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2023-05-10 CC Packet
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2023-05-10 CC Packet
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6/6/2023 3:10:37 PM
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5/5/2023 3:38:24 PM
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LOC,1 Market Analysis for Downtown Redevelopment <br />CONSULTING City of Centerville Economic Development Authority <br />April 3, 2023 <br />A 9 Retail Space Demand in the PMA, 2022-2027 <br />Increase in Consumer Demand in 2022 Dollars, 2022 to 2027 $29,769,226 <br />Percent of Consumer Demand Spent at Brick and Mortar Retail 85% <br />Demand from Brick -and -Mortar Retail in PMA $25,304,000 <br />Minus Percentage Sales Leakage Outside of the PMA 25% <br />Equals Consumer Demand for Retail Sales in PMA $19,000,000 <br />Divided by Average Sales per Square Foot $300 - $400 <br />Equals Demand for New Retail Space in PMA 48,000 - 63,000 <br />Minus Existing Vacant Retail Space at 5% vacancy <br />0 <br />Minus Estimated New Retail Space Under Construction <br />25,000 <br />Equals Demand for New Retail Space <br />23,000 - 38,000 <br />Estimated Percentage Capturable by Downtown Centerville <br />10% - 15% <br />Equals Demand for New Retail Space in Downtown Centerville <br />2,300 - 5,700 <br />Source: ESRI; LOCI Consulting LLC <br />Page 99 <br />
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