Laserfiche WebLink
Ms. Rachel Juba, Planner July 28, 2013 <br /> City of Hugo Page 3 <br /> C. Identify locations in the Downtown that represent the best potential locations for <br /> additional retail development. <br /> D. Analyze retail market trends in the Trade Area <br /> 1. Examine demographic growth trends and characteristics of the Trade Area. <br /> 2. Examine retail expenditure data for households in the Trade Area. <br /> 3. Examine data on overall retail sales trends in the Trade Area. <br /> 4. Conduct interviews with local businesses, Downtown business associations, <br /> retail leasing brokers and building owners, and others involved with the devel- <br /> opment of retail space in the Trade Area; identify areas near to the Downtown <br /> that compete for Hugo customers for various goods and services. <br /> E. Existing Retail Market Conditions <br /> 1. Update inventory of existing retail space in Downtown Hugo (utilize assessor's <br /> data in addition to physical visual inventory);focus on retail space added to the <br /> community since the previous analysis; identify how the retail mix has changed <br /> and update vacancies. <br /> 2. Compare lease rates for new space in Hugo to those of nearby communities; <br /> discuss the ability to capture new space based on lease rates for new users in <br /> the Downtown; assess challenges for different retail sectors. <br /> 3. Inventory any planned retail development, including renovations and expan- <br /> sions in the Trade Area. Assess their impact on the potential for retail in <br /> Downtown Hugo and the community as a whole. <br /> 4. Interview retail brokers in the area regarding retail market trends, positioning <br /> of Hugo within the Trade Area, the potential for new retail in specific locations <br /> and identify areas that would compete with new retail development in Down- <br /> town Hugo for customers. <br /> 5. Analyze the capacity to attract new restaurants to the Downtown; discuss ways <br /> to overcome the challenges in attracting this type of space to the area. <br /> E. Demand Estimates and Recommendations <br /> 1. Reassess the ability to support additional retail space in Hugo through 2020. <br /> 2. Identify unmet market niches that exhibit the potential to be successful in Hu- <br /> go. <br /> 4. Analyze the conditions necessary to attract certain types of users. <br /> S. Develop a plan for attracting these users. <br /> 6. Identify existing synergies and how they may be increased. <br /> III. Office Market Analysis <br /> A. Define the Trade Area for office space; examine demographic growth trends in the <br /> Trade Area. <br /> B. Update Employment Trends and Business Growth in the Trade Area. <br /> 1. Update overall employment growth trends for the Trade Area. <br /> MAXFIELD RESEARCH INC. <br />