There’s a New Normal for Downtown Retail
Today, it is essential for downtown developers, landlords, economic development organizations and local elected officials to recognize and adapt to the new normal that has emerged for downtown retailing. Consumer behavior has changed significantly – they are buying less, more deliberately and increasingly online.
The demand for downtown retail space has changed accordingly. Chains are looking for fewer and smaller spaces, while developing smaller formats for entry into new market areas. The strategic importance of small merchants has increased, but their success is still tied to finding affordable rents and adequate financing. Many downtowns now have significantly more retail space than they can fill.
Downtown Leaders and Investors Need to Adapt
More than ever it is essential for downtown leaders and investors to respond effectively to the questions of how much and which types of retail can be attracted to fill vacant storefronts or the street-level spaces of new mixed-use projects.
To be of value and use, it is critical that these answers be informed not only by traditional retail market research techniques, but also by relevant experience and a full understanding of retailing’s new normal.
DANTH, Inc. Is Uniquely Positioned to Help
DANTH, Inc is uniquely positioned to provide its clients with a downtown retail strategy and action plan that is consistent with the market trends of the new normal.
For municipalities, DANTH’s analysis will provide market information that will enable better overall mixed use redevelopment planning, identify the retail that is most sustainable, and establish a plan of action for recruiting viable downtown retail and experienced downtown developers.
For developers, DANTH’s analysis will right size the retail for their new downtown redevelopment projects which will help eliminate overbuilt retail space. In addition, DANTH will provide a list of viable tenant prospects that are right for their development. With years of experience, DANTH will provide the crucial support necessary to ease the local redevelopment approval process.
Our Right Fit Team
DANTH, Inc. is proud to announce that Michael Fabrizio has joined our Right Fit team. Michael has many years of downtown redevelopment and revitalization experience. As Executive Director of the Morristown Partnership, he worked with real estate development companies to generate interest and investment in redevelopment projects in Morristown. He worked with the Town of Morristown to establish and implement multiple redevelopment projects throughout the central business district worth nearly $600 million. He has served as a Commissioner on the Morristown Redevelopment Agency and is a licensed New Jersey Real Estate agent.
Michael joins David Milder, DANTH’s president and founder, on our Right Fit team. David has developed effective niche-based downtown retail revitalization strategies, business recruitment campaigns and redevelopment programs for downtowns across the nation. He is nationally recognized for his leading edge research and writings on the new normal for downtown retail. In New Jersey, his clients have included SIDS/BIDS in Bayonne, Cranford, Elizabeth, Englewood, Morristown, and Washington Borough. Elsewhere they include: the 34th Street Partnership, the Greater Jamaica Development Corporation, and the City of White Plains in NY: the City of Charlotte, NC; the City of Peoria, AZ, the Rutland Partnership (VT); the Greater Meredith Program (NH), and the Village of Sherwood (WI).
For a Free Initial Consultation on How Our Right Fit Program Can Help Your Community Contact:
Michael Fabrizio at (973) 727-8635, [email protected]
or
David Milder at (718) 805-9507, [email protected]
