Attracting Retail to Oakland

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Information about Attracting Retail to Oakland
Education

Published on February 4, 2008

Author: Veronica1

Source: authorstream.com

Attracting Retail to Oakland:  Attracting Retail to Oakland Sponsored by Councilmember Pat Kernighan Purpose:  Purpose Learn what retailers are looking for Hear from you, as residents, about what retail you want and where you would want it Identify what steps Oakland needs to take to attract retail What do we mean by retail?:  What do we mean by retail? More than just neighborhood-serving Something that provides shopping opportunities to all of Oakland A destination for shopping A few big box retailers? An outlet mall? A grouping of specialty or life style shops? Panelists:  Panelists Christine Firstenberg Managing Director of Metrovation Brokerage, a retail broker Dan Vanderpriem Director of City of Oakland Redevelopment Agency John Nelson President of Murakami/Nelson Chair of Retail Development Committee for the Oakland Metropolitan Chamber of Commerce Craig Vega Director of Economic Development of the Oakland Metropolitan Chamber of Commerce Retail Typologies and Development:  Retail Typologies and Development Neighborhood Center:  Neighborhood Center EXAMPLE: Camden Park Shopping Center San Jose, CA 136,000 sf total Anchors = Albertsons and Longs Drug Trade Area = 2-3 mi Community Center:  Community Center EXAMPLE: Pinole Vista Crossing Pinole, CA 399,992 sf total Anchors = Target, Mervyns, Toys R Us, Aaron Bros Trade Area = 3-10 mi Lifestyle Center:  Lifestyle Center EXAMPLE: The Grove Shrewsbury, NJ Approx 200,000 sf total Anchors = Coach, Gap, Gap Kids, Ann Taylor, April Cornell, BeBe, Brooks Brothers, Chico’s, Eddie Bauer, Talbots, Victoria Secrets Trade Area = 8-20 mi Power Center:  Power Center EXAMPLE: 280 Metro Center Colma, CA 351,561 sq ft total Anchors = Bed, Bath and Beyond, Home Depot, Marshalls, Nordstrom Rack, UA Theatre, Pier 1 Imports Trade Area = 5 – 10 mi Regional Mall:  Regional Mall An example of a regional mall development. Approx 1 -1.5 million sq ft Anchors = Sears, Macy’s, JC Penny, Nordstrom, Trade Area = 20 mi and above Anchor Tenants:  Anchor Tenants Anchor tenants are generally over 15,000 and up to 200,000 sf and create activity and critical mass for smaller shop tenants Shop Tenants:  Shop Tenants Shop Tenants in Red Bank, NJ Trade Area Analysis:  Trade Area Analysis Most retailers do market research in house on a trade area and a specific site Analysis of demographic information of proposed trade area and site. Identifying sales projections in order to move forward with deal. Accurate sales projections and good understanding of trade area and market are key. Trade Areas by Type:  Trade Areas by Type Neighborhood Center: 2 - 3 mi Community Center: 3 - 10 mi Lifestyle Center: 8 -12 mi Power Center: 5 - 10 mi Regional Mall: 20 mi and above Demographics & Site Requirements: … How Important Are They?:  Demographics & Site Requirements: … How Important Are They? Market Research into the demographics is essential to determine demand for retail in certain trade areas Pacific Commons Fremont, CA Specific Site Requirements:  Specific Site Requirements Each Retailer will have a set of specific requirements for any site being considered Trade Area and Site Analysis:  Trade Area and Site Analysis Factors that impact site analysis: Trade Area Demographics Site Demographics Site Plan Layout Deal Structure Entitlement Issues Design of Center- Critical Mass Cost of Rent and NNN Site Analysis: Competition Map:  Site Analysis: Competition Map Competitors in the immediate vicinity must be considered for any site. Site Analysis: Co-Tenancy:  Site Analysis: Co-Tenancy Other tenants in the shopping center make a big difference in the performance of a retailer. Site Analysis: Advertising Costs:  Site Analysis: Advertising Costs The Bay Area has the highest advertising cost in the nation. Site Analysis: Employee Availability:  Site Analysis: Employee Availability The availability of good, qualified employees is a concern for any new business in a trade area. Creating Critical Mass:  This is a good example of a big box development which creates critical mass that incorporates the surrounding environment into the design. Creating Critical Mass Retail Industry Trends:  Retail Industry Trends Important Trends in the Retail Industry Consolidation Larger formats Increased public interest in “Mixed-Use” How do larger formats fit into mixed-use? Consolidation :  Consolidation Federated buying Macy’s Ralphs looking at Albertsons Sears and Kmart Larger Retail Formats:  Larger Retail Formats Larger retailers for general merchandise and apparel… Anchor Tenants & Mixed Use Developments….:  Anchor Tenants & Mixed Use Developments…. What Do Anchor Tenants Need? High traffic counts Visibility and access Convenient parking Parking Low rent & operating costs Large floorplates Easy unloading Maximum sales Anchor Tenants & Mixed Use Developments….:  Anchor Tenants & Mixed Use Developments…. Why Do Anchor Tenants Want This? Cater to demand for convenience Competition Keep costs low Keep format consistent The Value of Retail :  The Value of Retail Why is retail important to city? Creates Complete and Healthy Communities The Value of Retail :  The Value of Retail Why is retail important to a city? Shopping is now entertainment The Value of Retail :  The Value of Retail Why is retail important to a city? Retail is semi-public use and activates public places The Value of Retail :  The Value of Retail Why is retail important to a city? 2003- Oakland per capita retail sales=$5740. (what is spent per person in Oakland) State of Ca. per capita retail sales=$8,992 Oakland’s sales have grown by more than 20% over the last 6 years- State has grown by 12% The Value of Retail:  The Value of Retail Provides Jobs Background on Oakland Retail:  Background on Oakland Retail Leakage of sales tax tops $1 billion Spending patterns suggest need for household and soft goods retailers Retail sales tax growing What types of Retail Interests are looking at Oakland?:  What types of Retail Interests are looking at Oakland? Individual retailers Developers of retail centers Big Box retailers Outlet Mall developers Other Where are the good retail locations?:  Where are the good retail locations? Downtown Jack London Sq Oak to Ninth Army Base Grand/Mandella Coliseum Area What is OMCC’s role in promoting retail?:  What is OMCC’s role in promoting retail? Facilitator Developer perspective Advocate What retailers are looking for::  What retailers are looking for: OMCC Retail Developer Interviews Critical Mass Parking / Transit Access Physical Limitations of Urban Areas Vision Strategy Commitment Next Steps:  Next Steps To attract retailers the City needs A commitment to a Comprehensive Retail Attraction Strategy Policy Review Adequate location(s) to dedicate for retail A sustained recruitment effort The strategy can then be used to market Oakland and recruit retail. What do residents want?:  What do residents want? A place to shop within Oakland for Everyday goods? Clothing? High end merchandise? Off-price/discount merchandise? Specialty items? Electronics? Furniture? Where do you shop for these items now? What are the pros and cons of these retail areas?:  What are the pros and cons of these retail areas? What do you like or not like about these retail areas How would you rank them from your shopping standpoint? Slide41:  Where are the good retail locations? Downtown Jack London Sq Oak to Ninth Army Base Grand/Mandella Coliseum Area Discussion:  Discussion

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