty carry somethe but debt.housing willing They prefer boomto tocarry buy reached American some anddebt.out. travel Residents They in the US.prefer This are market to conservative, buy is American family-oriented and travel in the US. youngerwell-being. but growing They in size shop and assets. at high-end Some market retailers. characteristics: Whether short or long, domestic or foreign, their frequent consumers.This market Traditionalis younger valuesbut growing are the in norm size and here assets. – faith, Some country, market and characteristics: family. Still more country than rock 99.1 vacations spare no expense. These highly educated professionals have reached their corporate career goals. % 97.7 and •roll, Comfortable they are with thrifty the latest but technology willing for convenienceto carry someand ente rtainment.debt. They prefer to buy American and travel in the US. % With• Residents accumulated are partial to net trucks, worth SUVs, andover occasionally $1.5 million, convertibles many or mot orcycles.of these older residents have moved into consulting This§ Comfortable market is younger with the but latest growing technology in size andfor convenienceassets. Some and market entertainment. characteristics: 99.1 roles• Entertainment or operate is primarily their family-oriented,own businesses. TV and movie Some rentals other or theme market parks and characteristics: family restaurants. % § Residents• Sports include are hunting,partial tar toget shooting,trucks, bowling, SUVs, and and baseball. occasionally convertibles or motorcycles. § § ComfortableEntertainment with is primarily the latest family-oriented, technology for TVconvenience and movie and rentals entertainment. or theme parks and family restaurants. § § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § ResidentsSports include are partial hunting, to trucks,target shooting,SUVs, and bowling, occasionally and baseball. convertibles or motorcycles. § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. § Entertainment is primarily family-oriented, TV and movie rentals or theme parks and family restaurants. MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO § They farm out their household chores, from property and garden maintenance to housekeeping. 20 106 § Sports include hunting, target shooting, bowling, and baseball.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 20 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 Frisco UP AND COMING FAMILIES (Ethnic Enclaves subgroup 7A) Average household size (USA): 3.10 Frisco MedianUP AND age COMING (USA): 30.7 FAMILIES (Ethnic Enclaves subgroup 7A) MedianAverage household household income size (USA): (USA): 3.10 $64,000 6.6% Median age (USA): 30.7 UpMedianUP and AND Coming household COMING FamiliesFAMILIES income (Ethnic is a market (USA):Enclaves Subgroup $64,000in transition 7A) – residents are younger and more mobile and ethnically 6.6% diverseAverage than Household the previousSize (USA): 3.10 generation. They are ambitious, working hard to get ahead, and willing to take Median Age: 30.7 someUpMedian and risks Coming Household to achieve Families Income their(USA): is a $64,000goals.market The in transition recession –has residents impacted are their younger financial and morewell-being, mobile but and they ethnically are optimistic. Their homes are new; their families are young. And this is one of the fastest growing markets in diverseUp and thanComing the Families previous is a market generation. in transition – residents They areare younger ambitious, and more workingmobile and ethnically hard to get ahead, and willing to take 93.4 thesomediverse US. risks thanSome tothe previousachievecharacteristics: generation. their goals.They are Theambitious, recession working hard has to impactedget ahead, and their willing financialto take some well-being, but they are % risks to achieve their goals. The recession has impacted their financial well-being, but they are optimistic. optimistic.Their homes Theirare new; homes their families are are new; young. their And this families is one of the are fastest young. growing And markets this in theis oneUS. Some of the fastest growing markets in § characteristics:Careful shoppers, aware of prices, willing to shop around for the best deals and open to others’ opinions. 93.4 the US. Some characteristics: % § Rely on the internet for entertainment, information, shopping, and banking. • Careful shoppers, aware of prices, willing to shop around for the best deals and open to others’ opinions. § • Rely on the internet for entertainment, information, shopping, and banking. § CarefulPrefer imported shoppers, SUVs aware or ofcompact, prices, willinglate-model to shop cars. around for the best deals and open to others’ opinions. § Find• Pr leisureefer imported in SUVsfamily or compact, activities, late-model movies cars. at home, and sports, from backpacking to weightlifting and yoga. LifeMode subgroups§ Rely• Find on leisur thee ininternet family activities, for moviesentertainment, at home, and sports, information, from backpacking shopping, to weightlifting and and yoga.banking. § Prefer imported SUVs or compact, late-model cars. § Find leisure in family activities, movies at home, and sports, from backpacking to weightlifting and yoga. Frisco AMERICAN DREAMERS (Ethnic Enclaves subgroup 7C) AverageTOP TIER household (Affluent size Estates (USA): subgroup 3.16 1A) Average household size (USA): 2.82 MedianAMERICAN age (USA):DREAMERS 31.8 (Ethnic Enclaves subgroup 7C) AMERICANMedian ageDREAMERS (USA): 46.2 MedianAverage household household income size(Ethnic (USA): Enclaves (USA): 3.16 Subgroup $48,000 7C) 0.6% AverageMedian Household household Size (USA): income 3.16 (USA): $157,000 MedianMedian Age:age 31.8(USA): 31.8 2.3% LocatedMedianMedian Householdhouseholdthroughout Income income the (USA): South $48,000 (USA): and $48,000 West, most American Dreamers residents own their own homes, The residents of Top Tier, the wealthiest Tapestry market, earn more than three times the average US 0.6% primarily Located throughout single-family the South houses, and West, most farther American out Dreamers of the residents city, where own their housingown homes, isprimarily more affordable. The majority of single-familyhousehold. houses, They farther have out of purchasing the city, where housingpower is moreto indulge affordable. any The choicemajority of –households but what do they want? They spend money householdsLocated throughout include younger the South married-couple and West, most families American with Dreamers children and,residents frequently, own their grandparents. own homes, Diversity includefor the younger upkeep married-couple of their families lavish with homes, children and, and frequently, they grandparents.select upscale Diversity salons is high; and fitness centers for their personal isprimarily high;many residents many single-family areresidents foreign-born, houses, are of Hispanic foreign-born, farther origin. Hard out ofwork of Hispanic andthe sacrifice city, origin. where have improved Hard housing their work economic is andmore sacrifice affordable. have The improved majority their of circumstanceswell-being. as Theythey pursue shop a better at high-end life for themselves retailers. and their Whether families. Spending short is focusedor long, more domestic on or foreign, their frequent economichouseholds circumstances include younger as they married-couple pursue a better families life forwith themselves children and, and frequently, their families. grandparents. Spending is Diversity focused 99.4 membersvacations of the spare household no than expense. on the home. These Other characteristics:highly educated professionals have reached their corporate career goals. % 97.7 moreis high; on many members residents of the are household foreign-born, than of on Hispanic the home. origin. Other Hard characteristics: work and sacrifice have improved their % With• They accumulated prefer fast-food diningnet placesworth like over Wendy’s $1.5 or Taco million, Bell as well many as family-friendly of these restaurants older residentslike have moved into consulting economic circumstances as they pursue a better life for themselves and their families. Spending is focused 99.4 rolesOlive or Garden,operate Denny’s, their or IHOP.own businesses. Some other market characteristics: % §more They• onThey prefermembers are captivated fast-food of by the new dininghouseholdtechnology, places particularly than like feature-rich on Wendy’s the home.smartphones. or Taco Other Bell characteristics: as well as family-friendly restaurants like
Olive Garden, Denny’s, or IHOP. § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § They preferare captivated fast-food by dining new technology, places like Wendy’s particularly or Taco feature-rich Bell as well smartphones. as family-friendly restaurants like § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. Olive Garden, Denny’s, or IHOP. MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO § They farm out their household chores, from property and garden maintenance to housekeeping. 21 FRISCO | DOWNTOWN MASTER PLAN 2018 § They are captivated by new technology, particularly feature-rich smartphones. 107
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 21 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 Frisco BRIGHT YOUNG PROFESSIONALS (Middle Ground subgroup 8C) Average household size (USA): 2.40 Frisco BRIGHTMedian ageYOUNG (USA): PROFESSIONALS 32.2 (Middle Ground subgroup 8C) AverageMedian householdhousehold incomesize (USA): (USA): 2.40 $50,000 2.8% Median age (USA): 32.2 MedianBrightBRIGHT Young household YOUNG Professionals PROFESSIONALS income is (USA):(Middlea large Ground $50,000 market, Subgroup primarily 8C) located in urban outskirts of large metropolitan areas. 2.8% TheseAverage communities Household Size are(USA): home 2.40 to young, educated, working professionals. One out of three householders is Median Age: 32.2 BrightunderMedian Youngthe Household age Professionals of Income 35. Slightly (USA): is $50,000 a morelarge diversemarket, couplesprimarily dominate located inthis urban market, outskirts with moreof large renters metropolitan than areas. homeowners. Labor force participation is high, generally white-collar work, with a mix of food service and TheseBright communitiesYoung Professionals are is a largehome market, to primarilyyoung, located educated, in urban outskirtsworking of large professionals. metropolitan areas. One out of three householders is 86.9 underpart-timeThese the communities jobs,age of particularly are 35. home Slightly to young, among more educated, diversethe working college professionals.couples students. dominate One out Residents of three this householders market, of this iswithmarket more segment renters are than physically % activeunder andthe age current of 35. Slightly with more the diverse latest couples technology. dominate this market,Some with additional more renters market than homeowners. characteristics: homeowners.Labor force participation Labor is forcehigh, generally participation white-collar work,is high, with a generally mix of food service white-collar and part-time work, jobs, with a mix of food service and part-time particularly jobs,among particularlythe college students. among Residents the of collegethis market students.segment are physically Residents active ofand this current market segment are physically 86.9 with the latest technology. Some additional market characteristics: % active§ Read and sports current magazines with the and latest participate technology. in a Somevariety additional of sports, market including characteristics: basketball, Pilates, weight lifting, and• Readyoga. sports magazines and participate in a variety of sports, including basketball, Pilates, weight lifting, § Eat andout yoga. often at fast-food and family restaurants. LifeMode subgroups§ Read• Eat sports out often magazinesat fast-food and andfamily participaterestaurants. in a variety of sports, including basketball, Pilates, weight lifting, § andOwn• Ownyoga. newer newer computers, computers, iPads, andiPads, 2+ televisions. and 2+ televisions. • Make frequent trips to warehouse clubs and home improvement stores in their minivans or SUVs. § Eat out often at fast-food and family restaurants. Frisco §SILVER Own AND newer GOLD computers, (Senior iPads,Styles andsubgroup 2+ televisions. 9A) AverageTOP TIER household (Affluent size Estates (USA): subgroup 2.02 1A) Average household size (USA): 2.82 SILVERMedian AND age (USA): GOLD 61.8 (Senior Styles subgroup 9A) SILVERMedian AND age GOLD (USA): 46.2 AverageMedian householdhousehold(Senior incomesize Styles (USA): Subgroup (USA): 2.02 9A) $63,000 2.0% AverageMedian Household household Size (USA): income 2.02 (USA): $157,000 Median Median Age:age 61.8(USA): 61.8 2.3% MedianAmongMedian theHouseholdhousehold oldest Income senior income (USA): market, $63,000 (USA): this $63,000 is also the most affluent senior market – and it’s growing. The The residents of Top Tier, the wealthiest Tapestry market, earn more than three times the average US 2.0% affluenceAmong the ofoldest Silver senior and market, Gold this residentsis also the most has affluent afforded senior market the – opportunityand it’s growing. The to affluence retire to sunnier climates that feature ofhousehold. Silver and Gold They residents have has afforded purchasing the opportunity power to retire to indulgeto sunnier climatesany choice that feature – butexclusive what do they want? They spend money Amongexclusive the communities oldest senior and market, vacation this homes. is also theThese most consumers affluent seniorare primarily market retired, – and it’s but growing. many are The still active communitiesfor the upkeep and vacation of homes.their Theselavish consumers homes, are and primarily they retired, select but many upscale are still activesalons in the and labor fitness centers for their personal affluencein force.the laborThey of have force.Silver the free andThey time Gold and have resources residents the tofree enjoy has time the goodafforded and life. resources Other the characteristics: opportunity to enjoy theto retire good tolife. sunnier Other climatescharacteristics: that feature well-being. They shop at high-end retailers. Whether short or long, domestic or foreign, their frequent exclusive communities and vacation homes. These consumers are primarily retired, but many are still active 98.0 vacations• Connected, spare but primarily no expense. to get news Theseand track highlyinvestments; educated more likely toprofessionals own an e-reader or have tablet than reached their corporate career goals. % 97.7 in§ theConnected, labora smartphone. force. but They primarily have tothe get free news time and and track resources investments; to enjoy more the goodlikely life.to own Other an characteristics: e-reader or tablet % With• Partial accumulated to luxury cars or net SUVs; worth highest demandover $1.5 market million, for convertibles. many of these older residents have moved into consulting than a smartphone. 98.0 roles• Gener or operateous supporters their of charitable own businesses.organizations. Some other market characteristics: % §§ Connected,Partial• Maintain to luxurya r egularbut exercise primarilycars or regimen SUVs; to and get payhighest news attention and demand to healthy track eating market investments; habits. for convertibles. more likely to own an e-reader or tablet
§ thanGenerous a smartphone. supporters of charitable organizations. § § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § PartialMaintain to aluxury regular cars exercise or SUVs; regimen highest and demand pay attention market forto healthy convertibles. eating habits. § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. § Generous supporters of charitable organizations. MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO § They farm out their household chores, from property and garden maintenance to housekeeping. 22 108 § Maintain a regular exercise regimen and pay attention to healthy eating habits.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 22 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 Frisco YOUNG AND RESTLESS (Midtown Singles subgroup 11B) Average household size (USA): 2.02 Frisco YOUNGMedian age AND (USA): RESTLESS 29.4 (Midtown Singles subgroup 11B) AverageMedian household household income size (USA): (USA): 2.02 $36,000 4.0% Median age (USA): 29.4 MedianGenYOUNG Y comes householdAND RESTLESS of age: income (Midtown Well-educated Singles (USA): Subgroup $36,000 young 11B) workers, some of whom are still completing their education, are 4.0% employedAverage Household in professional/technical Size (USA): 2.02 occupations as well as sales and office/administrative support roles. Median Age: 29.4 GenTheseMedian Y comesresidents Household of age:Incomeare not Well-educated (USA): established $36,000 yet,young but workers, striving someto get ofahead whom and are improve still completing themselves. their This education, market ranksare in the top five for renters, movers, college enrollment, and the labor force participation rate. Almost 1 in 5 employedGen Y comes in of professional/technical age: Well-educated young workers, occupations some of whom areas stillwell completing as sales their and education, office/administrative are support roles. 96.0 Theseresidentsemployed residents inmove professional/technical eachare not year. established occupationsSmartphones as yet, well asbutare sales astriving andway office/administrative of to life. get Young ahead andsupport and Restless roles.improve consumers themselves. are Thisdiverse, market favoring ranks % denselyThese residents populated are not establishedneighborhoods yet, but striving in largeto get ahead metropolitan and improve themselves. areas; over This market 50 percent ranks are located in the South in thein the toptop five five for forrenters, renters, movers, collegemovers, enrollment, college and theenrollment, labor force participation and the rate. labor Almost force 1 in 5 participation rate. Almost 1 in 5 residents(almostresidents a movefifthmove each in each Texas),year. Smartphones year. with Smartphones the are a rest way of chiefly life. are Young ain andway the Restless ofWest life. consumers andYoung Midwest. are and diverse, Restless favoringOther consumers market characteristics: are diverse, favoring 96.0 densely populated neighborhoods in large metropolitan areas; over 50 percent are located in the South % densely (almost apopulated fifth in Texas), neighborhoodswith the rest chiefly in inthe large West and metropolitan Midwest. Other market areas; characteristics: over 50 percent are located in the South (almost§ They a are fifth careful in Texas), shoppers, with the aware rest ofchiefly prices, in andthe demonstrateWest and Midwest. little brand Other loyalty. market characteristics: • They are careful shoppers, aware of prices, and demonstrate little brand loyalty. LifeMode subgroups § Enjoy• Enjoy dancing, dancing, playing playing pool, watchingpool, watchingComedy Central, Comedy reading fashion Central, magazines, reading and playing fashion volleyball. magazines, and playing volleyball. § TheyPurchase• Pur arechase carefulnatural/organic natural/organic shoppers, food, but food, alsoaware frequent but of fastalso prices, food frequent restaurants. and demonstrate fast food restaurants. little brand loyalty. • Find leisure in family activities, movies at home, and sports, from backpacking to weightlifting and yoga. § Enjoy dancing, playing pool, watching Comedy Central, reading fashion magazines, and playing volleyball. Frisco §INTERNATIONAL Purchase natural/organic MARKETPLACE food, but (Next also Wave frequent subgroup fast food 13A) restaurants. AverageTOP TIER household (Affluent size Estates (USA): subgroup 3.04 1A) Average household size (USA): 2.82 INTERNATIONALMedian age (USA): MARKETPLACE32.3 (Next Wave subgroup 13A) INTERNATIONALMedian age (USA):MARKETPLACE 46.2 AverageMedian household household income size (USA): (Next(USA): Wave3.04 $41,000 Subgroup 13A) 1.4% AverageMedian Household household Size (USA): income 3.04 (USA): $157,000 Median Median Age:age 32.3(USA): 32.3 2.3% MedianInternationalMedian Householdhousehold Marketplace Income income (USA): neighborhoods $41,000 (USA): $41,000 are a rich blend of cultures, found in densely populated urban and The residents of Top Tier, the wealthiest Tapestry market, earn more than three times the average US 1.4% suburbanInternational centers, Marketplace almost neighborhoods entirely are a inrich the blend Mid of cultures, Atlantic, found inNew densely England, populated urbanand andCalifornia. Almost 40% are foreign- suburbanhousehold. centers, They almost haveentirely inpurchasing the Mid Atlantic, power New England, to indulge and California. any Almostchoice 40% – are but foreign- what do they want? They spend money Internationalborn; 1 in 4 households Marketplace are neighborhoods linguistically isolated.are a rich Young, blend ofHispanic cultures, families found renting in densely apartments populated in olderurban and born;for the1 in 4 upkeephouseholds of are their linguistically lavish isolated. homes, Young, and Hispanic they families select renting upscale apartments salons in older and fitness centers for their personal suburbanbuildingsbuildings dominate dominatecenters, this market;almost this market;about entirely two-fifths about in havethe two-fifths children. Mid Atlantic,Over haveone-fifth New children. have England,no vehicle Over and and one-fifthrely California.on have Almost no vehicle 40% and are relyforeign- on publicwell-being. transportation, They walking, shop and at biking. high-end Some market retailers. character Whetheristics: short or long, domestic or foreign, their frequent born;public 1 transportation, in 4 households walking, are linguistically and biking. isolated. Some market Young, characteristics: Hispanic families renting apartments in older 98.6 vacations spare no expense. These highly educated professionals have reached their corporate career goals. % 97.7 buildings • Har d-workingdominate consumers, this market; striving to get about ahead; two-fifthsstyle matters to havethem. children. Over one-fifth have no vehicle and rely on % With• Pr accumulatedeserving the environment net andworth being inover tune with$1.5 nature million, are very manyimportant. of these older residents have moved into consulting public§ Hard-working transportation, consumers, walking, striving and biking. to get Some ahead; market style characteristics: matters to them. 98.6 roles• Shop or operatefor groceries theirat warehouse/club own businesses. stores as well asSome at specialty other markets. market characteristics: % § Preserving• Family activities the includeenvironment visiting theme and parks, being going to in the tune beach, withplaying naturesoccer, dining are out very for fast important. food. § § Hard-workingShop for groceries consumers, at warehouse/club striving to get stores ahead; as well style as matters at specialty to them. markets. § § They are interested in the fine arts and contribute to arts/cultural organizations, as well as NPR and PBS § PreservingFamily activities the environment include visiting and theme being inparks, tune going with natureto the beach,are very playing important. soccer, dining out for fast food. § When at home, their schedules are packed with lunch dates, bookclubs, charity dinners, and concerts. § Shop for groceries at warehouse/club stores as well as at specialty markets. MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO § They farm out their household chores, from property and garden maintenance to housekeeping. 23 FRISCO | DOWNTOWN MASTER PLAN 2018 § Family activities include visiting theme parks, going to the beach, playing soccer,109 dining out for fast food.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO PROFESSIONAL PRIDE (Affluent Estates subgroup 1B) 23 Average household size (USA): 3.11 Median age (USA): 40.5 Median household income (USA): $127,000 4.3% Professional Pride consumers are well-educated career professionals who have prospered through the Great Recession. To maintain their upscale suburban lifestyles, these goal-oriented couples work, often commuting far and working long hours. However, their schedules are finely tuned to meet the needs of their school age children. They are financially savvy; they invest wisely and benefit from interest and
95.7 dividend income. They take pride in their newer homes and spend valuable time and energy upgrading % them. Their homes are furnished with the latest in home trends, including finished basements equipped with home gyms and in-home theatres. Some market characteristics:
§ These frequent travelers take several domestic trips a year, booking their arrangements online. § They spend on credit but avoid carrying balances. They spend heavily online; Amazon is a favorite.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 16 within the typical range of most older downtowns. Retail businesses Business Distribution account for 9.8 percent of all the businesses in the quarter-mile radius, which is slightly low (the national norm for high-performing older and We compiled an inventory of businesses within one quarter of a mile historic downtowns is 15-17 percent). The percentage of businesses of the intersection of 4th and W Main Streets, categorizing them by in the “accommodation and food services” category – restaurants their two-digit North American Industry Classification System (NAICS) and hotels – is also slightly low, at 2.5 percent of all businesses category number. (5-7 percent is the norm). But the quarter-mile radius has a range of industry and service-sector businesses, including a hefty percentage WeBUSINESS found that the distribution DISTRIBUTION: of businesses, by NAICS code, ¼ is mile fromof construction 4th businesses and Main (12 percent) Streets and “other services” (14.9
Business Distribution: 1/4 Mile from 4th & Main Streets
11 - Agriculture, forestry, fishing/hunting 0.4% 23 - Construction 12.0% 31-33 - Manufacturing 2.5% 42 - Wholesale trade 2.9% 44-45 - Retail trade 9.8% 48-49 - Transportation + warehousing 2.5% 52 - Finance + insurance 4.0% 53 - Real estate, rental, leasing 6.2% 54 - Professional, scientific, technical services 7.6% 55 - Mgmt of companies + enterprises 0.7% 56 - Admin, support, waste mgmt/remediation 7.3% 61 - Educational services 1.8% 62 - Health care + social assistance 5.8% 71 - Arts, entertainment, recreation 2.5% 72 - Accommodation + food services 2.5% 81 - Other services 14.9% 92 - Public administration 0.4%
110
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 25 percent), which includes services not included in other NAICS opportunity to recapture sales (by adding new merchandise to categories, such as nonprofit organizations (religious, advocacy, grant existing businesses or opening new businesses, for example). But making), equipment repair, funeral services, pet care services, dating sometimes doing so might be very difficult. For instance, there might services, and other various services. be a very strong competitor in a nearby community. Or, there might be preferences or cultural characteristics unique to the community As downtown Frisco evolves, we recommend boosting its percentage of that could make doing so impractical (e.g., a community with a retail and accommodation/food services businesses, gradually moving strong tradition of home gardening might not spend as much money non-retail and non-food services businesses to side streets, upper floors, on groceries as another community with comparable demographic and secondary locations for which street exposure is not critical. characteristics). And, while a sales surplus in a store category might mean that a community has absorbed all available sales in that RETAIL SALES VOID ANALYSIS category, it might suggest that the community has become a regional magnet and can absorb even more, building on its surplus. Using data from ESRI (see note below), we compiled sales void analyses for Frisco and for the areas within a five-, ten-, and 15-minute drive-time As recently as just a few years ago, sales void analyses were widely from the intersection of 4th and Main Streets (see map on page 97). used to estimate the amount of new retail square footage a community could, theoretically, support. But, for a variety of reasons, this is no Sales void analyses compare the sales volume that businesses within longer considered a reliable or responsible practice. Internet shopping, a given area are capturing with the amount of money that households in particular, has changed how, where, and when people shop. Five living within that area are likely spending, somewhere, based on their years ago, it might have been reasonable to assume that a community income levels and other demographic characteristics. If the resulting could absorb all or part of the sales leakages it was experiencing by sales gap (also called a sales void) is positive, it generally suggests adding new products to existing businesses or by developing new that the area is attracting outside shoppers. If the resulting sales gap businesses offering the things for which people were shopping out of is negative, it suggests that area residents are making some of their town. But the variety of products and services available online now, purchases elsewhere and that their out-of-the-jurisdiction shopping and the convenience that online shopping offers, means that some is not being offset by sales the area’s businesses are making to percentage of a community’s retail buying power will be spent online. customers who live outside the area. The impact is less significant in the handful of place-dependent retail categories for which people must shop locally, like gasoline, dining, and A sales leakage in a particular store category might represent an groceries. But almost all other categories are affected.
NOTE: ESRI derives its estimates of actual sales from the US Census Bureau’s Census of Retail Trade (for establishments with payrolls) and Non-Employer Statistics (for smaller establishments without payrolls); Monthly Retail Trade data from the US Bureau of Labor Statistics; InfoUSA; state sales and use tax revenue reports; and other sources. It derives its estimates of sales demand from the US Bureau of Labor Statistics' Consumer Expenditure Survey and the US Census Bureau’s Census of Population and American Community Survey. For the Consumer Expenditure Survey, the Bureau of Labor Statistics surveys thousands of US households, recording data on all household purchases and categorizing them by household demographic characteristics.
Note, also, that the City of Frisco collected tax on $4.04 billion in taxable sales in FY2017. This is slightly more than ESRI’s estimate of actual sales for calendar year 2017. This is because Texas taxes sales in 19 service categories (such as data processing, laundering, and pest control services), in addition to taxing sales of retail goods. ESRI’s estimate of actual sales includes only taxable sales of retail goods, not services.
FRISCO | DOWNTOWN MASTER PLAN 2018 111 We found that, overall, Frisco has a sales leakage of $109.9 million – In addition to its leakages, Frisco has retail sales surpluses in several meaning that Frisco residents are probably spending at least this much major categories: a $132.3 million in the furniture/home furnishings money outside the city (they are probably spending more than that category, for example, and $140.1 million in apparel/accessories. outside the city, since some of Frisco’s sales are attributable to visitors). These suggest that the city’s retail businesses have established a market foothold in these store categories, attracting shoppers from Frisco is experiencing its leakages in several store categories worth throughout the region. mentioning: What does all this mean for Frisco, and for downtown Frisco, in • Motor vehicle and parts dealers particular? Several things: • Building materials, garden equipment, and supply stores • Food and beverage stores (grocery stores) • First, the retail sales void analysis suggests that there • Gasoline stations might be opportunities to expand retail sales by plugging • Miscellaneous store retailers (including florists, used sales leakages within the city limits (either by adding merchandise stores, office supply stores, pet stores, and new product/service lines to existing businesses or by other stores that do not fit into one of the other major developing or attracting new businesses). store categories) • Food services and drinking places (restaurants and bars) • Second, given that the area within a 15-minute drive- time of 4th and Main Streets has a significant retail sales It is also experiencing leakages in several other categories: leakage, there are likely opportunities to capture some regional sales. Frisco has hefty competition for this • Electronics and appliance stores: Due to the dominance geographic market from communities south of the city, of online retailers and big-box stores (categorized as but competition to the north is thinner. “general merchandise stores,” nearly every city in the US • Third, the city can build on the market foothold it has now has a leakage in this store category. established in the furniture/furnishings and apparel/ • Nonstore retailers: This category consists of businesses accessories categories to expand sales in these that sell products without a traditional storefront (door-to- categories as the city’s population grows and as it door sales and vending machines, for example). continues to attract regional shoppers.
Given Frisco’s rapid growth, it isn’t surprising that retail development Of course, regardless of retail sales leakages, Frisco’s population hasn’t completely kept up with the pace of residential development. is growing so quickly that new retail market demand generated by Plus, new commercial development – shopping malls, shopping new residents alone is enough to support business growth and centers, power centers, mixed-use town centers –is booming just a development downtown. Downtown Frisco is geographically small and few miles away, and Dallas is less than an hour’s drive. somewhat constrained, and the amount of new retail demand coming down the pike over the next decade or so is more than enough to The area within a five-minute drive-time of 4th and Main has a $319 fill vacancies and spaces in new downtown infill and mixed-use million overall retail sales surplus – and the surpluses grow even larger development for the foreseeable future. within the ten-minute drive-time area, to $904.9 million. But, within the 15-minute drive-time area, there is an overall leakage of $1.3 billion.
112 RETAILRETAIL SALES SALES VOID VOID ANALYSIS ANALYSIS FOR THETHE CITY CITY OF OF FRISCO FRISCO
NAICS Store category Actual sales Market demand Void
441 Motor vehicle + parts dealers $ 568,597,000 679,710,000 (111,113,000) 442 Furniture + home furnishings stores 248,226,000 115,929,000 132,297,000 443 Electronics + appliance stores 104,337,000 119,713,000 (15,376,000) 444 Building materials, garden equipment + supply stores 115,166,000 209,754,000 (94,588,000) 445 Food + beverage stores 285,434,000 560,592,000 (275,158,000) 446 Health + personal care stores 554,458,000 172,919,000 381,539,000 447 Gasoline stations 72,978,000 305,169,000 (232,191,000) 448 Clothing + clothing accessories stores 292,260,000 152,151,000 140,109,000 451 Sporting goods, hobby, book, music stores 119,341,000 113,791,000 5,550,000 452 General merchandise stores 658,510,000 561,441,000 97,069,000 453 Miscellaneous store retailers [see note below] 67,360,000 123,499,000 (56,139,000) 454 Nonstore retailers [see note below] 5,080,000 45,965,000 (40,885,000) 722 Food services + drinking places 327,757,000 368,787,000 (41,030,000) Total 3,419,504,000 3,529,420,000 (109,916,000)
NOTE: “Miscellaneous store retailers” includes retail stores that do not fall into any of the other major store categories, such as office supply stores, gift stores, florists, used merchandise stores, and pet supply stores. “Nonstore retailers” includes retail businesses that operate outside a retail space per se, such as door-to-door sales businesses, food carts, online retailers, and home heating oil dealers.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 29
FRISCO | DOWNTOWN MASTER PLAN 2018 113 RETAILRETAIL SALES SALES VOID VOID ANALYSIS ANALYSIS FOR THETHE AREA AREA WITHIN WITHIN A FIVE-MINUTE A FIVE-MINUTE DRIVE DRIVE TIME FROM TIME 4 FROMTH AND 4TH MAIN AND STREETS MAIN STREETS
NAICS Store category Actual sales Market demand Void
441 Motor vehicle + parts dealers $ 4,756,000 17,889,000 (13,133,000) 442 Furniture + home furnishings stores 3,411,000 2,937,000 474,000 443 Electronics + appliance stores 14,799,000 3,125,000 11,674,000 444 Building materials, garden equipment + supply stores 29,061,000 5,135,000 23,926,000 445 Food + beverage stores 12,072,000 15,684,000 (3,612,000) 446 Health + personal care stores 29,563,000 4,769,000 24,794,000 447 Gasoline stations 22,251,000 8,502,000 13,749,000 448 Clothing + clothing accessories stores 5,941,000 4,038,000 1,903,000 451 Sporting goods, hobby, book, music stores 9,956,000 2,984,000 6,972,000 452 General merchandise stores 220,376,000 15,184,000 205,192,000 453 Miscellaneous store retailers 6,175,000 3,292,000 2,883,000 454 Nonstore retailers 0 1,272,000 (1,272,000) 722 Food services + drinking places 55,250,000 9,738,000 45,512,000 Total 413,611,000 94,549,000 319,062,000
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 30
114 RETAILRETAIL SALES SALES VOID VOID ANALYSIS ANALYSIS FORFOR THETHE AREA AREA WITHIN WITHIN A TEN-MINUTE A 10-MINUTE DRIVE DRIVE TIME TIME FROM FROM 4TH AND 4TH MAIN AND STREETS MAIN STREETS
NAICS Store category Actual sales Market demand Void
441 Motor vehicle + parts dealers $ 434,265,000 418,434,000 15,831,000 442 Furniture + home furnishings stores 247,070,000 71,006,000 176,064,000 443 Electronics + appliance stores 130,693,000 73,470,000 57,223,000 444 Building materials, garden equipment + supply stores 88,738,000 126,550,000 (37,812,000) 445 Food + beverage stores 220,781,000 346,867,000 (126,086,000) 446 Health + personal care stores 457,684,000 106,134,000 351,550,000 447 Gasoline stations 71,237,000 189,000,000 (117,763,000) 448 Clothing + clothing accessories stores 308,067,000 93,682,000 214,385,000 451 Sporting goods, hobby, book, music stores 115,459,000 69,938,000 45,521,000 452 General merchandise stores 578,057,000 346,336,000 231,721,000 453 Miscellaneous store retailers 61,997,000 76,011,000 (14,014,000) 454 Nonstore retailers 6,767,000 28,201,000 (21,434,000) 722 Food services + drinking places 357,292,000 227,546,000 129,746,000 Total 3,078,107,000 2,173,175,000 904,932,000
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 31
FRISCO | DOWNTOWN MASTER PLAN 2018 115 RETAILRETAIL SALES SALES VOID VOID ANALYSIS ANALYSIS FOR THETHE AREA AREA WITHIN WITHIN A 15-MINUTE A 15-MINUTE DRIVE DRIVE TIME FROMTIME 4FROMTH AND 4TH MAIN AND STREETS MAIN STREETS
NAICS Store category Actual sales Market demand Void
441 Motor vehicle + parts dealers $ 1,005,135,000 1,439,731,000 (434,596,000) 442 Furniture + home furnishings stores 362,850,000 244,641,000 118,209,000 443 Electronics + appliance stores 437,809,000 253,068,000 184,741,000 444 Building materials, garden equipment + supply stores 240,712,000 439,591,000 (198,879,000) 445 Food + beverage stores 600,198,000 1,194,933,000 (594,735,000) 446 Health + personal care stores 718,133,000 367,640,000 350,493,000 447 Gasoline stations 151,312,000 649,180,000 (497,868,000) 448 Clothing + clothing accessories stores 455,590,000 323,190,000 132,400,000 451 Sporting goods, hobby, book, music stores 180,653,000 240,489,000 (59,836,000) 452 General merchandise stores 1,204,524,000 1,191,834,000 12,690,000 453 Miscellaneous store retailers 118,324,000 262,274,000 (143,950,000) 454 Nonstore retailers 14,086,000 98,435,000 (84,349,000) 722 Food services + drinking places 680,727,000 783,390,000 (102,663,000) Total 6,170,053,000 7,488,396,000 (1,318,343,000)
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 32
116 DRIVE-TIME AREAS (from 4th and Main Streets)
Drive-Time Areas (from 4th and Main Streets)
5-Minute Drive-Time 5-minute drive-time 10-minute10-Minute Drive-Time drive-time
15-minute15-Minute Drive-Time drive-time
FRISCO | DOWNTOWN MASTER PLAN 2018 117 MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 33 Customer Origin Maps
With the City’s assistance, we placed maps of the region in eight merchandise from, or conduct joint marketing activities with businesses businesses and city agencies for roughly two weeks during December with fewer customers, or with customers who live within a smaller 2017 and January 2018, with signs asking customers to put a dot on area. The maps also offer some insights into potential new business the map to show where they live. The participating businesses and placement – e.g., placing new businesses dependent on visibility next agencies were: to established businesses that generate lots of foot traffic.
• Eight11 Place • Bittersweet Ivy • Chamber of Commerce • Development Services • Manny’s Tex-Mex Grill • POParella’s Gourmet Popcorn and Treats • Summer Moon • Texas Bank and Trust
In instances in which a customer’s residence was not covered by the map, he or she wrote his/her home zip code below the map.
We found some surprising patterns. For example, the coffee shop Summer Moon – which one might expect to be one of downtown Frisco’s most locally serving and convenience-oriented businesses – attracted customers from throughout the region, with a pattern very similar to that of Manny’s Tex-Mex Grill. POParella’s, in Frisco Square, had fewer than half a dozen dots – but many zip codes written on the map, reflecting the fact that the store draws from a geographically large market area and that much of the popcorn shop’s business is conducted online and through concession sales through local movie theatres and sports facilities. The same is true for Texas Bank and Trust, which has only eight dots on the map – but many zip codes written on the map, from Celina, Lewisville, DeSoto, and more. And almost all participating businesses and city agencies drew more heavily from areas north of Main Street than from areas south of it.
The customer origin maps suggest some potential opportunities for cross-merchandising between existing businesses. For instance, businesses that draw heavily from throughout the region might exhibit
118 In-Store Maps
Eight11 Place Chamber of Commerce
75409 (Anna) 75056 (Colony) 75287 (Dallas) Bittersweet75034 (Frisco -> west) Ivy Development Services
75080 (Richardson) 76039 (Euless) 76227 (Krugerville) 75010 (Carrollton) 76065 (Midlothian) 75068 (Lakewood Village) FRISCO | DOWNTOWN MASTER PLAN 2018 119 Manny’s Tex-Mex Grill Summer Moon
76262 (Roanoke) 76227 (Krugerville) 90068 (Los Angeles, CA) 55443 (Brooklyn Center, MN) 75035 (Frisco -> east) 73019 (Norman, OK) POParella’s75068 (Lakewood Village) Gourmet Popcorn and Treats Texas73069 (Norman, OK) Bank and Trust
75067 (Lewisville) 75034 (Frisco -> west) 75034 (Frisco -> west) 75070 (McKinney) 75013 (Allen) 75057 (Lewisville) 75025 (Plano) 75024 (Plano) 75009 (Celina) 75035 (Frisco -> east) 75232 (Dallas) 75009 (Celina) 76227 (Krugerville) 75050 (Grand Prairie) 75035 (Frisco -> east) 75115 (Desoto) 120 77084 (Houston) 75071 (McKinney) 75068 (Lakewood Village) 75071(McKinney) 75641 (Easton) 75034 (Frisco -> west) 76040 (Euless) How HOWmuch new Retail MUCH Space can NEW Frisco Support? RETAIL SPACE CAN FRISCO SUPPORT?
3,050,000 2,784,000 2,530,000 2,288,000 2,057,000 1,837,000 1,627,000 1,427,000 1,236,000 1,054,000 881,000 716,000 559,000 SQUARE FEET OF NEW RETAIL SPACE RETAIL NEW OF FEET SQUARE 409,000 266,000 130,000
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Sources: US Bureau of Labor Statistics’ Consumer Expenditure Survey; City of Frisco; CLUE Group.
If Frisco’s population continues to grow at its recent rate, its There are plenty of caveats to mention about this estimate. In If Frisco’sresident-generated population continues retail demand to grow willat its of recent course rate, continue its resident- to particular,constant householdin addition size to being and household based on theincome assumptions levels), it assumes generatedgrow, retail as well. demand At the will city’s continue current to five-yeargrow, as well.annualized At the city’sgrowth mentionedthat new retail above stores (growth will gross rate, constant$300/SF inhousehold annual sales size (in and 2018 current five-year annualized growth rate (4.9 percent), and if average dollars). That is typical for retail chains in community shopping rate (4.9 percent), and assuming that average household size household income levels), it assumes that new retail stores will household size and household income levels remain constant, this centers and regional malls but a little high for independently owned meansand that household the city’s incomenew residents levels remainwould generateconstant, enough this means new thatretail grossbusinesses. $300/SF Also, in annual retail sales/SF sales (in have2018 declined dollars). nationwide That is typical in recent demandthe tocity’s support new anresidents additional would 1.4 generatemillion square enough feet new of retail retail space foryears retail (from chains an averagein community of $375/SF shopping 15 years centers ago andto $325 regional last year, withindemand the next to ten support years. anBetween additional now 1.4 and million 2034, whensquare the feet town of is mallsaccording but a littleto CoStar, high fora leading independently real estate owned data provider)businesses. and Also, are likely projectedretail to space hit its within build-out the nexttarget ten of 362,500years. Between residents, now Frisco’s and 2034, new retailto continue sales/SF declining, have declined given thenationwide influence in ofrecent Amazon years and (from other an major residentswhen will the generate town is demandprojected for to around hit its 3.05build-out million target square of feet of averageonline retailers, of $375/SF environmentally-motivated 15 years ago to $325 lastshifts year, towards according repairing to and commercial362,500 space. residents, Frisco’s new residents will generate CoStar,repurposing a leading products real estate rather data than provider)replacing andthem, are and likely other to factors. So, this estimate might be a little high. demand for around 3.05 million square feet of commercial continue declining, given the influence of Amazon and other There are plenty of caveats to mention about this estimate. In addition to beingspace. based on the assumptions mentioned above (growth rate, But, this estimate does not include potential spending by people
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 39 FRISCO | DOWNTOWN MASTER PLAN 2018 121 visiting Frisco. According to the Frisco Convention and Visitors competition), it might only realistically capture 7.5 percent. Bureau’s 2016/2017 Tourism Economic Impact Study, Frisco attracted • To estimate the square feet of new retail space that 6.09 million visitors in 2016 who spent $676 million on retail goods might be supportable, we have used low- and mid-range and services when visiting. In 2018 dollars, that $676 million alone sales-per-square-foot estimates, based on national store could support nearly 2.3 million square feet in retail space. This averages. estimate seems high, given the fact that visitors are likely to make only a fraction of all their annual purchases while on vacation – but the Based on these estimates, we believe that downtown Frisco can point is that visitor spending augments spending by locals, boosting support roughly 115,000-130,000 square feet of new retail space retail market demand. Downtown Frisco is well positioned to take within the next five years, plus an additional 70,000 square feet by advantage of visitor spending, for two reasons: Visitors spend money 2034, when the city’s population is expected to reach 362,500. in restaurants, and many of Frisco’s visitor attractions are in or near downtown. Of course, the presence of unmet retail market demand alone does not guarantee that a business, or a business district, will be We examined five retail store categories that we believe might be a successful. Many factors influence the performance of a downtown good fit for downtown Frisco: retail business, including how well capitalized the business is; the owner’s and manager’s skills in merchandising, marketing, and • Furniture and home furnishings management; the district’s overall business mix and the quality of the • Apparel, apparel accessories, and apparel services synergy between businesses; the attractiveness of the district; the • Restaurants/dining out quality of downtown marketing events; the effectiveness of downtown • Toys, games, arts, crafts marketing events in reaching targeted audiences and creating a • Musical instruments and accessories (sales and rentals) consistent positive image for the district; the availability of convenient parking; good traffic flow; the overall supply of retail space within the For each of these store categories, we have estimated a) how much community and region; and many other factors. of the new retail sales likely to be generated by new residents might realistically be captured by downtown Frisco (assuming the district’s business mix is improved) and b) how many square feet of new retail space might be supportable (see pages 42-43). We based our estimates on several assumptions:
• Downtown Frisco can realistically capture only a portion of all new retail demand likely to be generated by new residents. We have made what we believe to be relatively conservative assumptions about what portion the district might capture. For the furniture/home furnishings category, for example, we think it is possible that, with development of a downtown design district, downtown Frisco could perhaps capture 20 percent of new retail sales demand – but for musical instruments and accessories (a store category that has intense online
122 FUTURE DEMAND Future Demand
POTENTIAL NEW MARKET DEMAND (NOTES 1 + 4) CATEGORY/CHARACTERISTICS 2023 2028 2033 Furniture + home furnishings New market demand from NEW Frisco residents $ 98,199,000 $ 124,733,000 $ 158,440,000 Market capture @ 20% of total new market demand (NOTE 2) $ 19,640,000 $ 24,947,000 $ 31,688,000 @ $275/SF gross sales (NOTE 3) 71,400 SF 90,700 SF 115,200 SF @ $325/SF gross sales 60,400 SF 76,800 SF 97,500 SF
Apparel + apparel accessories + services New market demand from NEW Frisco residents $ 109,634,000 $ 139,259,000 $ 176,888,000 Market capture @ 20% of total new market demand $ 10,963,000 $ 13,926,000 $ 17,689,000 @ $300/SF gross sales 36,500 SF 46,400 SF 59,000 SF @ $350/SF gross sales 31,300 SF 39,800 SF 50,500 SF
NOTES: 1. This represents anticipated NEW market demand based on Frisco’s projected population growth. It does not include current unmet market demand or demand from Frisco visitors. 2. We have made what we consider to be conservative assumptions about the amount of new market demand that might be realistically captured by businesses in downtown Frisco. 3. We have estimated the amount of supportable square feet based on national store averages. 4. The availability of market demand does not guarantee business success. Business success relies almost entirely on a business’s capitalization level and on the skill of the business owner in marketing, management, and merchandising.
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 42
FRISCO | DOWNTOWN MASTER PLAN 2018 123 POTENTIAL NEW MARKET DEMAND (NEW RESIDENTS) CATEGORY/CHARACTERISTICS 2023 2028 2033 Dining out New market demand from NEW Frisco residents $ 188,859,000 $ 239,891,000 $304,714,000 Market capture @ 20% of total new market demand $ 9,443,000 $ 11,995,000 $ 15,236,000 @ $275/SF gross sales 23,600 SF 30,000 SF 38,100 SF @ $325/SF gross sales 21,000 SF 26,700 SF 33,900 SF
Toys, games, arts, crafts New market demand from NEW Frisco residents $ 7,894,000 $ 10,027,000 $ 12,736,000 Market capture @ 20% of total new market demand $ 789,000 $ 1,003,000 $1 274,000 @ $300/SF gross sales 2,600 SF 3,300 SF 4,200 SF @ $350/SF gross sales 2,100 SF 2,700 SF 3,400 SF
Musical instruments + accessories (sales + rentals) New market demand $ 26,370,000 $ 33,496,000 $42,547,000 Market capture @ 7.5% $1,978,000 $ 2,512,000 $3,191,000 @ $450/SF gross sales 4,400 5,600 7,100 @ $550/SF gross sales 3,600 4,600 5,800
MINI MARKET ANALYSIS FOR DOWNTOWN FRISCO 43
124 GENERAL LIMITATIONS + DISCLAIMER
Retail market analyses, their components (such as retail sales void analyses), and derivative business development plans provide important guidance on how a commercial center should, theoretically, be able to perform and on the sales levels businesses should be able to achieve. However, many factors affect the actual performance of retail businesses and downtowns, including the skills of the business operator, level of business capitalization, the quality of the physical environment, changes in overall economic conditions, the effectiveness of business and district marketing programs, and many other factors. The information in this report is intended to provide a foundation of information for making retail development and downtown revitalization decisions in Frisco, but it does not, and cannot, ensure business success. Accordingly, the CLUE Group makes no warranty or representation that any of the potential results contained in this study will actually be achieved.
As is true of all demographic, economic, and market studies, the reliability of our analysis is limited to the reliability and quality of the data available. Our research assumes that all data made available by federal, state, county, regional, and municipal sources, from community organizations, and from business owners is accurate and reliable. Given these limitations, our report reflects what we believe are reasonable estimates of trends, current conditions, and future possibilities.
FRISCO | DOWNTOWN MASTER PLAN 2018 125