Ebook Downtown Raleigh: Retail Market Analysis & Positioning Strategy
In May 2008, Downtown Raleigh's Business Improvement District (BID), the Downtown Raleigh Alliance (DRA), having raised the necessary funds from a host of private sources, selected MJB Consulting (MJB), a New York, NY-based national retail planning and real estate consulting concern, to develop a Retail Recruitment Strategy and Implementation Program for Downtown Raleigh.
MJB was asked to focus on the area within BID boundaries, and specifically, on the Fayetteville Street District, Moore Square, and the Warehouse District. The Capital District was not included because it contains very little retail space, and Glenwood South is seen as already having a certain momentum, and less in need of strategic direction.
This written product is meant merely as a prelude, to ground the more implementation-focused and action-oriented later phases in a realistic understanding of the market potential. Following its submission, in February 2009, MJB proceeded with an effort to generate the support, develop the infrastructure and craft the tools needed on a practical level to carry out its recommendations.
Keep in mind that the research for this written product was undertaken, the data gathered and the recommendations formulated in a six-month stretch starting in August 2008 and ending in February 2009. Of course, 2008/2009 is an extremely volatile time in the national and regional economy, and retail is a particularly fast-moving property sector in any event. As a result, certain findings might quickly become out of date: we will make sure to align our direction with present realities during the later, implementation-oriented phases, but these adjustments would not necessarily be reflected here.
We have concentrated our analysis and recommendations on the four different "customers" with the most influence on retail in the study area today, rather than the niches that would need to be created from scratch. This focus is based on the precept, considered axiomatic in marketing circles, that one should try to generate more sales from existing customers before endeavoring to attract new ones.
Rather than a dry, formulaic presentation of the data and the findings, we have chosen what we feel to be a far more dynamic and readable one, structured on these four customers, with the following four chapters covering each of them in turn, and each individual chapter synthesizing the various factors impacting on the retail potential of its respective customer.
Contents
Chapter
Introduction
Executive Summary
Structure
Chapter 1: The Daytime Worker
Chapter 2: The Event-Goer
Chapter 3: The Resident
Chapter 4: The Destination Shopper
Conclusion (Action Steps)
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