Take Charge of Your Business Mix! Whats the problem? BACKGROUND - - PowerPoint PPT Presentation

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Take Charge of Your Business Mix! Whats the problem? BACKGROUND - - PowerPoint PPT Presentation

May 16, 2023 132 likes •612 views

Take Charge of Your Business Mix! Whats the problem? BACKGROUND Whats the problem? BACKGROUND Whats the problem? BACKGROUND There is a solution BACKGROUND How did we get here? BACKGROUND Retail and transportation BACKGROUND

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SLIDE 1

Take Charge of Your Business Mix!

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SLIDE 2

What’s the problem?

BACKGROUND

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SLIDE 3

What’s the problem?

BACKGROUND

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SLIDE 4

What’s the problem?

BACKGROUND

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SLIDE 5

There is a solution…

BACKGROUND

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SLIDE 6

How did we get here?

BACKGROUND

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SLIDE 7

Retail and transportation

BACKGROUND

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SLIDE 8

Retail and transportation

BACKGROUND

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SLIDE 9

Retail, marketing & media

BACKGROUND

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Retail, marketing & media

BACKGROUND

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Demand

SITING ELEMENTS

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SLIDE 12

Trade Area

SITING ELEMENTS

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Tenant (retailer) goals

SITING ELEMENTS

  • Mall, strip center, or CBD site
  • Minimum on-site parking
  • Minimum square footage
  • Minimum frontage
  • Preferred co-tenants
  • Minimum household income
  • Minimum population density
  • Minimum traffic counts
  • Minimum pedestrian counts
  • Presence of a target population

And other things…

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Landlord goals

SITING ELEMENTS

  • Collect rent demanded (or

meet sale price)

  • “Triple net” rent, so taxes

and utilities are paid directly by tenant

  • Avoid obligation of

improvements

  • Limit uses of the building

(often: no food)

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Downtown Manager’s goals

SITING ELEMENTS

  • Create an optimal retail mix
  • Fill existing vacancies; avoid

future ones

  • Have all stores follow common

business hours

  • Have evening business hours
  • Appealing storefronts;

harmonious design

  • Harmonious, effective signage
  • Support for maintenance of

common areas

  • Collaborative marketing
  • Collaborative events to attract

visitors And other things…

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START RECRUITING!

Break

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Grow relationships

STEP ONE

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What does your district want to be?

STEP TWO

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Know thyself

STEP THREE

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Take inventory

STEP THREE

Goods Svs Rest VACANT NOT RETAIL Retail category Business/ Name # Street City Zip Contact Name Notes SF Owner Occupied Rent/yr Rent/SF 1 FS restaurant Trout & Troll Restaurant 172Lackawanna Dr Stanhope 07874 Brad Boyle Boyle rents this, but
  • wns and operates
Salt Restaurant 109 Rte 206. 4,000 1 Auto service-window tinting Window Genie 7Netcong Ave Sparta 07871 Steve Sarafin, Steven Gray, Prrop owner: NETCONG AVENUE ASSOCIATES, L.L.C. 1,200 x N/A N/A 1 Attraction- Campground Panther Lake Camping Resort 6Panther Lake Road Andover 07821 Prop owner: PANTHER LAKE CAMPING RESORT, INC N/A x N/A N/A 1 Gas station + convenience Exxon Gas & Convenience 1Route 206 Stanhope 07874 Dalip Gill - OwnerProp wner: CHINAB CORP 1,250 x N/A N/A 1 Veterinarian Byram Animal Hospital 8Route 206 Stanhope 07874
  • Dr. Cruz & Dr.
Abdul-chani RELOCATION needed: bldg to be demo'd after CVS departure in 2016. 1,400 1 1 Custom embroidery, engraving U Name It 8Route 206 Stanhope 07874 Charlene Malley RELOCATION needed: bldg to be demo'd after CVS departure in 2016. 1,400 1 Drycleaner Acorn Plaza Cleaners 8Route 206 Stanhope 07874 RELOCATION needed: bldg to be demo'd after CVS departure in 2016. 1,400 1 Nail salon C C Nails, 8Route 206 Stanhope 07874 RELOCATION needed: bldg to be demo'd after CVS departure in 2016. 1,400 1 Pharmacy CVS 8Route 206 Stanhope 07874 Ben D'Urso Re-locating to new development site
  • pposite Shop Rite;
this bldg will be demo'd in 2016 10,000 x N/A N/A 1 Hair salon Guys and Dolls Hair Stylists 8Route 206 Stanhope 07874 Fred Schlesinger & Barry Feldman RELOCATION needed: bldg to be demo'd after CVS departure in 2016. 1,400 1 Professional- counseling Center for Humanistic Change 12Route 206 Stanhope 5,000 on 2 floors x N/A N/A 1 Ice cream parlor Cones by Design 12Route 206 Stanhope Feature: drive-thru
  • window. This retail
  • perated by Center
for Humanistic Change. 1,000 x N/A N/A 1 Consignment store Re-Designs Thrift Shoppe 12Route 206 Stanhope Marianne NechayThis retail operated by Center for Humanistic Change. 1,000 x N/A N/A 1 Professional-medical Byram Medical (Doctor Office) 13Route 206 Stanhope 07874
  • Dr. Stephanie
Mitsos 1,200 1 Jeweler Jewelry Exchange/Byram Jewel 13Route 206 Stanhope 07874 Earl Schick Has non-conforming business sign. 1,200 1 Nail salon Blue Grass Nails 13Route 206 Stanhope 07874 David Nguyen 1,200 1 Bagel shop; deli Classic Bagel 13Route 206 Stanhope 07874 Tony Reis Prop owner: APEP, INC 1,200 1 Laundromat Byram Laundromat 13Route 206 Stanhope 07874 Tony Reis Prop owner: APEP, INC 1,200
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Try to cut the red tape

STEP FOUR

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Try to cut the red tape

STEP FOUR

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Be proactive with the media

STEP FIVE

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Be the go-to source

STEP SIX

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REVITALIZE YOURSELF!

Lunch Break

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Get market data

STEP SEVEN

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Some things aren’t coming back

STEP SEVEN

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Some things aren’t coming back

STEP SEVEN

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Demographics

STEP SEVEN

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Supply and demand

STEP SEVEN

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Psychographics

STEP SEVEN

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Build a list

STEP EIGHT

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Build a national list…

STEP EIGHT

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… or a distinctive list

STEP EIGHT

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Accentuate the positive

STEP NINE

The Panasonic HQ in downtown Newark hosts about 1,250 employees, who generate an average if $129/week/person in local

  • purchases. That totals over

$8.3 million in local sales for retail goods and services/year.

Source: ICSC Report “Office Worker Spending in a Digital Age” by Niemira and Connolly, 2012

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Create marketing materials

STEP TEN

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Get the word out

STEP ELEVEN

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Get your brokers involved

STEP TWELVE

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Host tours

STEP THIRTEEN

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Facilitate negotiations

STEP FOURTEEN

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Celebrate success!

STEP FIFTEEN

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Repeat!

STEP FIFTEEN

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Jersey City, NJ

CASE HISTORY

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Glassboro, NJ

CASE HISTORY

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South Orange, NJ

CASE HISTORY

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Small Business Services, NYC

CASE HISTORY

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Questions?

WRAP-UP