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Valerie S. Kretchmer Associates, Inc. Real Estate and Planning Consulting

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Valerie S. Kretchmer Associates, Inc. Real Estate and Planning Consulting Valerie S. Kretchmer Associates, Inc. Real Estate and Planning Consulting VILLAGE-WIDE MARKET ANALYSIS Prepared for VILLAGE OF WILMETTE March 2005 Prepared by Valerie S. Kretchmer Associates, Inc. 2707 Walnut Avenue Evanston, IL 60201 847-864-8895 (Phone) 847-864-0103 (Fax) www.kretchmerassociates.com Valerie S. Kretchmer Associates, Inc. Real Estate and Planning Consulting 2707 Walnut Avenue Evanston, IL 60201 TEL 847-864-8895 FAX 847-864-0103 www.kretchmerassociates.com March 31, 2005 Mr. John Adler Village of Wilmette 1200 Wilmette Avenue Wilmette, IL 60091 Dear John: Valerie S. Kretchmer Associates, Inc. (VSKA) is pleased to submit this final report on the Village-wide market analysis. Thank you for the opportunity to work for you and the Village of Wilmette on this interesting assignment. Sincerely, Valerie Sandler Kretchmer President Valerie S. Kretchmer Associates, Inc. TABLE OF CONTENTS Page I. Summary and Conclusions 1 II. Overview of Village-Wide Trends 6 III. Description of Wilmette Business Districts 17 IV. Competitive Retail Areas and Retail Market Conditions 43 V. Retail Sales Potential and Implications for Wilmette’s Retail Districts 51 VI. Office Market Analysis 62 Appendix Volume 2 Valerie S. Kretchmer Associates, Inc. I. SUMMARY AND CONCLUSIONS A. Purpose of this Report Valerie S. Kretchmer Associates, Inc. (VSKA) was retained by the Village of Wilmette to prepare a market analysis for the village overall and for the individual business districts. The purpose was to provide the Village staff, elected officials and members of the Business Development Advisory Group (BDAG) with objective information on the strengths and weaknesses of the Village’s businesses and districts and the competitive position of the business districts in relation to other business districts along the North Shore. This report is one of three commissioned by the Village in 2004 relative to business district planning. The other two are the Fourth and Linden Plan (completed in November 2004) and the Green Bay Corridor Plan now underway. For these two plans, VSKA is working in conjunction with Hitchcock Design Group, an urban design and landscape architecture firm, and TY Lin International, a transportation and traffic engineering firm to look at the broader range of issues affecting these two business districts. The Village- wide Market Analysis is an important component in these two comprehensive plans. B. Methodology and Organization of this Report VSKA conducted a wide ranging analysis for this report that included field inspections of all of the business districts and competing business districts; interviews with Village staff, business and property owners in all of the business districts; analysis of retail sales and employment data for Wilmette and surrounding communities; analysis of demographic trends for Wilmette and nearby areas; and an analysis of office and retail market conditions affecting Wilmette and the individual business districts. This report is organized into two volumes. The first includes the key findings and conclusions as well as summary data for all of the business districts. Volume 2 is the Appendix which includes detailed demographic tables for each of the business districts, lists of businesses in each district, detailed tables on employment, retail sales and office buildings in Wilmette. A map showing the location of the business districts is on the following page. 1 R E N D D A R Y 94 WESTMOOR RD F N O R L Y D F K E X B R O R A D L P R W A HACKBERRY LN S N L E D R K A E PAR S R O L Y T SUNVIEW LN A D H NE A W E PINE T W A N Winnetka K WWiiinnnneetttkkaa PINE Winnetka Y T C R A N S SPRUCE E D SPRUCE L WilmeL tte Ret ail Areas E WWiillmmeettttee RReettaaiill AArreeaass D T R H B L R A N I O T E ELM T R R O ELM Y R E R S S H N H B T A L F A D A S CHESTNUT C U U I C L A E O D A D N K C C N R L V R I R I OAK E N O E O O T E E B B C C L L R L L N G T 6600009933 CHERRY P T A A CHERRY E R D U U D D E C N A O E N N SH N L L R R O N ASH E E D D A A A OBIN HOOD LN A L 94 N L W B L L R R W W N N W W W A IL A G G L H E OW P RD P WILLOW RD E Y E D D D D O O T ABBOTT G S I I I I I O I W O N S T R R R O O L 33Ab L O V 33Ab V P 33Ab P E E HERIDAN RD H M R I S D A A L C C G G R R R L WORTH LN RD L C S I T I G U S E B I B N T L A T A A U V U AS A R E O A B B B L N R L D L P E E R M R E E I I T F O UN N F I U O E O O Y M Y V H H G W G A T D F E ELDER LN M S M D D N E SUNSET RD I I D R R SUNSET RD N D C I O R R R S R L ARLAND LINDENWOOD D G V E I WI SUNSET RD X N X F D D A DT COLONIAL LN R U E D E E R A E LLES L S S N RD N HILL RD L L L BROADMEADOW RD L S S F HILL E O D D E R E F F R N T L L L R O R TKA N INDIAN HILL RD WINNE S HILL RD L I N N B E O O WINNETKA T T L N R R N T R I H G G S H S L A X H B I G U A U E A G O I S R B K P C C E E F R N H B S C O P O O O O R O V O B T L L T R D Y S R E R F D S D D V L WIN E A FIEL CU I O D D MMINGS E R INDIAN HILL RD X C R O D M D T LN M U O R M R N W O N D W O MEADOWVIEW K O 6600004433 F O O EN O O T RD R X D ER RD LONGMEADOW RD D R R O G L D N TUDOR N N I E R R R L Y L B D 41 H N N D D A R N Plaza del Lago N N BEECHWOOD T Y D Y WESTERFIELD N N M M O T T L L 3 U R R A A Kenilworth T lllwwoorrrttthh N N KKeenniii 6 N Kenilworth Y Y U U N N O L L T E T 94 L A A E E B B CHESTNUT S E E O O M H D C D R R L L NUT H CHEST H A 1 E E T T V V T I WOOD R THORN R R N D D ASHLAND LN 2 G G L P L T T I L L E E R N H E 3 3 L I D O O ASHLAN D D L L N I R N O O T RO A 1 1 A M H A P A D G D R C C O R O D O D C C D D I NA I C O T T D R GREENWOOD D O R R I I W I W 2 M M E D W GREENWOOD O V L 1 R R E E W I F R ELMWOOD W A E E E IR IRO E N M E Q WA UOIS H L Y A RD E K K H COUNTRY LN ELMWOOD TE H N K T E B WALNUT C U N WALNUT T 8 S N S O KE O O L R CRANSTON L E B 1 LN O LAC R Lake and Laramie KH R G L FOREST AWK L M E RD L M FOREST FOREST E E R L E E 5 O E 34Bc E U K N 34Bc N Ed3e4nBscc Plaza/ N I M V O H E LAKE H N N T L L E E N L N A L LAKE L M I R W L L N N D E H L R A A C C L R L R LAKE O B L D L N N N DL O M Y A Y P K N N Lake-Ridge E O L ORCHARD LN O U E West LakC e PlazaE CAR A N N D A B L H IN H H H E O O A E C L C L S D 34Bc R D 34Bc D H H H 34Bc N R H I 34Bc A A E T T W T R T N N A N N S T T H O H HINGTO T T T T Y Y K N F C R BEECH Y 7 6 5 L 5 L L L L A A K T 60091 Village Center T 60091 0 0 1 60091 1 I S I 60091 I I I 60091 T R E E 1 1 1 R 1 9 S 9 N OD R D O 1 1 1 S HW 1 K K C R O L L H H R R R BI E E O P D CENTRAL B O O I O O A A C C R C R H N K POMONA LN M A O C C A O O T N N N W P L ASHIN H A GTO I I N A O R R R W GREENLEAF O N O O N L HIGH E E L B B HIGHLAND AND I P 2 T R T West Village Center/ D EST I HIGHCR E X C H H H H H H H L H H 0 E G G C I E T T T T T T T M A T N E T A TRA H L LINCOLN LN AL 7 7 8 8 6 6 4 4 N N NTR R A E L D IN H C DE I I N N R 41 R Y S Green Bay RENoad R 94 d Linden A 4th an AF E E E M M REENL D R G CRESTVIEW LN O L A A R N AUR P P A A E N I L D A L H I Wilmette H L L R D WWiiilllmmeettttttee D D WILMETTE ette N N Wilm R R E E A A CANTERBUR L K A E T WILMETTE T OAKWOOD K B R L L L L R R C N E E P P E 4 W 4 R D Wilmette-Ridge MAPLE E O N I N L L S K K T 1 1 D C O O R 3 E E E MAPLE G G L I H H HILL H Y I Y LL L S N A R N A R S E T C C K B K O N E E N I I B L V L N N E T E H T I K I T T D R D L N D Y L R U N L O 3 N 3 I I S S R R GREGORY S R P P O O A ALE LN A RY O AVOND GREGO E R L R G I N C 1 A 1 Y T T L B L L L L O O W C C E A I A O H T O E A A A T A A D N R ISABELLA R D P R R R R S L Y E S Y W E N W LA I ISABEL I V R P IEW P IE I Y V Y R O D O B N C W L U D E L B R R L L G I R D E D G V D G E E I I S R O E H R D D D R W I T O D U U E L L OTTO LN THAYER F R O K I K W C A A F R I S T A E W R B L R N B E R E E K C U O L H R Y L R E N O N INGLES S A S R A S E E E H N E T H E O R L P A R E O E W M L A A A G RD G J V R A HARTZELL R M E P T Y M B S S O PARK N H TIC N N EL G A N L G R G I I S A S R E E O S N E DALE T A CLI 35 A N B E 35 HARTZELL E HARTZELL T W W K 35 K S E 35 A ON B H G O E E E R CENTRAL RD E R R R G Y Y w Rd N Skokie Blvd-Old Glenvie T I Y Y E E Y CENTRAL Y L L S L V A A D T I AL L L CENTR X I A N A D L C W W E S Y Y L L R R P P E A A N R O K R K A A W W E E C O C O N L CULVER L D D HARRISON O E ROSALIE P P E E V V R O R M R R R A A N R M N N R J L T T E A E A A G G C E Y Y R R OLD ORCHARD RD C OLD ORCHARD RD P M B HARRISON A L W W B B N N N N D D T T L B O M M R R IN H C I A I O D D LN A A A A E M E P N N D D R 94 L R A D R COLFAX R L L R X R A D C C F L M L M E R E E E O R O C O P A Y R Y R R C T C S S X R A N N H H F W W L R D CO C O O R R E N E E O I A E R C C E E G G S S W W E E I I R R W O W I H H L E R N N E DARTMOUTH 35 E P 35 P T 35 T V 35 P V O 35 O I 35 I N D N S S E E GRANT E I Y Y T T E T S T L L R R R T R W W GRAN G O S N G S S O O S S A GRANT GRANT A B B O O O O O L D R O D E E A A N N H I H C R C E C C S O C YE I O R R O H H N G P E E N NORMANDY N G I H I LEONARD D N D O O E E R R B L L K A A D I I L N E N A PAYNE E HA A PAYNE FFI F YES F R GA N N R R K V E L V L A A R I 60201 O N D 60201 P 60201 I AYNE D E E O O L L N E N A E GA L D C G E Y Y L L V T T SIMPSON C C O V T N N E L M N E E E S E S S N O SIMPSO E D E X R A E N D E N PSO GOLF R H G R HAMLIN E E Y Y E LEO LI W W N E N L G G L L O E C K K N G O O E 41 E E I E K I PALMA N N P S L K K H D D D D Y T L A P K FO N T V E E R R E FOSTER S V I FOSTER 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