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Retail Market Analysis Adrian, Michigan

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Retail Market Analysis Adrian, Michigan Downtown Adrian Retail Market Analysis Adrian, Michigan Prepared for: The City of Adrian Prepared by: Gibbs Planning Group 18 July 2014 TABLE OF CONTENTS INTRODUCTION ............................................................................................................................................ 1 Figure 1: Aerial View o f Downtown Adrian.............................................................................................. 1 Executive Summary ....................................................................................................................................... 1 Table 1: 2013 & 2018 Supportable Retail................................................................................................ 2 Figure 2: Downtown Adrian Study Area Map ......................................................................................... 3 Background ....................................................................................................................................................... 3 Figure 3: Downtown Adrian 15-Mile Radius Map ................................................................................ 4 Methodology ..................................................................................................................................................... 4 Figure 4: Adrian Downtown Development Association District Map ............................................. 5 Trade Area ........................................................................................................................................................ 6 Figure 5: Pho tos: Downtown Adrian Trade Area Retail Competition ............................................. 6 Figure 6: Primary Trade Area Map ........................................................................................................... 7 Figure 7: Total Trade Area Map ................................................................................................................. 8 Demographic Characteristics ..................................................................................................................... 8 Table 2: Demographic Comparisons ....................................................................................................... 9 Tapestry Lifestyles ......................................................................................................................................... 10 Table 3: Tapestry Lifestyles ........................................................................................................................ 10 Figure 8: Tapestry Lifestyles Segmentation Graph ............................................................................. 12 Employment Base .......................................................................................................................................... 13 Figure 9: Pho tos: Adrian is the County Seat ......................................................................................... 13 Table 4: Employment Comparison by Sector......................................................................................... 13 Table 5: Drive Time and Trade Area Employment by Industry Sector ......................................... 14 Table 6: Ten-Minute Drive Time Worker Expenditure ........................................................................ 15 TRADE AREA CHARACTERISTICS ....................................................................................................... 16 Figure 10: Photo: Business Located Outside the City ......................................................................... 16 Location .............................................................................................................................................................. 16 Table 8: Traffic Counts .................................................................................................................................. 16 Access ................................................................................................................................................................ 16 Students ............................................................................................................................................................. 17 Figure 11: Photos: Adrian College and Sienna University ............................................................... 17 Other Shopping Areas ................................................................................................................................... 18 Figure 12: Map of Shopping Mall Locations .......................................................................................... 18 Table 9: Regional Malls, Shopping Centers and Districts Map........................................................ 19 Figure 13: Regional Malls and Shopping Districts Map ..................................................................... 19 Regional Malls .................................................................................................................................................. 20 Figure 14: Photos: Adrian Mall .................................................................................................................... 20 1. Adrian Mall ......................................................................................................................................... 20 2. Franklin Park Mall ............................................................................................................................ 20 Figure 15: Photos: Franklin Park Mall ..................................................................................................... 20 3. Briarwood Mall ................................................................................................................................. 20 Figure 16: Photos: Briarwood Mall............................................................................................................. 21 Shopping Districts ............................................................................................................................................ 21 4. Blissfield Mall..................................................................................................................................... 21 Figure 17: Photo: Blissfield Mall ................................................................................................................. 21 5. Tecumseh Mall.................................................................................................................................. 21 6. Adrian Mall ......................................................................................................................................... 21 Figure 18: Photo: Aerial View of the Town of Tecumseh ................................................................... 22 7. Southland Plaza ............................................................................................................................... 22 8. Crossroads Plaza............................................................................................................................. 22 9. Country Market Plaza ..................................................................................................................... 22 10. Kohl’s Plaza ....................................................................................................................................... 22 11. Tecumseh Plaza............................................................................................................................... 22 Figure 19: Photo: Downtown Adrian Building Stock ............................................................................ 23 SUMMARY OF FINDINGS ........................................................................................................................... 23 2019 Supportable Retail and Appropriate Tenant Discussion ......................................................... 24 Table 10: Supportable Retail Table ........................................................................................................... 26 Retail Category Definitions ........................................................................................................................... 26 Shopping Center Definitions ........................................................................................................................ 29 Rationale............................................................................................................................................................. 30 Limits of Study................................................................................................................................................... 30 APPENDIX ......................................................................................................................................................... 32 Exhibit A: Suggested Targeted Businesses............................................................................................ 32 Exhibit B1-2: Primary Trade Area Business Summary ....................................................................... 36 Exhibit C1-6: Primary Trade Area Community Profile ......................................................................... 38 Exhibit D1-2: Primary Trade Area Housing Profile .............................................................................. 44 Exhibit E1-2: 2014-2019
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