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BRIDGE Series: Essentials for Vibrant Business District

Using data to make informed decisions
by

Chris Ortwein

on 2 June 2016

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Transcript of BRIDGE Series: Essentials for Vibrant Business District

7. Analyze Business Opportunities
Complement existing businesses (1)
Serve target customer group (3)
Complement existing business clusters (6)
Identified in customer survey (1)
Fill gap identified in leakage analysis (4)
Fit with market position statement (5)
8. Decide Where a Business Should Locate
Property Inventory
Physical Assessment
Traffic Generators
Business Clustering
Establishing Leasing Priorities
10. Implement Business Retention & Recruitment Strategies
Geographic Area of customers
Learning Objective
How to use market data
to make
informed

decisions
on
what retail businesses and consumer markets your district can
feasibly
attract.
Other Data
Customer Surveys
Reports (Consultant)

3. Define Customers
Demographics
Number of people, age, income, education, home value
Lifestyle Segmentation
Insights into consumer behavior, shopping patterns & media preferences
Retain existing businesses
Help existing businesses expand
Develop List of Prospects
Qualify Prospects
Have Prospect visit District

Learning Objective
Understand how a data driven promotional campaign can
test a market
hypothesis

create marketplace
awareness
cultivate more
foot traffic

attract
new retail businesses
4. Calculate Potential Retail Sales
Retail Potential is calculated by comparing
Amount of
retail sales
in stores
Amount of goods the consumer in the trade area are
buying
Difference between these two figures is
leakage
or
gap
Formula
Average HH Expenditures X Total HH
=

Total Sales
Potential

Total Retail Sales - Total Sales Potential
=

Leakage
/
Surplus
6. Determine Best Business Mix
Traditional Retail/Restaurant
Office: Professional | Financial
Entertainment
Services
Government
Define Opportunities for Target Customer Groups
Retail Composition
- Food
- Stores
- Beauty
- Services
- Bars & Clubs
- Other | Arts
Retail Snapshot
Perceptions
Goals
On9
Results
Create a Vibrant Place
Market Data
Event
2. Delineate Trade Area
1. Undertand Your Business District
Essentials for Transforming a Business District into a Vibrant Place
Property Inventory
Traffic Generators
Chapel Historic District – Upscale fashion retailers with sales per sq. ft. in the upper $300’s
Yale University Art Gallery – 135,449 annual visitors
Yale Center for British Art – 87,000 annual visitors
Yale University – 11,900 student population
Gateway Community College – Recently built campus for 11,000 students, faculty & staff
New Haven Green – 16-acre privately owned park, in the heart of the downtown and the city
Shubert Theater – 101,000 annual patrons
Criterion Cinema’s nine-screen multiplex within downtown dining and nightlife quarter.
Elm City Market - 11,000 sf co-op market
Business Clustering
Group similar businesses serving a target market
Jewelry Stores
Antique Stores


Complementary Business Clusters
Establishing Leasing Priorities
Vacant Properties
Most Marketable
Inappropriate Uses
Properties to Condemn
Business offering different products or services that appeal to the same customer profile niche
GOALS

Create awareness | Cultivate new foot traffic | Attract new retail (showcase district)

MECHANICS
Monthly theme to showcase the various segments of art, food, innovation, here
Focus on a different aspect of the neighborhood
Provide a creative outlet for participation
One word theme was added to On9
Artistic & Graphic Design community was invited to interpret themes
Given creative license to express theme in any style that reflected their personal vision
The result was posters, postcards and graphics to accompany online marketing.

Physical Assessment
New Haven's Historic 9th Square is famous for art, food, music,
and

innovation.

Data Needed
Business Inventory
Property Inventory
Business Owner Survey

Demographics
Sales Potential
Where customers live
Accurately describe market
9. Develop Business Recruitment Packet
www.towngreendistrict.com
/
retailsqft
5. Market Position Statement
Emphasize how district
distinguishes
itself from competing shopping areas
Describe type of
product mix
Indicate
target
customer
market
Greater number of market conditions a business meets
=
stronger likelihood of success
Does this Business...
Developing Downtown
B
usiness Opportunities
Mapping
Find or develop a downtown base map. Include..
• building footprints
• parking lots, parking structures, on-street spaces
• location of map or buildings and institutions
• street patterns and highway's
• key physical features such as parks and rivers

Use markers to plot on the map the elements in the business district that have an impact, good and bad, on customers' perceptions of the area. Use different colors for different features. Use the list below to help get started.
• No on-street parking
• Short and long term parking
• Highway entrances
• Bus stop
• Areas of heavy automobile/truck/rail traffic
• Pedestrian unfriendly areas
• Areas of heavy pedestrian traffic
• Deteriorated sidewalk/no sidewalk
• Deteriorated buildings
• Historic landmarks/historic district/local historic site
• Unique architecture and/or especially attractive buildings
• Good view
• Sculpture, fountains, and murals
• Blank walls/boarded up widows
• Vacant buildings | storefronts, vacant lots, dead zones
• Entertainment/cultural facilities
• Parks, plazas or other places where people gather
• Waterways
• Run down, dirty areas
• Areas with good/bad reputations
• Other?

Identify the blocks that are the best and worst retail locations based on the physical environment.
Develop a prioritized list of physical improvements needed to make downtown a better place for business and share these ideas with elected officials.

111
Retail Spaces
16%
vacancy rate

Retail Composition
Food 34%
Stores 25%
Beauty 12%
Services 10%
Bars & Clubs 5%
Other 17%
Consumer Market
Creative Class - most promise for growth and opportunity
Identified strongly with consultant studies
Hipsters also identified in MJB report
565 new residential apartment units drawing young professionals
Demographics
RETAIL SNAPSHOT 9TH SQUARE
RESHAPE PERCEPTIONS
Reshaping the district’s negative perception into a viable marketplace through brand development
Identified assets to shape new identity
Geographical location |Where event took place
Clustered creative class businesses

On9 is a collaborative open-house evening the first Friday of every month in a neighborhood famous for innovative art, food, music, and experiences in New Haven's Historic 9th Square District.
Design an event to Test Market Hypothesis

Would new consumer group participate?
Would they would support businesses?
Visitors/tourists
Downtown Workers
Downtown Residents
Students
Other Target Markets
Welcome New Business

?
24 Up-and-Comers
Upper Mid Younger w/o Kids
Demographics Traits
Urbanicity: Second City
Income: Upper Mid
Income Producing Assets: Moderate
Age Ranges: 25-44
Presence of Kids: HH w/o Kids
Homeownership: Mix, Renters
Employment Levels: Professional
Education Levels: College Graduate
Ethnic Diversity: White, Asian, Mix

Lifestyle & Media Traits
Order from priceline.com
Travel to South America
Read Cigar Aficionado
Watch South Park
Nissan Altima Hybrid

Chris Ortwein, Director, Retail Sq. Ft.
Town Green Special Services District

chris@downtownnewhaven.com
www.towngreendistrict.com/retailsqft

900 Chapel Street, Suite 703
New Haven, CT 06510
203.401.4245 x 205
Spin Off Events
99 Days of Summer On9 Memorial Day - Labor Day

3 Restaurant Events (weekly, a week long and a special event)

Transformation of Pitkin Plaza into New Haven’s World Cup Village to broadcast FIFA soccer matches
Obtain solid information that will help you
sell
your business district

Identify business opportunities to
promote
to prospective businesses
Learning Objective
Engage
the commuity and develop
partnerships
to achieve event objectives
Identify physical assets to complement event

Develop community partnerships and c
ollaborations to augment event programing
34 Events Since June 2012
Full transcript