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Ottawa Street Commercial Market Assessment

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Ottawa Street Commercial Market Assessment Ottawa Street BIA Commercial Market Assessment Update FINAL November 2018 Prepared by: 360 Collective 99 Ivy Ave, Suite 100 Toronto, ON M4L 2H8 www.360collective.co 647 339 9008 TABLE OF CONTENTS EXECUTIVE SUMMARY...................................................................................................................................................................... 1 BACKGROUND REPORT AND SUGGESTED RECOMMENDATIONS .......................................................................................... 21 1.0 Introduction ......................................................................................................................................................................... 22 2.0 Visitors to Ottawa Street BIA ............................................................................................................................................ 23 2.1 Vehicular and Pedestrian Movement Along Ottawa Street North ....................................................................................... 23 2.3 Pedestrian Traffic ............................................................................................................................................................................ 28 3.0 Trade Area Analysis ........................................................................................................................................................... 31 3.1 New Developments........................................................................................................................................................................ 41 3.2 Household Expenditure ................................................................................................................................................................. 42 3.3 Other Major Target Markets ......................................................................................................................................................... 45 3.4 Customer Visitation Data .............................................................................................................................................................. 47 4.0 Quality of Life Statistics –Housing Prices ........................................................................................................................ 57 4.1 Housing Prices ................................................................................................................................................................................. 57 5.0 Commercial Audit and Rent Review ............................................................................................................................. 58 5.1 Rental and Land Value Statistics ................................................................................................................................................. 62 5.2 Ottawa St. BIA Website Review .................................................................................................................................................... 66 6.0 Investment in Ottawa Street BIA ..................................................................................................................................... 71 7.0 Key Person Interviews ....................................................................................................................................................... 78 8.0 Strengths, Weaknesses, Opportunities, and Threats ................................................................................................... 85 8.1 Workshop #1Findings ..................................................................................................................................................................... 85 8.2 SWOT Summary ............................................................................................................................................................................... 88 9.0 Changes in Recommendations from 2009/2010 to 2017/2018 ..................................................................................... 89 10.0 Vision .................................................................................................................................................................................... 90 11.0 Ottawa St. BIA Action Plan ............................................................................................................................................... 91 11.1 Organization .................................................................................................................................................................................... 92 11.2 Economic Development ............................................................................................................................................................... 96 11.3 Physical Improvements and Programs for Enjoyable Shopping ........................................................................................ 100 11.4 Marketing ....................................................................................................................................................................................... 105 12.0 Planning Context .............................................................................................................................................................. 108 12.1 Introduction ................................................................................................................................................................................... 108 12.2 Official Plan and Zoning By-law Designations for the Ottawa Street BIA .......................................................................... 109 12.3 Permitted and Restricted Land Uses ......................................................................................................................................... 110 12.4 Height, Built-form, and Design ................................................................................................................................................... 110 12.5 Parking Requirements .................................................................................................................................................................. 111 12.6 On Street Patio Program .............................................................................................................................................................. 113 13.0 Trends and Best Practices .............................................................................................................................................. 114 EXECUTIVE SUMMARY Executive Summary Introduction 360 Collective was retained by the City of Hamilton (City) and Ottawa Street Business Improvement Area (BIA) to undertake an update of the previous commercial market assessment of the Ottawa Street BIA area completed in 2009/2010. The study process included a thorough review of the demand and supply characteristics of the BIA to inform changes to their internal Ottawa Street BIA action plans. The process included: • Review of movement into and through the BIA including visitation • Commercial audit of businesses in the BIA including photo inventory • Competitive positioning • Key person interviews with businesses, stakeholders, and City staff and councillors • Trade area review including visitor profile • Review of development applications, building permits, and investment in the BIA • Summary of incentives and grants This above listed information was compiled in this background report and was reviewed with BIA members at an open workshop. The suggested recommendations in this report are based on the workshop findings. OTTAWA STREET BIA – COMMMERCIAL MARKET ASSESSMENT UPDATE 2017 2 SWOT Strengths • Strong mix of retail merchandise stores based in home improvement, fabric/sewing, antiques, home décor that still draw visitors from the long distances • Growing strength in eating establishments that serve as both an amenity to the retail shopping as well as a destination in their own right (a growing nighttime experience economy) • Growing list of other complementary type businesses • Positive demographic changes to the local area population • Very good infrastructure in terms of easy access, ample parking, high visibility, gateways, etc. Weaknesses • Businesses are reliant on the regional visitation despite positive changes to the local neighbourhood • The Cannon to Campbell segment is stronger than other segments of the street Opportunities • An ideal time to rebrand the BIA as part of a renewed focus on the area • Create new clusters of specialization that will have regional draw while maintaining core competencies in key home décor • Increase goods and services for local residents and workers that matches neighbourhood gentrification • Focus on Circular Economy as a growing trend in retail Threats • Competition from other main streets OTTAWA STREET BIA – COMMMERCIAL MARKET ASSESSMENT UPDATE 2017 3 Changes in Recommendations from 2009/2010 to 2017/2018 The following chart summarizes the changes in the recommendations for Ottawa St. BIA from 2009/2010 to the current study period of 2017/2018. Changes in Recommendations from 2009/2010 to 2017/2018 2009/2010 Suggested Recommendations 2017/2018 Status Update Prepare to increase responsibilities and staffing to This is an opportune time for the Ottawa St. BIA to redefine the BIA move the BIA to the next goal level
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