Client: City of Scottsdale (AZ)
The City of Scottsdale retained GG+A to conduct a retail market reconnaissance of Downtown Scottsdale. The reconnaissance included a review of Downtown office, hotel, residential, and retail space markets in context of the broader region. GG+A also identified and analyzed existing conditions and prevailing trends related to:
♦ employment and business establishment trends by economic sector and by Downtown District;
♦ land use composition of Downtown Districts and shifts over time;
♦ retail sales trends by category and by District;
♦ sales per square foot productivity by year and by District; and
♦ rents as a function of sales by District.
The analysis of retail space rents and sales performance was used to gauge how rent-sales relationships influence store turnover rates and the land use and vacancy shifts identified. GG+A also prepared estimates of sales surplus and leakage estimates to identify potential tenanting and use opportunities and to explain sales and per square foot and occupancy performance trends.
Based on the synthesis of the secondary data analysis and interviews of property owners, real estate brokers, retail merchants and other businesses operating in the differing Districts of Downtown, GG+A identified the primary advantages and disadvantages of Downtown Scottsdale as a business location. GG+A identified the challenges facing each District and the present and potential future conditions and trajectory of each District assuming the continuation of present zoning and regulatory and related policies affecting the Downtown. GG+A also identified specific retail targets for specific Districts. GG+A prepared an extensive report and executive summary and held a conference with staff to review the findings and recommended next steps.