An Analysis of the Expanding Downtown Footprint and Retail Spending Power
DOWNTOWN INDIANAPOLIS BE RETAIL SPENDING POWER HERE NOW This report was conducted by Hunden Strategic Partners, a real estate development advisory firm based in Chicago. Founded in 2006, HSP provides economic research, master feasibility analysis and planning services to both public and private sector clients.
INTRODUCTION 3
EXECUTIVE SUMMARY:
DOWNTOWN INDIANAPOLIS SPENDING POWER 5
RESIDENTIAL GROWTH AND SPENDING 10 TOC VISITOR GROWTH AND SPENDING 17
EMPLOYMENT GROWTH AND SPENDING 21
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 2 INTRODUCTION
Downtown Indianapolis is racing faster than statistical reports and government data can track. The character of a place changes so remarkably that old paradigms are hard to shake. Both of those facts are true about the incredible story of the “new” downtown Indianapolis marketplace. Not only has Indianapolis shown quick, recent and underreported growth in residents, employees and visitors, but the very geographic definition of downtown Indianapolis has changed.
This has an exponential impact on retail (and other) spending power for the downtown Indy community. As a result, downtown can now support retail that was unheard of a few years ago. It is a place that supported just one small grocery for decades, yet now fully supports several major and upscale grocery stores.
For example, downtown Indianapolis has added more than 1,000,000 square feet of first floor commercial space in the last eight years and will add an additional 400,000 square feet in the next few years.
The spending power of residents, visitors and employees now could support major general merchandize retailers, furniture stores, and other small and large-format brands.
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 3 INTRODUCTION
Downtown Indianapolis leaks nearly $100 million in potential retail sales annually
HSP was engaged to evaluate the growth in the Based on the analysis, HSP estimates that retail spending power in a 2.5 mile radius from Down-town Indianapolis leaks nearly $100 the center of downtown. The composition and million in potential retail sales annually in just measurement of the market is unique within general merchandise, furniture and home the state related to the growth of all sectors improvement stores alone to areas outside evaluated: residents, students, visitors and of downtown. That figure will only increase employees. This report captures data, facts over time and means that retailers and other and development plans that tells an incredible should take a closer look at the opportunities to story of growth and investment that is uniquely capture this spending power in downtown. downtown Indianapolis. HSP utilized various data sources for this JULIA M CARSON TRANSIT CENTER This analysis assesses the ”new downtown” analysis including information from CBRE, and what it means for those considering Nottingham Reality, Visit Indy, The United investing in and capturing its economic power. States Census Bureau, The Polis Center, The HSP considered: Indianapolis Business Journal, The Bureau of Labor Statistics, The Bureau of Economic • How has the buying power of residents Analysis, Indy Vitals and Downtown Indy, Inc. changed, given all of the new apartments and new/renovated homes. • How has the buying power of employees changed, given the increasing downtown employment and higher incomes? • How has the spending power of visitors changed, given the increase in events, attendance and hotels? • In total, what is the retail spending power of all those who make up the downtown economy?
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 4 EXECUTIVE SUMMARY
HIGHLIGHTS: SPENDING POWER Downtown spending power is made up of four key segments.
1 RESIDENT AND STUDENT SPENDING
2 EMPLOYEE DAYTIME SPENDING
3 DAY-TRIP VISITOR SPENDING
4 OVERNIGHT VISITOR SPENDING
INDIANAPOLIS CITY MARKET
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 5 EXECUTIVE SUMMARY
CUMMINS GLOBAL DISTRIBUTION HEADQUARTERS AND MARKET 360
The key factors that support each spending Retailers have long recognized the power of component have been increasing at a rapid rate downtown Indianapolis, even though the since 2000. Projects and events announced that character of the market and relevant retail has will occur or be completed through 2024 strongly changed over time. suggest this expansion will continue. In 1995, Circle Centre Mall opened and immediately succeeded in capturing the pent up demand of the Total retail spending power visitor, employee and resident market. When the has increased from less than mall opened, visitors accounted for approximately half of the mall’s sales. In Indianapolis and many $200 million in 2000 to more cities across the nation, residents and visitors have shifted demand for traditional retail to restaurants than $450 million in 2018. and experience based entertainment concepts.
As more office, hotel and residential projects are The retail landscape has shifted beyond the built, the total spending power in downtown is convention district toward the numerous expected to reach more than $640 million by burgeoning neighborhoods that have expanded 2024. Major booked events like the NBA All- the relevant footprint of downtown, highlighted Star Game, two upcoming NCAA Final Fours, by multiple urban grocery stores, including Big Ten Championships and College Football Whole Foods. Championship highlight dozens of major future booked events that bring massive retail spending influxes into downtown. TOTAL ESTIMATED RETAIL SPENDING POWER
$700MM But episodic events cannot support daily retail alone, which is why the expanding residential and $600MM student mix is so critical to the long-term viability $500MM of downtown retail. $400MM $300MM The report will detail the various elements that factor into each segment. $200MM $100MM
0 2000 2010 2015 2018 2021 2024
l RESIDENTS l EMPLOYEES l DAY-TRIP VISITORS l OVERNIGHT VISITORS
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 6 SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES EXECUTIVE SUMMARY
HIGHLIGHTS: SPENDING POWER Downtown spending power is made up of four key segments.
INDIANAPOLIS CITY MARKET
AVG. DAILY DOWNTOWN RESIDENTS, VISITORS & EMPLOYEES
300K 250K 200K 150K 100K 50K
0 2000 2010 2015 2018 2021 2024
l RESIDENTS l EMPLOYEES l DAY-TRIP VISITORS PER DAY l OVERNIGHT VISITORS PER DAY SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 7 EXECUTIVE SUMMARY
AMELIA’S BAKERY, LOCATED IN FLETCHER PLACE
The retail spending power increases not only due The visitor market continues to expand, as the to the expansion of residents, hotels, students and convention center and event infrastructure employment, but due to the demographics and improves. New, large and unique hotels have been spending power of each segment. developed and many more are in development. The announcement of two convention hotels The income levels of downtown residents has totaling 1,400 new rooms, along with a major increased substantially over the past 18 years and ballroom expansion of the convention center will is on track to continue this trend. This was led by support future growth. the massive renovation and redevelopment of downtown-adjacent neighborhoods, which have HSP assessed the average total daily population of experienced significant improvement over the past downtown to get a measure of the power of down- several years. That reinvestment in downtown town’s retail potential. The results are impressive. neighborhoods continues and as it does, will attract more and higher-income residents, which supports more and more retail. Since 2000, the average daily downtown
The income and spending ability of downtown population – made up of visitors, residents employees has increased as well. The injection and workers – has increased from 200,000 of new technology companies has perhaps been the biggest change over the past 20 years, as the to 238,000 and is projected to increase investment of Salesforce into Indianapolis created numerous entrepreneurs from the transaction with to nearly 262,000 by 2024. Exact Target. This has resulted in either the creation or relocation of more than 100 tech companies The definition of what the market and people in the in downtown Indianapolis. These tech hubs have area consider to be downtown has grown, from the led to a wider array of high-paying jobs and traditional downtown Regional Center to a larger transformative companies. radius of roughly 2.5 miles from Monument Circle. HSP’s analysis compares this new radius of activity from 2000 through 2024. For an apples-to-apples comparison, the same geographic area was used for all years.
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 8 Highlights: Expanding Spending Segments
Indianapolis Downtown Retail Capture 2.5 Mile Radius from Monument Circle
DueDue to investmentto investment and changingand economic changing connectivityeconomic of downtown livingconnectivity of Downtown living to the central business to the central business district, the geography of the downtown marketplace district,has grown to athe 2.5-milegeography radius from Monument of the Circle. DowntownDuring prior decadesmarketplace has grown to a 2.5-mile radius from Monument(1970s to the early 2000s),Circle. most of During those employedprior downtowndecades commuted(1970 s to the early 2000s), most of those employed from the suburbs. In the past 10 years, there has been a renaissance in new Downtownresidents that havecommuted reconnected near-downtownfrom the residential suburbs and commercial. In the past 10 years, there has been a renaissance in new areas with the core. The result has been a cohesive, growing and yet still residentsevolving “new downtown”. that have The mapreconnected shows the new definednear -downtownDowntown area residential and commercial areas with the core. The(~2.5 milesresult from Monumenthas been Circle)a andcohesive, the previousgrowing Regional Center.and yet still evolving “new Downtown”. The map shows the new defined Downtown area (~2.5 miles from Monument Circle) and the previous Regional Center.
DowntownDOWNTOWN INDIANAPOLIS Indianapolis RETAIL Retail SPENDING Spending POWER 9 Power 9 RESIDENTIAL MARKET
RESIDENTIAL POPULATION GROWTH HSP worked with a number of local sources to determine how the demographics of the downtown area have changed since 2000. These included the data from the Polis Center, local brokers, the Census Bureau, as well as ESRI.
FOUNTAIN SQUARE BIKE PATH
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 10 RESIDENTIAL POPULATION GROWTH
BY 2024 87,000 downtown residents
HIGHLAND PARK
While the Regional Center has increased to Based on current trends and projects announced, approximately 37,000 residents in 2018, the new the population is expected to continue to increase. expanded boundary, roughly 2.5-mile radius from By 2024, HSP expects 87,000 downtown residents. Monument Circle of downtown includes The primary driver of the increase, especially in approximately 76,000 residents today, up about the heart of downtown, is driven by apartment 20,000 from 2000. Most of the increase has come developments. in the core of downtown, yet because the surrounding neighborhoods have been so knitted Apartment growth is discussed in more detail in into the downtown marketplace, these have been this section. If all planned projects are built out, included and have seen growth. downtown will see nearly 4,000 new units and approximately 8,000 new residents by 2024, During that time, the average household size is which is higher than HSP’s more conservative estimated to have decreased slightly. estimate shown on the next page.
TOTAL DOWNTOWN RESIDENTS
90K 80K 70K 60K 50K 40K 30K 20K 10K
0 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 11 RESIDENTIAL HOUSING UNIT GROWTH
TOTAL HOUSING UNITS have increased by 10,000 to 35,000 since 2000 and are primed to increase to 40,000 by 2024 based on current projects in the pipeline.
ALABAMA AND MARKET STREETS
TOTAL HOUSING UNITS 40K
35K 30K
25K 20K 15K
10K 5K
0 2000 2010 2015 2018 2021 2024
l APARTMENTS l HOMES + CONDOS SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 12 APARTMENT UNIT GROWTH
HSP has conservatively The growth of apartments has counted approximately been one of the major stories half of the planned of Downtown Indy’s growth. and prospective units, The development pipeline Currently, there are nearly although eventually most continues to be robust. 4,000 units in the pipeline, are expected to be built. including 1,806 units currently In total, the apartment under construction, 505 pipeline is expected to prospective and 1,531 planned. generate approximately 8,000 new downtown residents.
EAST END, MASS AVE
DOWNTOWN APARTMENT DEVELOPMENT PIPELINE NAME ADDRESS UNIT COUNT STATUS 420 North Senate Avenue 420 North Senate Avenue 400 Planned 351 West 10th Street 351 West 10th Street 285 Planned 16th Street 1129 East 16th Street 280 Planned The Tyler Phase II 1 201 Indiana Avenue 214 Planned The Ardmore North Delaware Street & East New York Street 126 Planned Prospect & Spruce SWC East Prospect Street & Spruce Street 94 Planned Block 20 SWC East Street & Michigan Street 67 Planned 21 West 21 West 16th Street 65 Planned 915 South Meridian Street 915 South Meridian Street 304 Prospective Pennsylvania Street 421 North Pennsylvania Street 165 Prospective The E'laan Phase II 49 North East Street 36 Prospective 9 on Canal Phase II 335 West 9th Street 219 Under Construction The Assembly 1301 East Washington Street 132 Under Construction Olive Street & Prospect Street Olive Street & Prospect Street 118 Under Construction Bottleworks 850 Massachusetts Avenue 157 Under Construction Riverview Apartments West Michigan and White River Parkway 208 Under Construction Residences at CityWay Phase II 310 South Delaware & 220 North Virginia 402 Under Construction The Whit 307 North Pennsylvania Street 334 Under Construction Penrose on Mass 502 Massachusetts Avenue 236 Under Construction TOTAL 3,842
SOURCE: DOWNTOWN INDY, INC.
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 13 APARTMENT RENT & RESIDENTIAL PRICE GROWTH
INDIANAPOLIS CULTURAL TRAIL
The average residential home sales price has shown the most growth over the period. In 2000, AVERAGE RESIDENTIAL SALES PRICE the average home price in the downtown
neighborhoods was a little more than $100,000. $350K By 2010, it had increased to $150,000 and in 2018 $300K it doubled its 2010 figure to $300,000. With modest and continued growth, the average price is $250K expected to top $375,000 by 2024. $200K $150K Apartment rents have $100K increased at a healthy pace $50K 0 as well, and occupancies 2000 2010 2015 2018 2021 2024 are so strong that more SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES units continue to be built and absorbed.
From 2000 to 2018, the average unit rent has AVERAGE APARTMENT RENTS increased from approximately $1.19 per square $2.25 foot to $1.75 in 2018 with some of the newest, $2.00 nicest properties charging about $2.20 per square foot. By 2024, rents are expected to be $1.75 approximately $2.27 per square foot on average. $1.50 $1.25 $1.00 $0.75 $0.50 $0.25
0 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 14 DOWNTOWN RESIDENT INCOME GROWTH
DOWNTOWN INDIANAPOLIS FROM THE SOUTHEAST
Based on U.S. government data, the average HOUSEHOLDS HOUSEHOLD household spends 2.4 percent of their income INCOME on retail. 2000 57,749 $25,922 HSP’s estimate of resident income is based on the value and cost of housing units, including 2010 63,643 $34,837 rentals. As the incomes of people moving 2015 71,719 $52,399 downtown has increased, employee demand and incomes have increased. This wealth effect 2018 76,637 $57,258 has had a major impact in spending power. 2021 82,647 $62,567 Based on the government data and conservative estimates, total resident income downtown has 2024 87,006 $68,369 increased from nearly $680 million in 2000 to more than $2 billion in 2018. SOURCE: HUNDEN STRATEGIC PARTNERS
TOTAL RESIDENT INCOME
$3,000,000,000 $2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000
0 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 15 DOWNTOWN RESIDENT RETAIL SPENDING POWER
GEORGIA STREET AND SOUTH MERIDIAN STREET
Based on the ratio of income to retail spending, HSP estimated the residential retail spending Total retail spending power power of downtown residents and students. A from downtown residents large community of post-secondary students lives downtown, with more than 33,000 students at has increased from less than three institutions of higher learning, the largest $20 million in 2000 to nearly being IUPUI. $50 million in 2018. That figure Total spending power has increased so quickly is conservatively expected to because both elements of the equation have increased: the absolute number of residents has increase to $67million by 2024. increased and the income level per resident has also increased. The income growth has increased at a very fast pace, leading to new retail opportunities and capacity versus what was true just a few short years ago. DOWNTOWN RESIDENTIAL RETAIL SPENDING POWER
$70MM $60MM $50MM $40MM $30MM $20MM $10MM
0 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 16 VISITOR MARKET
DOWNTOWN HOTEL ROOM GROWTH Downtown hotel growth has continued with a variety of quality project types. Downtown had less than 4,000 rooms in 2000, and by 2018 the total is more than 7,000.
GEORGIA STREET
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 17 DOWNTOWN HOTEL ROOM GROWTH
THE ALEXANDER, DELAWARE STREET
Downtown hotel growth has continued with a HOTEL PIPELINE variety of quality project types. Downtown had NAME ROOMS NOTES OPEN less than 4,000 rooms in 2000, and by 2018 the total is more than 7,000. HYATT HOUSE/HYATT PLACE 316 UNDER CONSTRUCTION 2019 TOWNEPLACE SUITES 146 UNDER CONSTRUCTION 2019 New projects underway KIMPTON 130 UNDER CONSTRUCTION 2019 and announced will add ALOFT 128 UNDER CONSTRUCTION 2019 BETHEL AME HAMPTON 212 CHURCH CONVERSION 2020 nearly 3,500 room and TRU BY HILTON 150 APPROVED 2020 will bring total downtown WEST ELM 136 UNDER CONSTRUCTION 2020 rooms to nearly 11,000 TAPESTRY @ JACKSON PLACE 110 APPROVED 2020 DRURY INN 350 IBJ BUILDING 2021 by 2024. INTERCONTINENTIAL 180 APPROVED 2021 CONVENTION HOTEL 800 HILTON 2022 Hotel growth is pushing the boundaries of CONVENTION HOTEL 600 HILTON 2024 downtown, with the West Elm hotel developing on Massachusetts Avenue and several hotel 3,258
developments south of Monument Circle. SOURCE: HUNDEN STRATEGIC PARTNERS; DOWNTOWN INDY, INC.
The biggest announced projects include the convention center hotels (shown above) announced in October 2018. The two Hilton- DOWNTOWN HOTEL ROOMS brand hotels will be 800 and 600 rooms, respectively. The project also includes 12,000 major ballrooms expansion for the Indiana 10,000 Convention Center of more than 50,000 square 8,000 feet. Currently, there are five hotels totaling 6,000 approximately 850 rooms underway. 4,000 2,000
0 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 18 DOWNTOWN DAYTRIP VISITOR RETAIL SPENDING
EAST WASHINGTON STREET
Overnight visitors spend much more than Indianapolis has landed several major The overnight visitor daytrippers on retail and other items. Based on sporting events that highlight its role as a economy is one of the a study completed for Visit Indy, HSP estimates major event host. In addition to the annual that the average overnight visitor spends Indy 500 and Brickyard 400, the following pillars of downtown nearly $50 per overnighter vs. $16 per daytrip. are booked for the coming years: The more hotels and overnight visitation, • 2021 NBA All-Star Game and weekend Indianapolis. It is primarily the greater the spending power for retail and • 2021 Men’s Final Four supported by major sports restaurants. HSP’s estimate of overnight • 2018 – 2021 Big Ten Football visitor spending is currently more than championship (Every year) and convention events $150 million. With the onset of the new hotels • 2022 College Football Playoff in development, this figure is expected to National Championship based at Bankers Life surpass $250 million by 2024. • 2022 Men’s Big Ten Fieldhouse, Lucas Oil • 2026 Final Four Stadium and the Indiana Convention Center. DOWNTOWN DAYTRIP VISITOR RETAIL SPENDING
Indianapolis hotels have continued to $300 MM perform well, at or above 70 percent, even $250 MM in recessions. Currently, downtown $200 MM occupancy hovers around 75 percent. $150 MM $100 MM Most of the hotel business, about two-thirds, is driven by events. The other third is $50 MM supported by corporate and leisure travelers. 0 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 19 DOWNTOWN OVERNIGHT VISITOR RETAIL SPENDING
FOUNTAIN SQUARE
The number of daytrip visitors to downtown continues to grow, although it has been a The retail spending generated by the strong component of retail spending for many segment has increased to $100 million years, especially since the opening of Circle Centre Mall in 1995. Events are the mainstay in 2018, more than double the amount of the Daytripper segment and there are more reasons than ever to come downtown on a from 2000.
regular basis.
HSP gathered data from Pollstar and many other sources to estimate the total annual daytrips to downtown for attractions and events. For the current year, that total visitation is estimated at 6.5 million trips.
DOWNTOWN OVERNIGHT VISITOR RETAIL SPENDING
$140 MM $120 MM $100 MM $80 MM $60 MM $40 MM
$20 MM 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 20 DOWNTOWN EMPLOYEE GROWTH
E 16TH STREET, FOUNDRY COFFEE SHOP
Downtown Indy has seen continued DOWNTOWN EMPLOYEES reinvestment and expansion of companies large and small. In addition, new companies 150,000 are investing in downtown, highlighted by a 145,000
burgeoning tech ecosystem. 140,000 135,000 Downtown employment 130,000 is estimated at 137,000 in 125,000 120,000 2018 and 145,000 by 2024. 115,000
In addition, as more hotels and restaurants 110,000 open for visitors, more employees are working 2000 2010 2015 2018 2021 2024 downtown. Office rents reached a new record in 2018 downtown. SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 21 DOWNTOWN EMPLOYEE INCOME GROWTH
EAST WASHINGTON STREET
Downtown office vacancy has declined to its As downtown employment increases, the lowest level in many years, even as the daily retail spending power increases as well. average office space needed per employee In addition, as the incomes for downtown has declined. Today’s offices are more densely employees increases, it multiplies the impact packed with employees and so existing of spending power. buildings are seeing renovations for new formats of businesses entering the market. Based on HSP’s analysis, it is estimated that downtown employee income has increased from $4 billion in 2000 to nearly $9 billion today. By Overall, downtown 2024, it is expected that more than $10 billion in employment is strong and employee income will be generated downtown. growing. As incomes increase, so does overall income and retail spending. DOWNTOWN EMPLOYEE INCOME
$12,000,000,000 $10,000,000,000 $8,000,000,000 $6,000,000,000 $4,000,000,000 $2,000,000,000
0 2000 2010 2015 2018 2021 2024
SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 22 DOWNTOWN EMPLOYEE RETAIL SPENDING
CANON BALL BREWING COMPANY
With nearly 140,000 DOWNTOWN EMPLOYEE RETAIL SPENDING POWER
downtown employees, it is $180 MM easy to see how even the $160 MM smallest amount of daytime $140 MM $120 MM retail spending can add up. $100 MM
$80 MM Using US Bureau of Labor Statistics figures and accounting for the minimal amount of $60 MM time and shopping that typically accompanies $40 MM the workday, HSP estimated the daily retail $20 MM spending power of downtown’s workforce. 2000 2010 2015 2018 2021 2024
With an average estimated retail spend of less SOURCE: HUNDEN STRATEGIC PARTNERS, VARIOUS SOURCES than $5 per workday, the downtown workforce still accounts for $140 million in annual retail spending power in 2018. As incomes and employment grow, that total spend is expected to reach $175 million by 2024.
DOWNTOWN INDIANAPOLIS RETAIL SPENDING POWER 23 GY
ACCELERATE INDY’S RETAIL STRATE
‘