Myrtle Avenue Retail Market Analysis
Findings and Recommendations
August, 2013
HIGHLIGHTS
Attractive Retail Environment
A community-oriented
shopping district, Myrtle
Avenue’s retailers are a
balanced mix of retail and
services at a moderate
price point.
Tree-lined blocks and a
solid building stock give
Myrtle Avenue the look and
feel of Brownstone
Brooklyn, with retail spaces
ranging from 800 to 20,000
square feet along the
corridor.
Safe and Culturally-Vibrant
Crime has gone down
46% since 2001. Because
the community is historically
very safe and continues to
get safer people come to
Ridgewood to live, shop,
start a business and raise a
family.
Residents and retailers enrich
the community with a diverse
mix of cultures. Puerto Rican,
Polish, Thai , Nepalese, German,
and Mexican restaurants, are
just a few examples of
businesses that call Myrtle
Avenue home.
Retailers along Myrtle
Avenue benefit from
Ridgewood’s residential
density, with nearly
Family-Oriented
60,000 residents per
square mile.
71% of residents live in
family households,
higher than the borough
average. It is no surprise
that 26% of residents
are kids and teens.
Accessible and Up-and-Coming
There are numerous art
galleries and studios
The Myrtle-Wyckoff station
brings riders to and from
springing up all over the
neighborhood, bringing
new faces, ideas and
creativity into the area.
Union Square in 20
minutes on the L Train, and
to Lower Manhattan and
Midtown in 30 minutes on
the newly-improved M Train.
Ridgewood was
named a 2011
Up-and-Coming
Neighborhood
by Metro NY
BASICS
Neighborhood Context
•
L Train and M Train stop at MyrtleWyckoff, within BID boundaries
•
7 bus lines serve the corridor,
providing access throughout
Brooklyn and Queens
•
70% of shoppers come from
within .5 miles. Destinations pull
from a larger trade area (1mi).
Trade Area
Neighborhood Destinations
Ridgewood is rich with
clusters of art spaces, local
nightlife, community
resources, and other
cultural sites.
There are 3 historic districts
in the neighborhood and a
fourth proposed.
Subway Ridership
L Train Stations 2012 Annual Usage (BK/QNS)
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
8,342,397
5,662,633
4,643,512
3,495,896
3,086,342
2,145,374
2,075,901
2,262,826
2,136,529
1,906,878
M Train Stations 2012 Annual Usage (BK/QNS)
5,662,633
6,000,000
5,000,000
4,000,000
3,564,065
3,257,338
2,776,360
3,000,000
2,000,000
Usage of the
Myrtle Wyckoff
stop has increased
4.04% annually
since 2007
Myrtle Wyckoff
was the 20th most
used station in
the outerboroughs and the
73rd most used
station in NYC in
2012 (out of 468).
1,494,085
992,142
895,661
1,000,000
702,426
716,729
0
Marcy Ave
Hewes Street Lorimer Street Flushing Ave
Myrtle Ave
Central Ave
Knickerbocker Myrtle-Wyckoff Seneca Ave
Safety Statistics
Crime complaints have gone down -46% in the
104th Precinct since 2001, 12% better than
NYC overall.
TRADE AREA
ANALYSIS + FINDINGS
Consumer Profile
Young, Mobile Families
2012
Demographic
Comparison
Total
Population
Median
Age
Median
Household
Income
Average
Household
Size
Percent
Renters
Population
Density
Myrtle Avenue
(.5 mi)
46,827
32.4
$36,867
3.02
84%
59,101 ppl/sq mi
Myrtle Avenue
(1 mi)
149,980
32.4
$35,471
2.97
80%
47,005 ppl/sq mi
Queens
2,250,879
37.4
$53,421
2.82
57%
20,554 ppl/sq mi
Brooklyn
2,504,700
34.2
$40,269
2.69
72%
35,369 ppl/sq mi
• The population is steady
but growing.
• It is growing at a slower
rate than the previous
study projected.
Consumer Profile
Population Growth
Population, 1990-2017
50000
47927
48000
47134
46415
46827
46000
44000
42000
41231
40000
38000
36000
1990
2000
2010
2012
2017
Geography: Primary Trade Area (.5 mile)
Source: Esri, 2012
Incomes are
increasing at a
steady rate.
Consumer Profile
Median Household Income
Median Household Income 1990 – 2017
$45,000
$42,203
$40,000
$36,867
$35,000
$31,602
$30,000
$25,653
$25,000
$20,000
$15,000
$10,000
$5,000
$-
1990
2000
2012
2017
Geography: Primary Trade Area (.5 mile)
Source: Esri, 2012
Incomes vary by
census tract – some
are more like Sunset
Park, others like
Elmhurst.
Consumer Profile
Median Household Income
2012 Median Household Income
$60,000
$53,421
$50,200
$50,000
$44,308
$40,000
$35,471
$36,867
$38,238
$44,719
$44,981
$45,372
$40,455
$32,087
$30,000
$27,584
$20,000
$10,000
$-
Geography: Primary Trade Area (.5 mile)
Source: Esri, 2012
Residents are
employed in a mix of
white collar, blue
collar and service
jobs.
Consumer Profile
Employment
Top Industries for Employment
3,000
2,656
2,500
2,288
2,233
1,928
2,000
1,836
1,628
1,500
1,000
500
0
Health care and social
assistance
Retail trade
Construction
Accommodation and
food services
Manufacturing
Transportation and
warehousing
Geography: Primary Trade Area (.5 mile)
Source: 2005-2009 ACS Estimate
Over ¼ of
residents are kids
and teens.
Consumer Profile
Age
Population by Age, 2010, .5 mile
10000
8991
9000
8000
7108
7000
6000
6132
26% are 19 and under
5000
4000
4143
3830
3322
3348
3006
3000
2956
2131
2000
1079
1000
368
0
0-4
5-9
10 - 14
15 - 19
20 - 24
25 - 34
35 - 44
45 - 54
55 - 64
65 - 74
75 - 84
85+
Geography: Primary Trade Area (.5 mile)
Source: 2010 US Census
72% of residents
are have been living
in their homes for 5
years or more.
Consumer Profile
Housing Tenure
Occupied Housing Units by Year Householder Moved Into Unit
Moved in 1969 or earlier
434
Moved in 1970 to 1979
436
Moved in 1980 to 1989
448
197
479
935
Owner Occupied
Moved in 1990 to 1999
888
Moved in 2000 to 2004
Moved in 2005 or later
677
3,492
196
0
Renter Occupied
2,755
3,917
500
1000
1500
2000
2500
3000
3500
4000
4500
Geography: Primary Trade Area (.5 mile)
Source: 2010 ACS
The ratio of family to nonfamily households in the
trade area is higher than
Steinway Street’s trade area
and Queens overall.
Consumer Profile
Household Types
Comparison of Household Types
100%
7%
9%
90%
21%
80%
70%
Nonfamily Household
60%
71%
45%
68%
50%
Family Household
Solo Resident
40%
30%
20%
10%
34%
26%
20%
0%
Myrtle
Steinway
Queens
Geography: Primary Trade Area (.5 mile)
Source: Esri, 2012
There was a sharp
increase in the Latino
population between
1990 and 2000 but since
then it has remained
stable.
1990
Consumer Profile
Destination for Immigrants
Population: Latino and Non-Latino
(1990-2017)
15,852
2000
25,377
26,042
20,777
Latino
Non-Latino
2010
26,683
2017
19,734
28,686
0%
10%
20%
30%
19,589
40%
50%
60%
70%
80%
90%
100%
Geography: Primary Trade Area (.5 mile)
Source: Esri, 2012
Latino residents
come from a variety
of countries and
cultures.
Consumer Profile
Destination for Immigrants
Hispanic Origin by Country
25,000
20,000
19,204
15,000
11,927
11,752
10,000
7,488
5,000
2,719
1,257
239
0
Puerto Rican
Dominican
South American
Mexican
Central American
Other Hispanic or
Latino
Cuban
Geography: Primary Trade Area (.5 mile)
Source: ACS 2011
The west end of
the district has a
higher population
density.
Consumer Profile
Sub-Districts: Population Density
Source: Esri, 2012
The west end of the
district has a higher
concentration of
Latino residents.
Consumer Profile
Sub-Districts: Hispanic Population
Source: Esri, 2012
The east end of the
district has a higher
median household
income.
Consumer Profile
Sub-Districts: Median Household Income
Source: Esri, 2012
City Lights residents earn a good
living working in white collar and
service occupations. They buy
household furnishings, groceries,
personal goods, and entertainment.
High Rise Renters residents are a
diverse mix of race and ethnicity.
They buy household items and
apparel at discount stores and
affordable department stores.
They do not dine out regularly.
Hispanic cultures dominate
this family oriented segment.
Putting their children first,
NeWest Residents lead a
strong, family-oriented
lifestyle.
Consumer Profile
Tapestry Segmentation
City Strivers, 1%
City Lights, 6%
City Strivers shop at wholesale
clubs for groceries and
children’s essentials.
High Rise
Renters, 9%
NeWest
Residents, 12%
International
Marketplace,
42%
International Marketplace
neighborhoods are developing
urban markets with a rich blend of
cultures. They buy groceries,
diapers, and children’s clothes.
Urban Melting
Pot, 30%
Urban Melting Pot neighborhoods are
ethnically diverse, made up of over 50%
foreign-born residents. Fashion
conscious, yet cost conscious, Urban
Melting Pot residents love to shop.
Geography: Primary Trade Area (.5 mile)
Source: Esri, 2012
Consumer Profile
LOA Lifestyle Matrix
Geography: Primary Trade Area (.5 mile)
Source: Esri, 2012
There is minimal overlap
between the Tapestry
Segmentation of
Steinway and Myrtle’s
trade areas.
Consumer Profile
Tapestry Comparison:
Myrtle Avenue and Steinway Street, Astoria
Tapestry Segmentation
Urban Melting Pot
Myrtle
International Marketplace
NeWest Residents
High Rise Renters
City Lights
Steinway
City Strivers
Trendsetters
Laptops and Lattes
0%
10%
20%
30%
40%
50%
60%
70%
Trendsetters are young, diverse and
mobile. They are spenders.
Fashion-conscious, they shop at
stores like Banana Republic, Gap,
Nordstrom and Macy’s. They buy
organic food, exercise regularly and
own the latest electronics.
80%
90%
100%
Geography: Primary Trade Areas (.5 mile)
Source: Esri, 2012
Ridgewood has been
Googled more in the last
year than ever before
Consumer Profile
Neighborhood Change
Geography: Ridgewood
Source: Google, 2013
Median Sales prices have
remained steady compared to
Queens overall
Consumer Profile
Neighborhood Change
$1,100 was the median monthly contract
rent (market rate) in 2008, up from $800
from in 2002.
Geography: Ridgewood
Source: Trulia, 2013
Consumer Profile
Latino Families
Longtime Residents
European Roots
Young Professionals and Artists
MYRTLE AVENUE
CORRIDOR
• Moderate Clothing Niche
• Mix of services, dining
and retail uses
District Diagnostic
Arts/Ent/Rec, 5
Misc Retail, 9
Current Business Mix
Sports/Hobby/Books,
5
Home Furnishing, 14
Clothing and
Accessories Stores,
50
Electronics and
Appliances, 21
Health and Personal
Care Stores, 22
Personal and Laundry
Services, 42
General
Merchandise, 30
Food Services and
Drinking Places, 40
Banking/Medical
Services, 31
Food and
Beverage Stores,
31
Myrtle Avenue’s anchor tenants are
District Diagnostic
a mix of local independents and
national chains. They are most
concentrated between Seneca and
Onderdonk, the 100% block.
Block-by-Block
100%
Block
As of May 2013 there are 17 vacant
storefronts on Myrtle Avenue and
10 on side streets and upper floors
within the BID district. The vacancy
rate in the district is 8%.
Vacancy
Dining
Services
Retail
Wyckoff to Seneca
• Latino-Serving
• Discount Stores
• Convenience Shopping
District Diagnostic
Block-by-Block
Vacancy
Dining
Services
Retail
Seneca to Forest
• Shopping Core
• Comparison Shopping
• Destination Retailers
District Diagnostic
Block-by-Block
Vacancy
Dining
Services
Retail
Forest to Fresh Pond
• European-Serving
• Convenience Shopping
• Services
District Diagnostic
Block-by-Block
Vacancy
Dining
Services
Retail
This serves as the
foundation for the
leasing plan.
Latino-Serving
Discount Stores
Convenience Shopping
District Diagnostic
Retail Microclimates
Shopping Core
Comparison Shopping
Destination Retailers
European-Serving
Convenience Shopping
Services
100% Block
Spaces range from 830 square feet
to 5,280 (not including the
Ridgewood Theater). The average
size on the Avenue is around
2,000 square feet.
CONSUMER DEMAND
Retail Categories with significant unmet demand
General Merchandise Stores (3-5)
Blue Ribbon General Store, State Street,
Boerum Hill, Brooklyn
General Merchandise includes
department stores, $.99 stores, and
even some merchandise in Pharmacies
Full Service Restaurants (1-2)
Home/Garden/Specialty (3-6)
Zen Palate, Union Square
Fish’s Eddy, Flatiron, Manhattan
Retail Opportunities
Primary Trade Area (0.5-mile)
Total Retail Trade and Food & Drink
Demand
Supply (Retail Sales) Retail Gap
(Retail Potential)
SCENARIO 1:
SCENARIO 2:
Total Estimated Number of new
Sq Ft
stores
$71,776,773
24,331
11
$297,048,624
$225,271,851
General Merchandise Stores
$32,518,336
$12,031,128
$20,487,208
6,933
3
Full-Service Restaurants
$16,166,376
$10,050,819
$6,115,557
1,902
2
Bldg Materials / Garden Supply Stores
$6,565,273
$2,444,802
$4,120,471
2,060
1
Sporting Goods, Hobby, Book & Music Stores
$6,629,560
$3,350,888
$3,278,673
3,262
4
Home Furnishings Stores
$3,210,998
$1,387,206
$1,823,792
864
1
Secondary Trade Area (1-mile)
Total Retail Trade and Food & Drink
Demand
Supply (Retail Sales) Retail Gap
(Retail Potential)
SCENARIO 1:
SCENARIO 2:
Total Estimated Number of new
Sq Ft
stores
$252,924,217
85,737
30
$968,691,226
$ 715,767,009
$106,075,765
$64,685,543
$41,390,222
14,007
15
Full-Service Restaurants
$ 52,463,225
$20,516,406
$31,946,818
9,937
8
Bldg Materials / Garden Supply Stores
$ 21,321,403
$6,752,064
$14,569,339
7,285
5
Home Furnishings Stores
$10,564,657
$3,863,011
$6,701,646
3,176
2
General Merchandise Stores
Assumptions
*SF Calculation based on a 20% capture rate and Feb. 2013 SAAR by retail category
**# of New stores based on 20% capture rate and borough wide average sales per location
Retail Opportunities
Desired Retail
Dining / Entertainment
Home + Garden
Wine bar
More cafes
IHOP
Greek Diner
Weekly events
Open mic night
Home goods
Florists/landscaping
Upscale home furnishing store
General/Specialty Merchandise
Bath/Body shop
Gift store
Mom and pops
New entrepreneurs
Popular priced chain stores
Good local independents
Bike shop
Sporting goods
Skate shop
Apparel
Women's clothing; Not for teenagers
Old Navy
Something Else (local clothing chain)
DNA Shoes
The Gap
Boutiques
Casual wear
Name brand shoes
Moderate, Name Brand, Contemporary
Non-Retail
Dance/yoga studio
Kid's Playhouse
*Based on interviews with local
stakeholders, residents and merchants
District Diagnostic
Leasing Plan
Au Bon Pain
Deals
Kid’s Playhouse
Island Salad
Pio Pio Rico
Crumbs
Beard Papa
The Painted Pot
Red Mango
100% Block
Bath and Body Works
Gothic Cabinet Craft
Bikesmith
European Wax Center
PROSPECTING
+ NEXT STEPS
Competitive Districts
• Myrtle Avenue shares its customers
with these areas and centers.
• Retailers will consider this when
selecting a site.
Like Districts
We look for prospects by
canvassing corridors with
similar characteristics.
Retail Attraction Process
Existing
Business
Owners
Property
Owners
Myrtle
Avenue
BID
Media +
Community
Commercial
Brokers
Comprehensive Retail Recommendations
Strategic Positioning
• Communicate the Myrtle Avenue “brand” in everything you do.
Administrative Capacity
• Form a retail attraction committee
Redevelopment
• Use this study to leverage additional grant funding for façade improvements
Tenant Mix
• Position the BID as a clearinghouse of information (to help manage churn and influence the mix)
Marketing and Promotion
• Launch a new and improved BID website
• Use marketing and events to attract more shoppers and improve foot traffic
–
–
Coordinate entertainment targeted at the various segments of the community in the district in partnership
with local organizations
Get in on the Ridgewood buzz.