Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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Retail Market Analysis and Devel®prnent Irnpacts mount of money residents from outside the area a Economists define "leakage" as the amount of money local area residents spend outside of tl i contrast, "injection" is the a • entifies opportunities for co td eommnniry. B5 The following analysis be targeted for implementation along the US 70 1Corner d spending in the local community. retail development capacity that may and Y Street corridor. This is done by highli ghting retail store categories with insufficient local supply t h 19 identify leakage and injection within the 2 -, 5 -, meet local demand. Tables 14 through expressed as the h tt 1 u orted given existing demand. These fig'' i d mile radii, and translate this excess demand into development cap h' Tables 20 ails ace that could be supported acts. Lastly, et p impacts. t of 'n nat square fee and job generau g p r, addiho q potential business a J capture of existing are then analyzed in terms of p gel' through 21 estimate potential sales future retail revenue, nandat could be g leakage and prof Retail Leakagelinjection Analysis Hcalti and Overall, the two -mile radius exhibits a total leakage of over $1G.7 million dollars. The 1::- {est as of leakage include Automobile and Other Velvcle Dtoress andsElectronaes and Apt ii�nce ate Personal Care Stores, Clothing and Clothing Accessory Stores. By contrast, these areas of leakage are largely offset by over $45.5 million of injec'i m to the remaining retail categories. The largest injections are in Non -Store retailing, Feat' and Stores, Building Materials and Garden Equipment Stores, General Me area is `•tares, Beverage and Furniture and Honre dollars. tores. Thus, the lot" balance of trade in the area �:'. i's a net gain of roughly $28.8 million lu Interestingly, data show that there is a tremendous drop in retail trade Sul' exh l within � $1.7 million in the five -urile radius, to a retail dea,i ,, d cf citthe the 5- and 10 -mile radii. As show in Table 14, total retail trade surplus drps fio o t ly $29 million in the two -mile radius, too y County reflects a net leakage of retail as sales eomruerci; d hub of over $562 in in the 10 -mile radius. This data reinforces what e largely community; that as a whole Orange they generate. What is surprising is the Town's relatively strong position northern Orange County, serving the existing Town residents, as well as rural housel ells from around the area. Additional Supportable Retail Development supportable retail squa1y feet, the square foot data collected by the Urban I:.r d Institute To translate retail sales figures into estimates of additional supp project team utilized average sales p ereent adjustment cr nonaetail i.e. business and personal services) and a 10 percent adjustment to i �:f�ect healthy through a national survey of retail establishments. lnctuding a 14 p establishments 35