Shopping Mall Feasibility Study

MEQUON TOWN CENTER MARKET FEASIBILITY STUDY
MELANIPHY & ASSOCIATES, INC. MARCH 2006
Melaniphy & Associates, Inc.
OBJECTIVES
Determine
if there is a market for a town center Square footages & estimated sales Timing of any recommended development Types of stores and suggested names The need for public assistance
PROPOSED MEQUON TOWN CENTER

On
Mequon Road west of Cedarburg Road Create a Downtown Area linking Civic & Business 3 Miles from Port Washington Road Retail Concentration Mequon Growth Will Require Additional Retail Facilities
City of Mequon, Wisconsin
MEQUON TOWN CENTER LOCATION
RESEARCH ACTIVITIES
Inspected
the Town Center Site Analyzed Mequon & Thiensvilles retail facilities Visited Competitive facilities Conducted a Driving Time study Evaluated accessibility to the Town Center Evaluated and prepared Demographics forecasts Reviewed Traffic patterns and counts Studied Retail sales trends 1997 to 2002 Delineated a Town Center Trade Area
RESEARCH ACTIVITIES
Computed
(CONTINUED)
Personal Consumption Expenditures Computed Mequon & Thiensville Market Penetration Simulated various alternatives Estimated potential Town Center sales Determined viability of a Town Center Prepared recommendations on location, phases, sizes, and forecasted sales Addressed the need for public funding Prepared a list of suggested retailers
MEQUONS COMPETITIVE RETAIL SITES

Two
sites on Port Washington Road Site approximately 7 acres Site approximately 8 acres
MEQUONS POPULATION CHANGE 2000 TO 2004
1997 and 2002 RETAIL SALES MEQUON, THIENSVILE & COMBINED

Mequon Retail and Foodservice Categories 1997 $1,000 2002 $1,000 Change $1,000 Thiensville 1997 $1,000 2002 $1,000 Change $1,000 1997 $1,000 Combined 2002 $1,000 Change $1,000
Total Retail and Foodservice Sales Total Retail Sales Building Materials & Hardware Food Stores General Merchandise Clothing Furniture & Household Furnishings Electronics & Appliances Jewelry, Luggage & Leather Goods Miscellaneous Retail Stores Foodservice Health & Personal Care Miscellaneous Retail Stores
$221,181 $194,652 $14,367 D D $14,447 $35,383 $3,595 $2,914 $2,695 $26,529 $6,466 D
$254,766 $217,888 $15,599 $40,355
$33,585 $23,236 $1,232 D D
$79,090 $73,311 D $3,451 D D D D D D $5,779 D D
$81,241 $72,985 D D D D D D D D $8,256 D D
$2,151 -$326
$300,271 $267,963 D D D D D D D D
$336,007 $290,873 D D D D D D D D $45,134 D D
$35,736 $22,910 D D D D D D D D $12,826 D D
$10,951 $13,334 $3,628 $3,009 D $36,878 $21,789 D
-$3,496 -$22,049 $33 $95 D $10,349 $15,323 D
$2,477
$32,308 D D

Source: Economic Census of Retail and Foodservice Sales, 1997 and 2002 and Melaniphy & Associates, Inc. 2005
MEQUONS 2002 MARKET PENETRATION

Mequons 2002 Sales & Market Potential Retail and Foodservice Categories 2002 Sales Total Retail and Foodservice Sales Total Retail Sales Building Materials & Hardware Food Stores General Merchandise Clothing Furniture & Household Furnishings Electronics & Appliances Jewelry, Luggage & Leather Goods Miscellaneous Retail Stores Foodservice Health & Personal Care $254,766,000 $217,888,000 $15,599,000 $40,355,000 D $10,951,000 $13,334,000 $3,628,000 $3,009,000 D $36,878,000 $21,789,000 Mequons Residents Expenditures $297,226,360 $244,567,000 $23,373,120 $76,189,091 $82,961,455 $27,959,280 $45,000,240 $27,959,280 $7,542,720 D $52,659,360 $25,817,520 Difference (Leakage) $42,460,360 $26,679,000 $7,774,120 $35,834,091 D $17,008,280 $31,666,240 $24,331,280 $4,533,720 D $15,781,360 $4,028,520 D 70.03% 84.40% D 39.17% 29.63% 12.98% 39.89% Mequon's Market Penetration 85.71% 89.09% 66.74% 52.97%
Source: Economic Census of Retail and Foodservice Sales, 1997 and 2002 and Melaniphy & Associates, Inc. 2005
DRIVING TIME ANALYSIS
MEQUON VISIONING SURVEY SEPTEMBER 2005

Surveyed: 8,018 Residents & 773 Businesses 65% have no children in the household 71% felt Mequon should have more housing for the retired and empty-nester 68% want more fine dining restaurants 67% want more family restaurants 55% want more small specialty shops 42% want more entertainment venues 39% want more specialty grocery stores
COMPETITION
Port
Washington Road 3 Miles Thiensville River Point Shopping Center Grafton Big Boxes Costco coming soon Bay Shore Mall Mayfair Mall
IMMEDIATE COMPETITION
MEQUONS TRADE AREA
MARKET SUPPORT
INCOME ESTIMATES
MEQUON TOWN CENTER - PHASING
ALTERNATIVE SCENARIOS
Develop
a Town Center as the market indicates Town Center for Mequon Residents only Do nothing
DEVELOP A TOWN CENTER

Creates
a Downtown Area Brings Civic and Business facilities together Meets an increasing need Establishes a defined Gateway to the center of Mequon Its a contribution to the future of Mequon Should provide a clear set of guidelines for development
TOWN CENTER RESIDENTS ONLY

Consumers
are both entering and leaving the
market Cannot control what the consumer does walls do not work Might adversely affect the housing market new home owners want convenient shopping - within one and one-half miles
DO NOTHING A STAGNANT STRATEGY

Ignores
growing need May miss an opportunity to create a cohesive Downtown with a sense of place, identity, and continuity. Will result in a mixed-bag: development If not here, it will be needed elsewhere in western Mequon
RECOMMENDATIONS
Develop
a Town Center Some level of public assistance will be necessary to complement private investment Some level of public assistance may be necessary to encourage the development of Phase I TIF, a Special Service Area, a Taxing District, or some other public/private vehicle will be needed Recoverable over the life of the entity
STEPS TO TOWN CENTER DEVELOPMENT

Decide
whether you want a Town Center The market exists and will growth in the future Citys role: Facilitate Meet with property owners Determine the need for a developer Assist in bringing everyone together Determine the level of assistance necessary and its timing
IN THE REPORT
A
list of suggested tenants A discussion of major retail categories

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MEQUON TOWN CENTER MARKET FEASIBILITY STUDY

MELANIPHY & ASSOCIATES, INC. MARCH 2006

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

PROPOSED MEQUON TOWN CENTER

City of Mequon, Wisconsin

Melaniphy & Associates, Inc.

MEQUON TOWN CENTER LOCATION

Melaniphy & Associates, Inc.

MEQUONS COMPETITIVE RETAIL SITES

Melaniphy & Associates, Inc.

MEQUONS POPULATION CHANGE 2000 TO 2004

Melaniphy & Associates, Inc.

1997 and 2002 RETAIL SALES MEQUON, THIENSVILE & COMBINED

$254,766 $217,888 $15,599 $40,355

$33,585 $23,236 $1,232 D D

$79,090 $73,311 D $3,451 D D D D D D $5,779 D D

$81,241 $72,985 D D D D D D D D $8,256 D D

$336,007 $290,873 D D D D D D D D $45,134 D D

$35,736 $22,910 D D D D D D D D $12,826 D D

$10,951 $13,334 $3,628 $3,009 D $36,878 $21,789 D

-$3,496 -$22,049 $33 $95 D $10,349 $15,323 D

Melaniphy & Associates, Inc.

MEQUONS 2002 MARKET PENETRATION

Melaniphy & Associates, Inc.

DRIVING TIME ANALYSIS

Melaniphy & Associates, Inc.

MEQUON VISIONING SURVEY SEPTEMBER 2005

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

MEQUONS TRADE AREA

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

MEQUON TOWN CENTER - PHASING

Melaniphy & Associates, Inc.

Melaniphy & Associates, Inc.

DEVELOP A TOWN CENTER

TOWN CENTER RESIDENTS ONLY

are both entering and leaving the

Melaniphy & Associates, Inc.

DO NOTHING A STAGNANT STRATEGY

Melaniphy & Associates, Inc.

STEPS TO TOWN CENTER DEVELOPMENT

list of suggested tenants A discussion of major retail categories

Melaniphy & Associates, Inc.

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