Retail Market Potential

• $123.7 million in Clothing and Accessories Stores, • $80.0 million in Miscellaneous Store Retailers, • $71.8 million in Furniture and Home Furnishings Stores, • $67.1 million in Auto Parts Stores, • $49.2 million in Electronics and Appliance Stores, and • $46.1 million in Sporting Goods, Hobby, and Book Stores.

Retail Market Potential The comparison of retail supply and demand for the trade areas reveals the retail surplus or gap/potential for additional retail stores in each category. The supply of retailing in the Buckeye Neighborhood Retail Trade Area exceeds demand by more than $4 million, indicating that the immediate area is oversupplied for its population, and the customer base comes from beyond the neighborhood for several categories of retail goods.

The 2-Mile Trade Area contains additional densely populated area and commercial centers. Residents within that larger area are not necessarily going to travel to Buckeye for most of their retail needs since they can likely find them closer to their homes. Within this 2-mile radius, total retail demand exceeds supply significantly—by more than $248 million— indicating that residents must leave this radius to purchase many categories of goods.

Several retail categories within that 2-Mile Radius experience an opportunity gap also not being filled at the 4-Mile Radius. For those categories with a gap at the neighborhood-level and 2-Mile Radius that continues at the 4-Mile Radius, there appears to be sufficient demand for many new store types appropriate for Buckeye. These include:

• The potential to supplement the current restaurant offerings with additional food and dining establishments; • Several retailing categories of stores selling basic day-to-day needs; • A concentration of clothing and apparel-related businesses; and • Select categories focused on home furnishings and improvement.

Food/Dining Establishments While Buckeye is home to several locally-owned and chain restaurants, a substantial opportunity exists within the Neighborhood Trade Area for additional restaurants and establishments offering various foods. Adding establishments with diverse cuisine could strengthen Buckeye as a food and dining destination that serves both residents and visitors from adjacent neighborhoods and towns. These opportunities include: • Restaurants. Opportunity exists for a variety of dining establishments including limited-service restaurants that offer take-out food. Up to 10,000 SF of such space could be supported by the $2.6 million gap, providing demand for several restaurants of

various sizes. This could take the form of multiple restaurants ranging from 1,500 SF for a small take-out restaurant to 5,000 SF for a larger full-service restaurant.

Restaurants could occupy multiple floors of a single building. • Drinking Places/Bars. Opportunity also exists for bars that could offer dining. Up to 4,000 SF of such space could be supported by the $1.1 million gap, providing demand for one or two bars that could also serve food and provide live entertainment. • Coffee Shop. A $1.1 million gap in retail supply also exists for coffee shops in the

Neighborhood Trade Area. This leakage can support approximately 4,000 SF of space, enough to accommodate one or two coffee shops.

Basic Day-to-Day Needs There are substantial gaps in supply within the Buckeye Neighborhood Trade Area in retail categories that fulfill basic daily needs, including: • Pharmacy/Drug Store. The retail data indicates that $5.0 million in expenditures on pharmacies/drug stores are leaving the Trade Area annually. This leakage can support 7,000 SF of store space. • Pet Supply Store. An opportunity also exists for a pet supply store. The $1.3 million gap translates to approximately 4,000 SF in store space. • Gift/Souvenir Store. The data suggests that $0.7 million in gift, novelty, and souvenir stores expenditures are leaking from the trade area annually. This gap can support 3,000 SF as one or two smaller stores. • Auto Supply Store. Within the Trade Area there is a $3.3 million opportunity for auto parts stores. This gap translates to 13,000 SF, more than enough for a typical store of 5,000 SF.

Clothing and Apparel There are opportunities in the Buckeye Neighborhood Trade Area in several clothing and apparel-related categories that could provide amenities for residents. These include: • Family Clothing Stores. The retail data suggests a gap of $3.3 million, which could support up to 12,000 SF of store space to outfit the family, likely multiple stores at 1,500 to 5,000 SF. • Shoe Stores. A $1.7 million gap in retail supply also exists for shoe stores. This leakage can support store space up to 6,000 SF, initially one store at 1,500 to 2,000 SF. Shoe stores could include footwear more geared toward athletics, such as running, tennis, and basketball. • Sporting Goods Stores. There is more than a $2.6 million opportunity in the trade area for sporting goods stores. This gap translates to approximately 9,000 SF in store space, more than enough space to support an initial store of 2,000 to 3,000 SF.

Home Furnishing and Improvement Finally, there are substantial gaps in supply within the Buckeye Neighborhood Trade Area in retail categories related to home furnishing, including: • Furniture Store. An opportunity exists for a furniture store. The almost $2.9 million gap translates to approximately 19,000 SF in store space. An initial store of 4,000 to 5,000 SF would be appropriate for the neighborhood. • Home Furnishing Stores. There is more than a $1.8 million opportunity for home furnishing stores. This gap accommodates up to approximately 7,000 SF in store space, likely one or two stores at 1,500 to 2,000 SF initially. • Flooring Store. Within the Trade Area there is a $1.3 million opportunity for floor covering stores. This gap translates to a 6,000 SF store. • Paint/Wallpaper Store. The retail data suggests that $0.7 million paint/wallpaper store expenditures are leaking from the trade area annually. This gap can support a 3,000 SF store.

Overall Retail Potential Together, the total retail potential demand identified above approaches 107,000 SF of store space, including: -- 18,000 SF of additional food establishments and restaurants; -- 27,000 SF of stores selling everyday needs -- 27,000 SF of clothing and apparel businesses; and -- 35,000 SF of home furnishing and improvement-related retail businesses.

While such retailers could potentially locate anywhere within the Buckeye Neighborhood Retail Trade Area, the above opportunities are most appropriate for an emerging Buckeye Road, 116th Street, the Shaker Square area, Larchmere Boulevard, in some cases, various commercial spaces within residential areas of the neighborhood—particularly dining-related. Although the total demand may exceed what the neighborhood can physically accommodate, existing vacant commercial spaces along these corridors could house a significant portion of the retail opportunities, as well as various sites where new infill development could be located.