Laserfiche WebLink
<br />District Market Analysis <br /> <br />Table 2 calculates demand for neighborhood retail space in the Retail Market Area. The <br />following bullet points summarize the demand calculations presented in Table 2. <br /> <br />· There were approximately 31,600 households in the total Retail Market Area in 2007. <br />Added are the number of employees estimated to work in the Retail Market Area. <br />There are approximately 21,] 00 non-resident households, or employees, working in <br />the Retail Market Area. <br /> <br />· Based on the analysis of consumer expenditure data, it is estimated that consumer <br />expenditures for the types of neighborhood goods and selVices that could be <br />purchased in the Retail Market Area are $26,452 per household. <br /> <br />TABLE 2 <br />DEMAND FOR NEIGHBORHOOD RET AIL SPACE <br />ARDEN HILLS MARKET AREA <br />2005 to 2015 <br /> <br />2007 <br /> <br />2012 <br /> <br />Market Area Households <br />Market Area Employees 2 <br />(times) Annual Neighborhood Household Expenditures <br />(equals) Total Market Area Expenditures <br /> <br />(plus) Approx. % Leakage Outside the Market Area) <br />(equals) Leakage Outside of Market Area <br />(equals) Total Purchasing Power <br /> <br /> 31,358 32,191 <br />+ 21,093 22,477 <br />x $26,452 $31 660 <br /> $1,387,424,382 $1,730,800, ] 51 <br /> 200/0 20<Y< <br /> $277,484,876 $346 160 030 <br /> $1, 109,939,506 $] ,384,640,121 <br /> $234 258 <br /> 4 741 508 5 357 89 <br /> <br /> <br /> <br />J This Positive Leakage Factor is the estimated percentage of consumer expenditures spent by Market Area households consuming <br />goods and services outside of the Market Area. <br /> <br />2We estimate that avvroximatelv of 1/3 of Market Area emvlovees make vurchases in Market Area. <br />.J From DolJars and Cents of Sho in Centers. Urban Land Institute. <br />Sources: CIaritas; <br />Dolhro;;: ~nr1 rpnt, of "hopping rpntp.r,. Urban Land Institute; <br />Maxfield Research Inc. <br /> <br />· Multiplying the consumer expenditure figure by the number of households and <br />employees results in total retail sales of $1.4 billion. However, factoring in leakage <br />of retail dollars spent by Retail Market Area residents to centers outside of the Retail <br />Market Area at 80 percent, the total demand in the Retail Market Area is reduced to <br />$1.1 billion. (Leakage could potentially decline if particular types of retail were <br />added in Arden Hills.) <br /> <br />3-4 The New lake Johanna Boulevard <br />