Table of Contents 01 Mission 02 Ben Carter 03 Broughton Street Collection 04 Market Analysis 05 Current Tenants 06 Available Properties 07 Recommendations 08 Conclusion
-01Mission
This project is about finding new opportunities for the vacant storefronts on Broughton Street in Savannah, Georgia. Since Ben Carter purchased a majority of the buildings in 2015, there has been an increase in big chain fashion retailers on the street. While these are well known brands, they have not been strategically chosen to cater to the people of Savannah and their preferences. This project will identify the gaps in the market that Ben Carter Enterprises can capitalize on in the Broughton Street Collection Project. I chose to research Broughton Street Collection because I have grown up shopping on Broughton Street and have seen stores come and go frequently. By watching this over the years, I have learned what kinds of stores people want and what will draw them in. I have also wanted to work on a project that combines my major of Fashion Marketing and Management with my minor in Service Design. By combining skills from the two I will be able to approach this project with a unique perspective.
Alexandria Lang
Broughton Street Throughout the Years
-02Ben Carter
Ben Carter The Man Behind Broughton
Ben Carter Enterprises
Ben Carter Enterprises is an Atlantabased, full service, commercial real estate firm, which specializes in retail and mixed-use projects throughout the southeast. Their team of experts focuses on two distinct areas of real estate services: acquisitions and development. Every project BCE works on from start to finish receives thoughtful consideration for the absolute best interest of the property without compromise.
Ben Carter is Founder and Chairman of Ben Carter Enterprises. He is responsible for the business strategy, new business development, site selection, retailer relationships and project partnerships. Carter also oversees the company’s performance, operations and portfolio management. Through his vision and leadership, the company and its predecessor, Ben Carter Properties, have developed nearly $4 billion – and over 5 million square feet – in retail projects since 1993. Carter has been at the helm of numerous successful projects including St. John’s Town Center in Jacksonville, Florida and The Mall of Georgia in Mill Creek.
Past Projects
St. Johns Town Center Jacksonville, FL
Tanger Outlets Pooler, GA
Mall of Georgia Buford, GA
Columbus Crossing Columbus, GA
St. Johns Phase 2 Jacksonville, FL
Conyers Crossing Conyers, GA
-03Broughton Street Collection
Broughton Street Collection The Broughton Street Collection blends Savannah’s Southern charm and easy-going elegance with the emerging trends and style driven by unique chef-driven restaurants, retailers and fashion forward thinkers.
Ben Carter Enterprises mission for the Savannah project is to create a place that inspires. In 12 months the Broughton Street Collection will be positioned within the top ten US destinations for shopping, dining, entertainment and cultural experiences. Achieving this requires a holistic view of what makes a place both memorable and inspirational. We believe that Broughton Street’s potential stretches beyond becoming a great shopping street. It will evolve into a meeting place that activates and entices all of the traditional senses; sight, hearing, touch, smell, and taste. All while evoking a higher stimulation of the mind and reaching people on new levels through experiential art, fashion, entertainment, excitement and creativity. The Broughton Street Collection is looking to transform Broughton Street to a living and thriving cultural hub.
Current Portfolio 37 properties $90 mil initial investment 700,00 available sq ft 400,000 sq ft for retail
Broughton Street Collection Proposed Plan During the initial planning stages of the Broughton Street Collection in 2015, the different blocks were split into categories that would coincide with the existing stores. The categories included: Locals, Upscale, Aspirational/Lifestyle, Main Street, Contemporary, Bohemian and Theater. This plan listed potential tenants and where they could possibly be located on the street. While this plan was a great starting point, it has not had much follow thru in the last two years. Many stores have opened in another location other than the suggested one and many of the suggested brands have not opened at all. Reviewing this plan has helped lead the research to what new stores could potentially open.
Upscale
This is the block between Montgomery and Jefferson Street. 6 buildings on this block are part of Broughton Street Collection. Some of the original tenants suggested for this upscale block were: Sephora, Vineyard Vines, Coach, Madewell, Lululemon, Kendra Scott, Lucky Brands, Arhaus, Tumi, Vince Cameo and Tory Burch. Since the original plan, Lululemon and Kendra Scott have opened. Vineyard Vines has a Spring 2017 open date. This block still has many open buildings and would be a prime location for retailers.
Aspirational/Lifestyle
This category is for the span of two blocks; Jefferson to Whitaker Street. There are 18 locations to rent on these blocks. Original tenant suggestions included: H&M, Club Monaco, MAC Cosmetics, Alex & And, Lacoste, Draper James, Michael Kors, Victorias Secret, Fossil, Bonobos, Macy’s Direct, Ralph Lauren, and Calypso St. Barth. For the most part many of these brands have followed the plan and opened a location here in Savannah. These include: H&M, Club Monaco, Mac Cosmetics, Michael Kors, and Victoria’s Secret. These two blocks are probably the best in tenants, and popularity.
Main Street
Main Street is the middle of Broughton. This is the block between Whitaker and Bull Street. This block has no vacancies and Broughton Street Collection only has one property.
Contemporary
From Bull to Drayton Street, theres is room for 7 tenants in the Broughton Street Collection. Originally suggestions included West Elm, Sperry Topsider, Impeccable Pig, Apple, Armani Exchange, Vans and Palmetto Moon. West Elm opened a location in Savannah elsewhere. Sperry and Impeccable Pig have both opened locations on Broughton St.
Bohemian
The Bohemian category goes from Drayton to Abercorn St. This is one of the blocks on Broughton St that needs the most help, but BCE was only able to obtain 4 of the buildings. The key for this block was to put in top restaurants. So far only one of the suggestions has opened, Blends Coffee. Hopefully more of these buildings can be obtained to start revitalizing this block.
Theater
This is the last block of Broughton St. The Savannah College of Art and Design owns most of this block. It is home to their library, a gallery, and theater. Broughton Street Collection owns one building on this block and it current holds The Melting Pot.
-04Market Analysis
Marketplace
Why Savannah
Savannah is the largest National Historic Landmark District in the United States.
Higher Education
Spending Tourism spending is $2.3 billion. $613M on Food & Beverage. $419M on Retail
18 colleges and universities; more than 9,000 SCAD students in downtown Savannah
Tourism 13 million tourists in 2015. 7.3 million overnight visitors with an average stay of 2.4 days
Activities
Growth
41% shopping- 20% more than National average. 29% fine dining- 32% more than National average
Within a 50 mile radius 10 year predicted growth of 18.6% ahead of national avg of 9.7%.
It’s historic architecture, cobblestone streets, manicured gardens and live oak-shaded squares decorated by fountains and sculpture make it one of the most beautiful cities in the world. In addition, it is a very walkable city, thanks to the urban plan laid by General Oglethorpe in 1733. Many Savannah urbanites claim the City’s lush squares as their front yards. Not only is it walkable, you can take your cocktails to go as you stroll through this neighborhood and visit the shops, cafes, art galleries and museums. Downtown Savannah is alive with residents, tourists, business people, students and is never short on activities.
Target Markets
King Street - Charleston, SC Indirect Competition Tourists -Usually Families or Big Groups of Friends -Stay around 3 days in historic district -Reason for visiting is usually a celebration or a family getaway -Enjoyed activities range from dining in nice restaurants to shopping and drinking on Broughton Street. -Savannah is typically chosen because it is listed as one of the top 10 getaways for girls weekend and for family vacations.
Locals -Consists of SCAD students and true Savannah locals living in downtown. -Typically try to stay away from places like River Street that are a “tourist trap� -Enjoys having new and unique experiences -Would like for less big name chain stores to open on Broughton and more specialty.
Although King Street is located in Charleston, South Carolina it is still competition for Broughton Street. Charleston and Savannah are constantly compared to each other due to their many similarities. One thing that constantly sets Charleston apart is their shopping scene, which is mainly located on King Street. On this street they have a variety of stores, from boutiques to luxury brands. They also have a wide variety of restaurants. They hold many events on this street, including Second Sunday, which is shown in the photo. Depending on their interests, tourists deciding between Savannah and Charleston may choose Charleston because of the shopping and restaurants. It was also named one of the 10 best shopping streets in the US.
-05Current Tenants
Current Broughton Street Tenants Shopping
Midge 402 W. Broughton St.
Zia 325 W. Broughton Street
Clockwork 321 W. Broughton Street
Kate Spade 319 W. Broughton Street
Fabrik 318 W. Broughton Street
Spartina 317 W. Broughton Street
Kendra Scott* 311 W. Broughton Street
Lululemon* 309 W. Broughton Street
Vineyard Vines* 301 W. Broughton St
* Indicates Broughton Street Collection Tenant
H & M* 240 W. Broughton St.
The Walking Company 229 W. Broughton Street
The Impeccable Pig* 226 W. Broughton Street
Lilly Pulitzer* 223 W. Broughton Street
Free People 217 W. Broughton Street
Krewe 216 W. Broughton Street
Goorin Brothers* 228 W. Broughton Street
Urban Outfitters 221 W. Broughton Street
Club Monaco* 212 W. Broughton St.
Modern 205 W. Broughton Street
Nourish 202 W. Broughton Street
J. Crew* 201 W. Broughton St.
Tommy Bahama* 108 W. Broughton Street
Go Fish 106 W. Broughton Street
Gap 122 W. Broughton Street
Banana Republic 121 W. Broughton Street
Michael Kors* 115 W. Broughton Street
Paris Market 36 W. Broughton Street
Josephs Clothiers 28 W. Broughton Street
Mac Cosmetics* 113 W. Broughton Street
Blue Mercury* 110 W. Broughton St.
Victorias Secret* 109 W. Broughton Street
On Time Fashions 26 W. Broughton Street
Sassy Nails* 23 W. Broughton Street
L’Occitane* 101 W. Broughton St.
Gina’s Beauty* 25 W. Broughton Street
Copper Penny 22 W. Broughton Street
J Parker* 20 W. Broughton St.
Accessorize It 2 W. Broughton Street
Civvies 14 E. Broughton Street
New York Boutique 19 W. Broughton St.
Ann Taylor Loft 15 W. Broughton Street
Levy Jewelers 2 E. Broughton Street
Sperry* 3 E. Broughton Street
Half Moon Outfitters 15 E. Broughton St.
Globe Shoe Company 17 E. Broughton Street
24 E. 24 E. Broughton St.
Dens 128 E. Broughton St.
Current Broughton Street Tenants Food
Spudnik 413 W. Broughton St.
Smoothie King* 103 W. Broughton Street
Ruan Thai 17 W. Broughton Street
McDonalds 246 W. Broughton St.
LaBerry 225 W. Broughton Street
The Coffee Fox 102 W. Broughton Street
World of Beer 112 W. Broughton Street
Flying Monk 5 W. Broughton Street
Chive 4 W. Broughton St.
Panera 1 W. Broughton St.
Kayak Kafe 1 E. Broughton Street
Jalapeños 7 E. Broughton Street
B&D Burgers 13 E. Broughton St.
Savannah Tap House* 125 E. Broughton Street
Blends Coffee 102 E. Broughton Street
The District Cafe 202 E. Broughton Street
Leopolds Ice Cream 212 E. Broughton Street
The Melting Pot 232 E. Broughton St.
-06Properties Available
Available Broughton Street Collection Properties
“This was an incredible opportunity to restore buildings, to restore a vibrant street and really do something that brings the center back to the community.� -Ben Carter
-07Recommendations
300 W. Broughton Street
Street & Basement Units Available Basement: 5,420 sqft First Floor: 5,420 sqft First floor can be divided for multiple tenants.
Polo Ralph Lauren
Madewell
Since 1967, Ralph Lauren has defined the essence of American style. Striking a balance between “timeless” and “modern,” Ralph Lauren creates collections that express a unique sense of personal style inspired by the rich visual imagery around him: the rustic beauty of the American West, the golden age of Hollywood glamour, the sleek innovation of automotive design or an authentic equestrian heritage. Over forty years ago, Ralph Lauren launched the Polo brand from one innovative tie design; since then, he has officially been recognized as a true Fashion Legend. From internationally heralded collections that grace the runway to impeccably crafted sportswear at the forefront of fashion, Ralph Lauren apparel and accessories offer the gift of iconic, enduring style. Opening a Ralph Lauren store of the original Broughton Street would be very successful here in Georgia. There is a need for a finer store and Ralph Lauren could fill
was part plan, and Savannah, menswear this need.
Madewell is focused on all things denim and that you would wear with denim. This includes jackets, jeans , leather jackets, boots, the list goes on and on. Some words that are used to describe the brand are Artful, cool, sexy, tomboy, unexpected, effortless. Madewell is a cool and unique brand that appeals to a variety of people. They would be very successful in Savannah because there is really no place for women to buy jeans besides at the Gap. The quality and easy accessible price point of Madewell’s jeans and clothes make them a perfect fit for the Savannah Market.
220 W. Broughton Street
First Floor & Mezzanine First Floor: 2,782 sqft Mezzanine: 1, 879 sqft Already designed and laid out to be a restaurant.
Magnolia’s Restaurant In 1990, Magnolias ignited a culinary renaissance when it opened in Charleston, S.C. paving the way for countless other restaurants across the South. Today, led by chefs Don Drake, Kelly Franz and team, Magnolias remains a forerunner in upscale Southern cuisine, blending traditional ingredients and cooking techniques with modern flair for artful presentations. The soul of the South meets the spark of innovation in dishes such as the Down South Egg Roll stuffed with collard greens, chicken, and Tasso ham, served with red pepper purée, spicy mustard sauce, and peach chutney and Shellfish over Grits with sautéed shrimp, sea scallops, lobster, creamy white grits, lobster butter sauce and fried spinach. Ben Carter has mentioned many times that he wants a well known chef and restaurant to open in Savannah. Magnolias would be a great fit because it is the kind of restaurant that appeals to everyone. It also uses a lot of Southern dishes which is what tourists look for when they come to visit.
216/218 W. Broughton Street
Second Floor Unit Space for 4 tenants 5,587 SqFt combined
Define: Body & Mind Define was founded in 2009 by Henry Richardson, with the intent of offering effective, efficient, fun and balanced classes that allow clients to access their own definition of ‘success’. This studio offers classes in barre, cycling, yoga, and fitness. These are unique classes such as Bounce, that uses mini trampolines, and aerial yoga. Savannah currently has nothing like this. In downtown Savannah there is only Dancing Dog Yoga and Fitness on Broughton. This studio will offer a variety of options so you never get tired of going. It will be successful in Savannah because the town is full of experiencers. They want to be able to have the same experiences as you would get in a bigger city such as Atlanta. Define would be located on the second floor of 216 W. Broughton Street. This floor is currently split to hold multiple tenants. By eliminating a few walls those could easily be turned into workout rooms for each of the different classes.
201 W. Broughton Street
Basement Unit 4,889 SqFt
Warby Parker Warby Parker was founded with a rebellious spirit and a lofty objective: to offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses. They are mainly known for their model of letting the customer test out 5 different pairs at home for free. The glasses they offer start at US $95, including prescription lenses, and progressives start at US $295. Warby Parker hopes to open at least 25 more brick and mortar retail stores in 2017, and Savannah, GA would be an opportune place. The closest store is in Atlanta. A potential location for Warby Parker would be 201 W. Broughton Street. This is a basement unit but it is located on one of the best blocks. The vibe of their stores is usually set up to look similar to a library. They could use the basement unit to play to their advantage with this. The demographic of downtown Savannah goes hand in hand with Warby Parkers customer making it a perfect fit!
109 W. Broughton Street
Basement Unit 3,954 sqft Unit is currently set up for a bar/club tenant.
The Tap The Tap opened its first location in Ponce Market in Atlanta Georgia. As the name suggests everything is on tap. They strive to bring convenience, quality, and great beer and wine to their locations. Unlike your typical growler, they carry a variety of beverages including; hard cider, sparking wine, root beer, and other non-alcoholic options. The unique part of this experience is after you choose which tap you want they can it for you right there. It is called a crowler and they can can or bottle anything on the tap you would like, including wine. This allows you to save it for later, or travel with it home. This would be very successful in Savannah because of the Open Container law. Patrons could go and experience the tap and then grab a drink to go and explore other Broughton Street shops. The location would be 109 W. Broughton St. This is a basement unit that is already set up for a bar. Because of this there would be minimal changes to the floor plan.
118 E. Broughton Street
Street Level Unit 6,982 SqFt
Candlefish Candlefish first opened in Charleston, SC by the candle makers of the famous Rewined Candles. They offer a fragrance library of over 10 different fragrances, BYOB Candle Making Workshops, and a curated selection of unique candles, gifts and accessories. Their growing popularity in the Charleston market led them to open a store in Ponce Market in Atlanta, Georgia. Savannah would make a great next location because it is in the middle and attracts similar people. Candlefish would be a great asset to Broughton Street because there is no candle shop like this in Savannah, at least not downtown. They also offer Candle Making Workshops. Being home to an art school, tourists and Savannahians expect to find a creative and unique experience. Candlefish would be able to offer this and fill the need. A potential location would be 118 E. Broughton Street. The glass storefront will provide a bright and airy atmosphere inside, and the mezzanine can be used for workshops.
-08Conclusion After primary and secondary research, I feel my suggestions would help increase the value of Broughton Street. It would increase traffic on certain blocks and attract visitors to the unique stores. With the right tenants, Broughton Street Collection could fill all open units and potentially buy more property.