Lexington Avenue Commercial District Report Nur Atiqa Binte Asri
Pratt Institute City and Regional Planning Prepared for PLAN 713C-01 Downtown Economic Development November 2015
introduction 3 physical analysis 8 SWOT 12 market snapshot 14 retailer assessment 18 district action plan 22 appendix 24
content
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introduction
the district The primary trade area of Lexington Avenue shopping
0.82 square miles with a total of 5,259 businesses. The custom primary trade
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district measures about
area was determined by various physical environmental barriers as well as existing organizational systems. The Eastern and Western boundaries were determined by physical environmental barriers – in the East, the East River and in the West, Central Park. Meanwhile, the Northern and Southern boundaries were determined by existing business improvement districts with the East 86th Street Association to the North and the East Midtown Partnership operating South of 59th street.
the history
Unlike Second and Third Avenues, Lexington Avenue never hosted an elevated subway line. These elevated subway lines built in 1878 and 1880 replaced the original streetcars. The stronger transportation connections to employment centers downtown and stops on 69th, 77th and 86th streets eventually became a key reason for the clustering of residential and retail uses in the Upper East Side. When the elevated subway lines were torn down in the 1960s, Second and Third Avenues became popular spots for high-rise development, leaving Lexington Avenue with its untouched stock of brownstones and smaller apartment buildings with ground floor commercial spaces (www.nycsubway.org, 2015). The construction of slightly taller apartment buildings (7-8 storeys) was only a result of rising land values in New York City in the late 1970s and early 1980s.
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The business district of Lexington Avenue in the Upper East Side, north of 70th street, remains a local neighborhood shopping street for the affluent and older residents of adjacent streets and avenues like Fifth and Park. The wealthy residents are a remaining breed of previously wealthy German immigrant population that moved to the Upper East Side in the late 1800s (Lexingtonexhibit.org, 2015). Today the avenue is largely commercial at ground level, with residential above, a result of total street transformations after the opening of the 1911 subway along Lexington Avenue. This is unlike the Southern half of Lexington Avenue, whereby upper floors mostly consist of offices (Wikipedia, 2015). Unfortunately, the district is not currently designated as a Business Improvement District, although it is in close proximity to Madison Avenue Business Improvement District to the west and East Midtown Partnership to the south.
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Many of the beautiful historic landmarks and rows of townhouses were built on Lexington in the late 1860s by speculative developers who at the time were uncertain about the state of developing residences next to Central Park (Lexingtonexhibit.org, 2015). These buildings, however, have been well preserved as a result of the lack of development in the real estate investment period of the late 1960s and early 1970s. These townhouses and more human-scale size of buildings maintain the old world character of the district, keeping the sidewalk experience active and interesting for shoppers. In addition, old barbershops and hardware stores that have become landmarks in their own rights maintain storefront aesthetics of earlier periods, creating a diverse street character. The existing businesses operating between 70th and 83rd street are primarily high-end restaurants and independent, boutique stores selling clothing, jewelry, and shoes. These fashionable shops, along with prestigious schools, churches, synagogues and social clubs, began appearing in the area as a response to the incoming affluent residents of the Upper East Side in the early 1900s (Uppereast.com, 2015). Although most of the district’s shops are less well known outside the area, they offer unique products that cater to the more exquisite taste and preference of the local clientele (Dguides. com, 2015). In fact, many of these boutique stores offer customized products like designer shoes, suits, and dresses. Stores selling basic necessities such as fresh foods and groceries and pharmaceutical products complement these luxury goods stores. Other prominent services found in the district include hairdressing, massage parlors, fitness facilities, and banks. Collectively, the eclectic mix of businesses serve a wide range of shoppers—professionals, families, both young and old. The Upper East Side, and more specifically Census
Tracts 128 and 140 where the business district is located, consists of residents who are mostly white non-hispanic, with a median household income of $148,000, according to the U.S. Census Bureau American Community Survey 2010 (in 2013 inflation-adjusted dollars). These residents who make up the primary patrons of the business district are a mix of both young and old populations who have chosen to live in the neighborhood for a variety of reasons, including close proximity to the well-maintained city amenity, Central Park, and Hunter College.
median household income: $148, 000 (ACS, 2010)
The increasing numbers of younger residents in the area is a by-product of relatively affordable housing rents in the area (Kaufman, 2014). Studio apartments average about $2,000 to $2,225 a month. Retailers are responding to this change in clientele and as a result, larger and more popular chain stores are beginning to open up in the business district to cater to the needs and desires of the younger population. Many of these chain stores are located in large spaces of newer apartment buildings and these new spaces are much better maintained than the old boutique stores located on ground floors of old brownstones. Among such stores include big cosmetic names like Space. NK and Benefit, as well as trendy fitness studios offering a mix of cycling, pilates, and crossfit classes.
average studio apartment monthly rent: $2,000 - $2,225 (Kaufman, 2014)
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Unfortunately, these retail chains seem to be destroying the competitiveness of smaller, boutique stores. The only surviving older, independent boutiques that remain open in the district are those that sell incredibly expensive products and have a long reputation amongst the older and affluent residents of the Upper East Side (Berger, 2009). These niche shoe, jewelry, and clothing stores occasionally attract customers from other parts of the city who travel to the area with the sole intent of purchasing items and/or getting services from them. Customer loyalty is a key reason for the survival of these stores. Aside from the district’s unique products, it also offers a quieter and less congested shopping environment for locals. Unlike many other shopping districts in Manhattan, Lexington Avenue has a less touristy atmosphere. The wide sidewalks that are litter-free and well-maintained by the DOE Fund drastically change the shopping experience for many and provides locals a good alternative from the more congested shopping districts to the north (86th street) and south (59th street). Current sidewalk improvements being made between 73rd and 77th street may further enhance the district’s visitation rates.
“
Unlike many other shopping districts in Manhattan, Lexington avenue has a less touristy atmosphere
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(edited text)
Old barbershops and hardware stores that have become landmarks in their own rights maintain storefront aesthetics of earlier periods, creating a diverse street character.
site survey + physical analysis
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Lexington Avenue (70th - 83rd Street) Assignment 1: 1:Site Site Visit Visit Assignment Nur Atiqa Binte Asri Nur Atiqa Binte Asri
Diverse Business Business Types Business Types
Storefronts
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Sidewalk Conditions Generally well-maintained Sidewalk Conditions
sidewalk condition
Transportation + Utility Good transportation Transportation + Utility connections
and utility infrastructure
overall physical condition The physical condition of Lexington Avenue is generally well maintained and welcoming to customers. Although it scores high overall in the public realm (refer to APPENDIX), it lacks amenities such as artwork, murals and banners, and is also completely devoid of open space. Therefore, as a commercial district, Lexington Avenue could do better
in placemaking and creating a stronger creative presence in its public realm. The private realm of the district scores comparatively lower because of ongoing work on storefronts and scaffolding that interrupts the pedestrian experience of store frontage. Finally, although many public transit stops are available on Lexington Avenue, they are poorly maintained and uninviting to visitors.
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public realm The sidewalk and street conditions of Lexington Avenue are of good standard, particularly in the southern half of the district – although the intersection at 72nd street is currently undergoing large roadworks that interrupt sidewalks and pedestrian crossings. When this work is complete, Lexington Avenue will be in better condition for pedestrians. Since many of the developments along Lexington Avenue are relatively new, sidewalks are also new, free of cracks and clean. Litter on sidewalk was almost non- existent and street plantings were common, providing shade to pedestrians in the commercial district. Plantings are young and also appear to be well kempt, however, the parties responsible for its maintenance is unclear. The litter-free environment, however, is attributable to The Doe Fund. Store awnings are also common in the district, providing shade to pedestrians on hot and rainy days. Some stores, particularly bakeries and cafés, provide sidewalk seating that is often occupied by visitors of all ages. In general, the commercial district’s streets appear safe and welcoming. However, St Jean Baptist Church on 76th street is often frequented by the homeless and can appear less inviting to shoppers in the area who do not want to be harassed by beggars. Compared to other commercial districts in New York City, Lexington Avenue is underserved by public amenities such as parks, gardens, and plazas. The commercial district does not offer public open spaces for visitors to rest in that do not require patronage of adjacent cafés or stores. This is, however, offset by the close proximity of the district to Central Park (located three blocks east).
private realm
Most cyclists on the street are observed to be commuting cyclists and delivery cyclists who enjoy the conditions of the low traffic street. Although vehicular traffic is not heavy in the district, it is heavily parked on both sides of the street. This may be caused by high numbers of wealthy visitors and residents arriving by private cars.
critique of methodology:
access
The main subway stops serving the district are located on 68th street and 77th street – both offering the 6 train. Several buses also run down Lexington Avenue from uptown and bicyclists frequently use the street to get downtown despite the lack of designated bike lanes.
The above qualitative analysis of the physical conditions of Lexington Avenue were guided by the Commercial District Needs Assessment Matrix developed by LISC MetroEdge. Although useful, it appears to be extremely subjective, based completely on the assessors’ biases and priorities. For example, what constitutes amenity to one assessor may not be so for another. Also, a single instance of poor crosswalk conditions may skew the overall grade for street conditions, providing an inaccurate image of the overall street condition of the district. Regardless, it is important to make observations of the physical conditions of the commercial district that can heavily affect visitorship.
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Many of the storefronts in the district are neat and well decorated. The pedestrian experience is exciting as there is a mix of old and modern store frontages – the old being those decorated by bright neon signs and vintage- looking signs, and the modern stores being those with minimal signs and bright, open windows. Although most ground floor commercial stores were housed in relatively new developments, there were a few in older buildings. In such cases, building façades were less attractive and required some repair. Scaffolding has been put up, indicating the possibility of construction work to repair the older building stock.
Administrative Management Capacity
Elected Officials
Physical Environment
Public Rea
Business Environment
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s-w-o-t analysis
Existing Organizati
Private Rea
Access
Store Dens
Tenant Mix
Anchors + Destinatio
Lexington Avenue (70t
ions
x
ons
opportunities Opportunities
Surrounded by Madison BID and East Midtown Partnership - potential for shared ombudsman services
DOE Fund presence in the Upper East Side, currently providing sanitation services Strong presence of community- based organizations working on overall infrastructure and social conditions of the district. E.g. Friends of the Upper East Side,
threats Threats No established Business Improvement District to maintain streets and businesses Friends of the UES had once been opposed to the entry of Apple in the district. Local community may be a strong force against future economic development initiatives
Community Board 8 is highly supportive of economic development and could be a strong political driving force for the district Well- maintained sidewalks around newer apartment buildings Litter-free streets, well-equipped with recycling bins Sidewalk cafes promote active street life
alm
sity
weaknesses Weaknesses
Short blocks offer abundant crossing opportunities for pedestrians Well- paved sidewalks used by older neighboring residents and young women with strollers Good public transportation linkages: bus services running from uptown (M98, M101, M102, M103) and 6 train
Scaffolding dominates streetscape in various parts of the district, enclosing sidewalks Lack of open space and parks in the district to offer resting areas for shoppers Stores in older buildings have rusty and uncleaned windows and shutters Second storey retail spaces do not have prominent entrances. Stairs to access these spaces are often hidden and tucked away from main thoroughfare Despite close proximity to Central Park, the district is blocked by the wide roads of Park Ave, minimizing pedestrian traffic from west No clearly demarcated bike lanes for nearby customers
Several vacant retail spaces for lease between 71st and 73rd interrupts business environment Large residential superblocks with no ground All retail types represented throughout floor retail space break store density along the district from delis to jewelry stores the avenue D’Agostino and Butterfield Market are Heavier concetration of sit- down, outdoor supermarket anchors of divergent price restaurants, cafes and bars in lower half of ranges, appealing to mix of incomes district (70th- 75th st) resulting in less Social institutions such as sports and fitness street life in other areas clubs, and churches attract visitors of wide age range Widely known eateries patroned by celebrities such as Neil’s Coffee, Orsay, Eats Restaurant and Bar, and Arlington Club
th - 83rd Street)
Northern half of district has fewer destination businesses
Some street plantings observed infront of newer stores - potential for expansion to older parts of the district
Homeless presence around St Jean Baptiste Church lowers perceived safety of district
Shaded pedestrian environment offers stores the opportunity to extend business outdoors Old-school, neon store signages and interior finishes are highly unique to the district and could be better marketed and highlighted
Bike racks are well-utilized in the district suggesting opportunity to expand bike infrastructure for more users
Some stores appear exclusive with curtained windows - disniviting for unfamiliar visitors to the district
Car parking spaces dominate both sides of the avenue, encouraging shoppers to arrive by private vehicle - lowering pedestrian traffic Heavy traffic flow heading downtown makes for unsafe crossing environment
Several vacant retail spaces for lease between 71st and 73rd presents opportunity for new tenants
Price points of stores are relatively higher than city average making the area less affordable CUNY students create additional demand along the corridor for convenience goods and services (salons, groceries, delis) LIJJ Lenox Hill Hospital at the 77st subway pulls visitors from other parts of the city
Fitness studio and organic juice and salad stores starting to permeate newer retail spaces, changing character of the business district Duane Reade and other chain stores threaten smaller pharmacies like Eisler Chemists CUNY attracts younger student shoppers to the district who cannot afford expensive boutique goods of older,independent stores
edited version
Downtown Economic Development Assignment 4 - SWOT Analysis Nur Atiqa Binte Asri
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alm
strengths
Strengths
market snapshot
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demographic and income profile of market
market tapestry
The total population of the shopping district currently stands
user type. These health-conscious consumers, who exercise regularly and pay attention to the nutritional value of foods purchased, are also environmentally conscientious and image-conscious. Both of these traits strongly affect their purchasing patterns, as they are known to favor organic foods and groceries from higher- end markets like Whole Foods or Wegmans.
67.4% of the market is made up of
at 108,201 (Census, 2010) . This number is forecasted to increase steadily in the next 5 years with a steady increase in family size despite a decline in number of households. As it stands, the 1-person household population still makes up the majority of households with a share of 53.2%.
The population in the shopping district is also
highly
educated
with about 41.5% of the total population aged over 25 holding graduate/ professional degrees. They are also mostly employed in the Financial, Insurance and Real Estate (FIRE) industry and services industry. This indicates a strong white-collar population with a high median household income of $114,483 forecasted for 2015, which is expected to rise to $137,543 in 2020. This is relatively higher than the NYC median household income of $50,711 (according to 2010-2012 estimates from the U.S. Census Bureau). Therefore, the wealthy, highly educated White population of the shopping district makes up the primary customer profile of the area. Other non- residential customer groups include those visiting the Lenox Hill Hospital on 77th street, and even tourists visiting the numerous cultural institutions along Central Park Eat including the Neue Gallerie, the Metropolitan Museum of Art, the Gagosian Gallery, and the Asia Society. This non-residential customer group may increase market demand for cultural and luxurious goods that match their taste in art.
lattes’
This market user is also technologically savvy and prioritizes physical fitness by exercising at clubs or other facilities on a regular basis. This would suggest a high likelihood for customers to frequent electronic goods stores, sporting goods stores, and boutique fitness facilities that offer yoga and pilates classes. This market user also enjoys ‘spending money on nice clothes, dining out, travel, treatments at day spas, and lattes at Starbucks (ESRI,2015) and participates in leisure activities like painting, reading books on their iPads, watching movies rented from Netflix, hiking, backpacking, as well as going to bars/clubs, movies, art galleries, museums, the theater, opera, and rock concerts. Just as crucial as the ‘Laptops and lattes’ users, is the 15.3% of the market that are defined as the ‘Top tier’ market user type. These highly educated users are attentive to good nutrition and fresh organic foods, and regularly cooks at home. Their schedules are packed with lunch dates, book club meetings, charity dinners, classical music concerts, opera shows, and visits to local art galleries. Overall, the market suggests expensive taste in goods and expenditure. Most importantly is the greatest share of expenditure on food at home (i.e. groceries), women’s apparel and entertainment and recreation (tv/video/audio). This would mean expenditure on things like the latest electronic goods.
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The population is predominantly white – 87.9% of the population in 2010 – with a steady increase in Asian and Hispanic-origin populations to be expected in the area. Currently, the Asian population is second largest racial/ethnic group at 8% of the total population.
‘Laptops and
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square footage leakage analysis The following analysis assumes a capture rate of 15% for all categories of businesses and is wholly based on the ICSC Shopping Center Benchmarking Report for the New York Metro Area Malls’ sales per square foot figures. This resulted in some mismatch between NAICS business categories and retail categories as defined by ICSC. Some assumptions were therefore made in order to determine sales per square foot figures for certain categories, leading to potentially inaccurate estimates of potential square footage. For example, general merchandise stores were defined by ‘total GAFO-type’ (General Merchandise, Apparel and Accessories, Furniture and Other) retail, which may include more than that sold in a ‘General Merchandise Store’. Sporting goods/ hobby/ musical instrument stores on the other hand was defined as ‘Sporting goods/ Bicycles’, which necessarily excludes sales of goods like musical instruments. Table 1 shows the mismatch between the categories as defined by NAICS and ICSC. In performing the leakage analysis, several categories were intentionally left out of calculations despite high unmet demand. This included ‘Motor vehicle and parts
dealers’, ‘Gas stations’, and ‘Non-store retailers’. The exclusion of these categories was based on the presumed irrelevance of these business categories in a low household car- ownership area and especially with the restrictions of space in New York City. As shown in Appendix 1 - leakage analysis, the greatest potential square footage belongs to the General Merchandise Store business category with over 104,599 sqft. As there are currently only 2 businesses belonging to this category in the shopping district, there is much potential to grow this business category to meet the needs of the residents in the area – with limited competition. The general merchandise store should, however, be of a certain caliber to meet the taste and preference of the ‘Laptops and Lattes’ and ‘Top Tier’ markets. There also appears to be a potential for one more luxurious Furniture and Home Furnishings store in the shopping district with over 24,202 sqft potential space. This recommendation is based on a furniture store average selling space of 25,000 sqft (Furniture/ Today’s Furniture Store Performance Report, 2010) There are, however, 36 existing businesses in this category, creating some competition for future retailers.
Their healthy and environmentally- conscious lifestyles will continue to dominate the market in the next 5 years.
Electronics and appliance stores have about 7452 sqft of potential space and as mentioned earlier, this may be a viable category to grow given the interest in electronics amongst the ‘Laptops and Lattes’ market. The technologically- savvy customers in this market will undoubtedly be consumers of all types of electronics and appliances. It must be noted, however, that 2 huge electronics retailers border the shopping district – Best Buy on 86th street and Apple Store on 59th Street. Both of these stores present great competition to potential retailers, who must instead look for a different niche product.
The businesses also need to pay close attention to the growing family population in the area, as well as Asian population. Both of these growing demographic trends will significantly impact residents’ expenditure on goods and services in the area.
lexington avenue’s strategic position + ideal tenant mix With over 488 restaurant businesses, 208 clothing stores, and 514 book, periodical and music stores (miscellaneous retail), Lexington Avenue is already a well-established dining and luxury good shopping district. Its primary consumers, the wealthy white population of the Upper East Side, greatly reinforce the types of businesses in the area as they have a very unique, expensive taste for goods and services.
Figure 1 Lexington Avenue Shopping District Strategic Positioning
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In order for Lexington Avenue to continue to thrive as a shopping district, it needs to continue to build a foundation of expensive and niche businesses that cater to the exquisite taste of the primary consumers. As the Leakage Analysis suggests, this would require growing sporting stores that cater specifically to gears and equipment for yoga or Pilates. Also, expensive and organic grocery stores like Wegmans may be an ideal tenant in the shopping district, catering to the environmentally- and nutritional- conscious markets.
retailer assessment: muji
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name of business:
MUJI
years in business:
35 (in Japan), 8 (in USA)
current locations: new york
4. Cooper Square 52 Cooper Square New York, NY 10003 5. JFK International Airport Terminal 5 John. F. Kennedy International Airport
2. Chelsea 16 W 19th Street (Between 5th and 6th Avenue) New York, NY 10011 3. SOHO 455 Broadway (Between Grand and Howard Streets) New York, NY 10013 california
1. SOMA 540 9th Street San Francisco, CA 94103
4. Santa Monica 2936 Main St. Santa Monica, CA 90405
2. San Jose 170 S. Market St. Suite 120 San Jose, CA 95113
5. Stanford 850 Stanford Shopping Center Palo Alto, CA 94304
3. Hollywood 7021 Hollywood Blvd. Los Angeles, CA 90028 international
Japan (266 stores) UK France Ireland Norway Poland
Portugal Spain Sweden Turkey Italy Germany
Singapore Canada Hong Kong Malaysia South Korea China
Taiwan Thailand Philippines Indonesia Australia
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1. Times Square The New York Times Building 620 8th Avenue (40th st.) New York, NY 10018
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store type/ description:
MUJI is a Japanese retail company that sells a wide variety of household and consumer goods. It is distinguished by its design minimalism, emphasis on recycling, avoidance of waste in production and packaging, and no-logo or nobrand policy. MUJI sells more than 7,000 products ranging from stationery, and clothing, to food items and major kitchen appliances and home ware. MUJI products have a limited color range and are displayed on shelves with minimal packaging, displaying only functional product information and a price tag. MUJI’s international stores mainly retail home consumer goods, furniture and clothing, while MUJI Japan sells food, bicycles, camp gear, phones, and concept houses.
target market/ customer profile:
Consumers are younger, aged 20-35. The two main categories of customers (based on lifestyles) include those who are: 1. Minimalist, or satisfied with bare necessities and do not pursue brands 2. Environmentally- conscientious
price point:
Moderate to High- End
site requirements/ square footage:
3600 – 4000 sqft
(Vazifdar, 2015)
expansion plans:
MUJI opened its first U.S. store in 2007 (MUJI SOHO). Since then, it has expanded to one other state, California. MUJI intends to nearly double the number of its international stores over the next few years (Milner, 2015), to 444 from 255, matching its projected Japanese total. More specifically, the target for the U.S. is 100 stores by 2020 and 500 in the longer term.
additional information The essence of MUJI lies in its no-frills concept and its storefronts always mirror this simplistic beauty. The minimalistic designs of the goods are best presented in airy and loft-like spaces, while expansive and modern glass-walled interiors make an ideal backdrop for MUJI’s contemporary approach to style.
MUJI’s goods are currently being manufactured in Asia, which makes for high shipping costs. However, they are working on a global supply-chain management reform initiative that will help overcome such costs. The next stage of its international development would involve local sourcing of some products and materials. MUJI aims to build a structure that will allow it to take advantage of local materials and production and to integrate that with the stores in each region.
Given their supposed expansion in the US, opening another store in New York City is an inevitable step forward for the retailer. Also, with its latest store opening rumored to be at 475 5th Avenue, the retailer is strongly indicating a strategic movement uptown from its already dominant presence downtown.
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MUJI has reportedly preferred opening stores in city centers, rather than suburbs despite lower rents outside city centers. This is mostly due to the younger, modern audience that it is targeting, who are often situated in trendy cities. Lexington Avenue has a fair share of this customer base with about a third of the population aged between 20-35 (Census, 2010). Lexington Avenue’s customers are also very environmentallyconscientious and would be avid purchasers of goods produced by MUJI. The ‘Laptops and lattes’ user type, as well as the ‘Top Tier’ market user type, favor goods that have been produced in environmentally-sensitive settings. Their healthy and environmentally- conscious lifestyles will continue to dominate the market for at least the next 5 years.
Overall, MUJI is an extremely suitable retailer for Lexington Avenue given its relatively low square footage requirement and the available potential square footage in the district for the following retail types matching MUJI’s description (refer to table below).
district action plan
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short term (1-2 years)
long term (3 years<)
action by
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appendix
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leakage analysis
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Retail MarketPlace Profile Lexington Avenue Primary Trade Area Area: 0.82 square miles
Prepared by Esri Latitude: 40.77300168 Longitude: -73.9559528
Summary Demographics 2015 Population 2015 Households 2015 Median Disposable Income 2015 Per Capita Income NAICS Industry Summary Total Retail Trade and Food & Drink Total Retail Trade Total Food & Drink Industry Group Motor Vehicle & Parts Dealers Automobile Dealers Other Motor Vehicle Dealers Auto Parts, Accessories & Tire Stores Furniture & Home Furnishings Stores Furniture Stores Home Furnishings Stores Electronics & Appliance Stores Bldg Materials, Garden Equip. & Supply Stores Bldg Material & Supplies Dealers Lawn & Garden Equip & Supply Stores Food & Beverage Stores Grocery Stores Specialty Food Stores Beer, Wine & Liquor Stores Health & Personal Care Stores Gasoline Stations Clothing & Clothing Accessories Stores Clothing Stores Shoe Stores Jewelry, Luggage & Leather Goods Stores Sporting Goods, Hobby, Book & Music Stores Sporting Goods/Hobby/Musical Instr Stores Book, Periodical & Music Stores General Merchandise Stores Department Stores Excluding Leased Depts. Other General Merchandise Stores Miscellaneous Store Retailers Florists Office Supplies, Stationery & Gift Stores Used Merchandise Stores Other Miscellaneous Store Retailers Nonstore Retailers Electronic Shopping & Mail-Order Houses Vending Machine Operators Direct Selling Establishments Food Services & Drinking Places Full-Service Restaurants Limited-Service Eating Places Special Food Services Drinking Places - Alcoholic Beverages
44-45,722 44-45 722 NAICS 441 4411 4412 4413 442 4421 4422 443 444 4441 4442 445 4451 4452 4453 446,4461 447,4471 448 4481 4482 4483 451 4511 4512 452 4521 4529 453 4531 4532 4533 4539 454 4541 4542 4543 722 7221 7222 7223 7224
Demand (Retail Potential) $3,982,355,706 $3,551,555,381 $430,800,325 Demand (Retail Potential) $682,161,192 $605,489,721 $32,321,351 $44,350,120 $96,606,947 $46,829,119 $49,777,828 $123,132,615 $109,210,773 $95,764,923 $13,445,849 $685,659,478 $590,724,445 $33,131,506 $61,803,528 $263,166,813 $294,078,720 $302,493,907 $225,095,565 $40,501,456 $36,896,886 $82,233,933 $71,177,933 $11,056,001 $396,648,399 $171,319,999 $225,328,400 $103,403,781 $7,265,958 $22,881,301 $13,168,068 $60,088,454 $412,758,822 $353,203,619 $6,834,121 $52,721,082 $430,800,325 $219,754,574 $159,871,565 $34,412,648 $16,761,537
Supply (Retail Sales) $1,493,847,524 $1,155,288,286 $338,559,238 Supply (Retail Sales) $9,869,837 $7,685,202 $538,981 $1,645,654 $23,353,101 $8,999,968 $14,353,133 $19,546,832 $4,471,817 $3,966,627 $505,190 $259,630,634 $178,839,141 $27,427,767 $53,363,726 $234,369,094 $7,010,362 $351,536,828 $301,312,331 $19,458,748 $30,765,749 $36,529,922 $15,812,294 $20,717,628 $565,245 $565,245 $0 $188,041,956 $3,298,933 $5,041,735 $58,712,609 $120,988,679 $20,362,658 $9,475,124 $0 $10,887,534 $338,559,238 $249,783,964 $62,529,987 $13,668,799 $12,576,488
Retail Gap $2,488,508,182 $2,396,267,095 $92,241,087 Retail Gap $672,291,355 $597,804,519 $31,782,370 $42,704,466 $73,253,846 $37,829,151 $35,424,695 $103,585,783 $104,738,956 $91,798,296 $12,940,659 $426,028,844 $411,885,304 $5,703,739 $8,439,802 $28,797,719 $287,068,358 -$49,042,921 -$76,216,766 $21,042,708 $6,131,137 $45,704,011 $55,365,639 -$9,661,627 $396,083,154 $170,754,754 $225,328,400 -$84,638,175 $3,967,025 $17,839,566 -$45,544,541 -$60,900,225 $392,396,164 $343,728,495 $6,834,121 $41,833,548 $92,241,087 -$30,029,390 $97,341,578 $20,743,849 $4,185,049
Leakage/Surplus Factor 45.4 50.9 12.0 Leakage/Surplus Factor 97.1 97.5 96.7 92.8 61.1 67.8 55.2 72.6 92.1 92.0 92.8 45.1 53.5 9.4 7.3 5.8 95.3 -7.5 -14.5 35.1 9.1 38.5 63.6 -30.4 99.7 99.3 100.0 -29.0 37.5 63.9 -63.4 -33.6 90.6 94.8 100.0 65.8 12.0 -6.4 43.8 43.1 14.3
108,201 60,719 $84,295 $91,963 Number of Businesses 1,006 769 237 Number of Businesses 6 2 1 3 36 15 21 24 14 13 1 127 63 42 22 87 5 205 150 23 32 53 30 23 2 2 0 200 16 23 51 110 10 4 0 6 237 144 55 11 27
Data Note: Supply (retail sales) estimates sales to consumers by establishments. Sales to businesses are excluded. Demand (retail potential) estimates the expected amount spent by consumers at retail establishments. Supply and demand estimates are in current dollars. The Leakage/Surplus Factor presents a snapshot of retail opportunity. This is a measure of the relationship between supply and demand that ranges from +100 (total leakage) to -100 (total surplus). A positive value represents 'leakage' of retail opportunity outside the trade area. A negative value represents a surplus of retail sales, a market where customers are drawn in from outside the trade area. The Retail Gap represents the difference between Retail Potential and Retail Sales. Esri uses the North American Industry Classification System (NAICS) to classify businesses by their primary type of economic activity. Retail establishments are classified into 27 industry groups in the Retail Trade sector, as well as four industry groups within the Food Services & Drinking Establishments subsector. For more information on the Retail MarketPlace data, please view the methodology statement at http://www.esri.com/library/ whitepapers/pdfs/esri-data-retail-marketplace.pdf. Source: Esri and Dun & Bradstreet. Copyright 2015 Dun & Bradstreet, Inc. All rights reserved.
September 21, 2015 Prepared by Esri Š2015 Esri
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Retail MarketPlace Profile Lexington Avenue Primary Trade Area Area: 0.82 square miles
Prepared by Esri Latitude: 40.77300168 Longitude: -73.9559528
Leakage/Surplus Factor by Industry Subsector Motor Vehicle & Parts Dealers Furniture & Home Furnishings Stores Electronics & Appliance Stores Bldg Materials, Garden Equip. & Supply Stores Food & Beverage Stores Health & Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Sporting Goods, Hobby, Book, and Music Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Food Services & Drinking Places
-20
-10
0
10
20 30 40 50 Leakage/Surplus Factor
60
70
80
90
Leakage/Surplus Factor by Industry Group Automobile Dealers Other Motor Vehicle Dealers Auto Parts, Accessories, and Tire Stores Furniture Stores Home Furnishings Stores Electronics & Appliance Stores Building Material and Supplies Dealers Lawn and Garden Equipment and Supplies Stores Grocery Stores Specialty Food Stores Beer, Wine, and Liquor Stores Health & Personal Care Stores Gasoline Stations Clothing Stores Shoe Stores Jewelry, Luggage, and Leather Goods Stores Book, Periodical, and Music Stores Department Stores (Excluding Leased Depts.) Other General Merchandise Stores Florists Office Supplies, Stationery, and Gift Stores Used Merchandise Stores Other Miscellaneous Store Retailers Electronic Shopping and Mail-Order Houses Vending Machine Operators Direct Selling Establishments Full-Service Restaurants Limited-Service Eating Places Special Food Services Drinking Places (Alcoholic Beverages)
-60
-40
-20
0 20 40 Leakage/Surplus Factor
60
80
100
Source: Esri and Dun & Bradstreet. Copyright 2015 Dun & Bradstreet, Inc. All rights reserved.
September 21, 2015 Prepared by Esri Š2015 Esri
www.esri.com/ba
800-447-9778
Try it Now!
Page 2 of 2