The Shoppes at Fox Run
Glastonbury, CT
Step 3
5 Member Team
Thesis
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Additional, more-detailed research from steps 1 & 2
indicates that Fox Run benefits from an affluent
surrounding area with positive population and job
growth
A large number of local employers, including a 1,000+
employee organization will help drive demand
Census and CERC data show potential sales leakage
Thesis - Continued
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With the Fox Run shopping mall being
located in such an affluent area, there is an
opportunity to add tenants such as SAT prep
centers and high-level apparel stores
This is despite the mall having weak
signage, a lower bag count, and being close
to so many other shopping centers
Addressing Zoning from Steps 1 and
2
Signage:
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Planning commission can modify:
o
o
o
o
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o
Allowed number of ground signs
 Most multi-tenant properties get one sign
Signs cannot be bigger than 32 SF (Whole Foods got
permission to have larger sign - 35 SF)
Each individual tenant has its own sign
15 inches for letters
No flashing signs
The Shoppes has 4 ground signs, one of
which is in poor shape
Signage
3 newer signs
Only advertise 3 places on all of
their signs
Signage
Older sign that
hasn't been
removed yet
In bad shape and
you can't read
anything on the
sign from the
road
Signage: Liquor Permit Removal
Signage: Liquor Permit Removal
(ctd)
• Placed right in front of the shopping center which
brings a lot of attention to it
o First thing we saw when we pulled up
• Siam LLC - Thai restaurant within Fox Run
• Theory: Believe that they were getting their liquor
license revoked possibly for serving alcohol to minors
• This could drive away customers
Tenants
Tenants
Upstairs Tenants
• Offices located on the second floor of the building
which include:
o Medical Offices
o Lawyers
o Temp Agency
• No signs located around the area advertising the
tenants upstairs
o Must use other forms of advertising to bring in
customers
• Any open spaces are located on the second floor not
the first
Area Around Fox Run
Back road with back
doors to the stores
Parking - most likely
for employees
Garbage pick-up
Central District Zone
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Retail
Restaurant (Food services)
Services
Offices (i.e. Dental)
CANNOT have any manufacturing or
industrial tenants
Market Defining Story
•What is the product?
•Retail and office space at 55 Welles St. Glastonbury, CT
•Specifically 5 different spaces ranging 308 SF – 2,200 SF
•Who are the customers?
•Tenants: Businesses in need of office or retail space
•Consumers: Those in and around the Glastonbury, CT
area in need of goods or services
•Where are the customers?
•Various towns surrounding Glastonbury (Wethersfield,
Market Defining Story (continued)
What do customers care about in Glastonbury,
CT?
Tenants:
•Amenities – Loading dock, parking spaces, trash removal,
etc
•Location
- Day care centers, highways, gyms, etc
Market Defining Story (continued)
What do customers care about in Glastonbury, CT?
Consumers:
•Ease of access – Close to major roadways, hassle-free
entry/exit, available and free parking
•Convenience – The ability to meet multiple needs at one
location (Food, clothing, banking, etc.)
•Location – Close to home, on the way to/from work
Glastonbury Overview
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Unemployment rate in Glastonbury is 5.4%
o
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o
CT - 8.6%.
U.S. - 8.6%
Recent job growth is positive at .52%
o
o
Higher than the CT growth (-.49%) and U.S. growth
(.35%)
Future job growth is expected to increase
dramatically (~35%)
Glastonbury Overview
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Population: 34,427 (2010 Census data)
Population growth
1-mile: 4.9%
o 3-mile: 0.9%
o 5-mile: 1.9%
o
Population
Households
Avg HH Income
3 mile
41,119
17,269
$82,117
5 mile
7 mile
159,259 328,012
62,236
130,044
$73,938 $68,340
Glastonbury Overview
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Population Growth
Results
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Lower unemployment rate in comparison to
state and national levels
Positive job growth with high expected
growth in the future
Expected population growth
Overall promise in the area (job/population
growth, high HH income, low
unemployment rate)
Retail Sales per Capita
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Determine total Retail Sales from each
town and divide by town population
Retail Sales per Household
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For each town determine Total Retail Sales
and divide by Number of Households
Surplus/Leakage
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Using Costar Retail Sales per Household
(radius) divided by Average Retail Sales by
Household indicates that the area around
the SS sees households spending less on
retail than in the surrounding towns.
Surplus/Leakage
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Effect of Manchester Sales:
Manchester Retail Sales ($2.2B, 2007) vs. sales for
Glastonbury and surrounding towns, incl.
Manchester ($4.6B)
o Inflates the Retail Sales per Household for the area
around Glastonbury, making the surplus/leakage
calculation less precise for the radius intervals
reported by Costar
o
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Data Collection Mismatch:
o
Census Retail Sales Data from 2007 and Costar
Estimates from 2011, recession in between
Glastonbury Income Range
Median Household Income
Housing Breakdown
Housing Breakdown
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Three apartment complexes and one condo
complex less than two miles from The
Shoppes
o
Walking distance for any residents with no car
Rent (for apartments) anywhere from $900$2,400
Condo complexes at typical rates (upwards
of $350,000)
Surrounding Area
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Three colleges within 5 miles of SS
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Goodwin College (2.7 miles NW, East Hartford)
Manchester CC (3.9 miles NE)
Trinity College (4.9 miles NW, Hartford)
Only location that would have reasonable
consumers is Goodwin College
o
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~3,200 enrolled students as of 2011
(MCC and Trinity have plenty of other options
closer to them)
Directions to Goodwin
Surrounding Area Employment
Employers in the Area
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U.S. Census: 3,900 companies in Glastonbury
o 27 in the 100-249 employee range
o 4 businesses have 250-499 employees
o One with 1,000-4,999: Healthtrax, Inc.
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Healthtrax is a chain of fitness and wellness centers
located throughout Southern New England and New
York
o Corporate office on Main St., less than a minute
drive to Fox Run
o Health and Wellness employees likely to help
demand, especially for Whole Foods
Employers in the Area
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Other top employers in Glastonbury:
Glastonbury Town Hall (250-499 employees)
o Ricoh USA (250-499 employees)
o Amica Mutual Insurance (100-249 employees)
o Bank of America Business Capital (100-249
employees)
o
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Overall, a high density of small and medium sized
businesses in Glastonbury, many that are near the
subject site
Public Transportation
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Will CT Transit buses increase demand?
o
Saturday (Popular shopping day) at noon
Public Transportation
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Friday at noon
o ~30 minute intervals
o More than doubles driving time
Public Transportation
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Because of long intervals and large increase in travel
time, public transportation is unlikely to drive demand
at Fox Run.
o If those in the high density, less affluent areas
discussed in steps 1 and 2 do visit Fox Run it is
likely they will do so in a personal automobile
Pedestrian Traffic
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Sidewalks throughout the area surrounding Fox Run
Pedestrian crosswalks painted on road and labeled
with reflective traffic signage
o Three crosswalks along Welles St., one along Grove
St., and one on the New London Turnpike
Pedestrian traffic likely to come from other local
businesses
o Example: Crossing the street to purchase a
sandwich at Whole Foods after finishing yoga
Pedestrian Traffic
Source: Google maps
Site Visit Activity
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Over an 8-minute time frame:
o
o
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Total traffic on Welles Street: 57
Amount that turned into The Shoppes: 11
 Close to 20% of the traffic on Welles Street
turned into The Shoppes
Welles Street connects New London Turnpike to
Main Street
 Can account for some traffic that may not turn
into The Shoppes
Bag Count
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Whole Foods: 90% of people who went in
came out with a bag
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Other retail stores (i.e. RadioShack): Ratio
anywhere from 40% to 100%
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Over a longer period of time, we expect that ratio
to be closer to 100%
Outside of anchor tenants, demand will fluctuate
accordingly
Services are harder to determine
Consumer Demand
Consumer Demand
Consumer Demand
Whole Foods: Food
Away/At Home and
Alcohol (organic food
selection differentiated)
Health Care: Second
floor offices (dentist,
chiropractor)
Recommendations
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Not enough space for transportation or
maintenance tenant (i.e. AutoZone)
Open office space on second floor
o
Affluent area - SAT/LSAT preparation office
Elsewhere, attempt to appeal to apparel
o
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When and if spaces open on first floor
Payless Shoes, small clothing store
Other Influences on Demand
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Subject site redeveloped in 2008
o
Great condition and appealing to customers
Good visibility from surrounding area (Main
Street, Grove Street, New London Turnpike)
Improved signs that show appeal
Heavy traffic on Routes 2 and 94, as well as
Main Street
Works Cited
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http://glastonbury-ct.gov/index.aspx?page=109
http://glastonburyct.gov/Modules/ShowDocument.aspx?documentid=8145
Google Maps
www.census.gov
CoStar
http://brixmor.com/PropertyProfile_short.asp?ProjectID=PCTFOXRN1
CT Labor Market Information:
http://www1.ctdol.state.ct.us/lmi/EmpSearchTopList.asp?intCurrentPage=1