Published on February 21, 2009
Welcome to Experts Online August 1, 2006
Creating the Right Retail Mix: Can small neighborhood businesses and national chains co-exist?
Who are the Experts? Joe Getz General Partner, JGSC Group, LLC Larry Kilduff President, The Kilduff Company
Creating the Right Retail Mix Joe Getz
Do national chains hurt small neighborhood businesses ?
Or do small neighborhood businesses hurt themselves?
Can’t we all just get along?
Of course we can.
Survival of the fittest.
The market decides what survives.
Sometimes we hurt ourselves
Creating the right retail mix.
What type of corridor is yours? The type of retailer is determined (in part) by the type of corridor. Describe your corridor Neighborhood Community Regional Tourism Business Entertainment
What type of consumer is here? Knowing who shops here and what they want, helps determine which retailers work best. Who shops here? Why? Who’s missing? Why? What stores do consumers most want?
Consumers, in part, help determine the right mix. 30 Average of all responses 25 20 15 10 5 0 AC M oore Barnes & Noble Best Buy Borders GAP Kohl's Target Wal-M art Whole Foods
What can the market sustain? You have to do a (proper) market analysis. And, you have to read it. Retail dynamics are fluid, so the analysis is out of date as soon as you use it. Nationals will want to see the results. Locals should want to, too!
Trade area sustainability Demographics Psychographics Consumer Spending Supply & Demand Over/Under Served
JGSC PowerGRID™ (Hey, don’t steal this!)
Once you know what, it’s easy to know who Create a merchandise plan for the corridor. Don’t just fill space. Nationals have criteria. Locals should too.
Formula for success: Give them what they want. Show them you have what they want. Create a buzz. Give them the information they need to make the decision you want them to make.
Let’s work together. Nationals can and should compliment locals. Local can and should compliment nationals. Nationals manage, locals retail. All should participate in cooperative marketing. The goal: work together to improve the quality of life for all shoppers.
Lessons learned. We need learn from our past mistakes. Leases NNN Use clause Materials Hours of Operation
Strike a balance. Most commercial corridors can support a balance of different retailers. Locals need to be strong to avoid being crushed. Franchise stores can provide additional support.
Case Study Larry Kilduff
Kenosha, Wisconsin 11019 N. Towne Square Rd., Suite 8 PO Box 628 Mequon, WI 53092 Middleton, WI 53562 262-240-0045 Fax: 262-240-1057 608-345-9858 www.PRDCInfo.com www.thekilduffcompany.com
The Location • 40 miles south of Milwaukee, WI • Community center serving the Uptown Neighborhood, approximately, 3 square miles. • Located in the Uptown Neighborhood at 63rd Street and 26th Avenue in Kenosha, WI.
The Original Brass Factory
The Brass Factory Today Contamination Issues from a Developer’s Perspective: •How long until the site is ready for development? •What are the liability protections? •Do those protections satisfy lenders? Investors? Users? If not, what next? •Coordinating clean-up with development realities.
The Site Plan • Mixed-use urban re- development • 113,500 square feet of retail space • Outlots available • Parking ratio 5:1
Revitalized Urban Environment…
Mixed Use is Great, but Complicated…
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