Client: City of Peoria, AZ
The City of Peoria engaged Gruen Gruen + Associates (GG+A) to conduct retail market analysis and to develop a comprehensive retail strategy for the City. GG+A Inspected the retail uses throughout the City and adjoining communities. GG+A then conducted interviews with property owners, developers, leasing agents, and property managers as well as retailers and eating and drinking establishments. GG+A identified and estimated historic, present, and likely future population, household, and employment trends and distribution within the relevant Peoria trade areas found to apply and also analyzed time series retail sales data by category and location. GG+A identified the amount of supply and make-up of retail space within the primary retailing agglomerations within or near Peoria and estimated potential current and future demand for retail space within the identified trade areas. GG+A compared the relationship between estimated retail supply and retail demand within the relevant retail trade areas.
GG+A also simulated the real estate economics of prototypical retail development and redevelopment alternatives for representative locations and types of opportunities in the City. GG+A tested the findings and conclusions market and real estate economics analysis with property owners, developers, brokers, and retailers and identified specific opportunities likely to be achievable in the near term provided the City altered certain policies.
GG+A synthesized the results of our property and area inspections, interviews, and quantitative analysis to reach judgments and conclusions about the scale and type of retail development likely to be supported in the future in Peoria. In addition, GG+A recommended strategic policy and marketing action strategies, and locations for future retail development opportunities and target retailers and other uses. GG+A also developed an extensive database of expanding retailers and restaurants. In addition, GG+A prepared informational brochures used at the International Council of Shopping Centers Convention in Las Vegas and for the recommended ongoing program of recruitment of retailers and developers.
A copy of the final report can be found on the City of Peoria website: “The Demand for Retail Space in Peoria and Retail Enhancement Strategy”