Quakerbridge Mall
Rte 1
Lawrenceville, NJ
Site #4
08/1/2013
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Decision Logic
Quakerbridge Mall is the areas most desirable retail
destination for the affluent people who live and work in
Lawrenceville, Hamilton, West Windsor, and Princeton
communities. It is a productive regional mall and is in
the process of an upscale renovation and expansion
that will add another 600,000 sq ft including a
Nordstroms scheduled for 2014,2015.
In addition, the Mall with the expansion will be adding
another 100 stores. Recent additions have been
Cheesecake, Apple, H & M, Forever 21, and Brio .
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Area Map Quakerbridge Mall
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Trade Area / Site Summary
Population / Demographics
Trade Area Generators
Population:
Daytime Pop:
# Households
HBA (US):
Median Age
Median Income
1-Mi
2693
3652
1349
2-Mi
48,241
50,975
17,641
35.7
98,066
37.2
104,901
Traffic
Primary St.
Secondary St.
(Auto)
29 million
14million
Mall Visitors (MM)
(US $)
(Pedestrian)
/yr
/yr
Daypart
Dist (miles) / Direction
In Mall
Within two miles
5000 Within 5 miles
4700 Within 4 miles
6000 Within 6 miles
In Mall
12 Restaurants
9,250,000sqft office space
/yr
/yr
Site Characteristics
Asset Type:
Square Footage:
Bldg Visibility:
Name
4DepartmentStores
8 Hotels
Princeton University
Rider University
TCNJ
110 stores in Mall
In/around Mall
Within5miles
Competitors
Kiosk
200
150
Frontage:
Feet
20
Depth:
10
Name
Coldstone
Twist
Sales
400,000
550,000
Dist (miles) / Direction
1/4 mile
4 miles
Signage Type:
Kiosk
Square Ft:
10
Height:
2ft
Signage Visibility:
150 Feet
Seats:
Interior:
0
Exterior: Benches
Parking:
Dedicated:
Common:
x
Co-tenants
Macy's,Nordstroms,Apple,
at site:
H&M, Target, JCPenney,Urban Outfitters
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Center Layout (Outdoor)
• Label Co-Tenants and Competitors
• Directional arrows for Main Entrance
• Sales Volumes
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Mall Layout
• Label Co-Tenants and Competitors
• Directional arrows for Main Entrance
• Sales Volumes
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Site Layout
• Layout “Proposed” (or “Approved”) by Landlord,
Pinkberry Design
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Pictures
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Center Layout (Outdoor)
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Area Overview
Quaker Bridge Mall
Mercer Mall
Sams Club
Babies R US
Best Buy
Wal-Mart
Home Goods
Dick’s Sporting
Goods
Michael’s
Target
Kohl’s
Princeton Market Fair
Wegman’s
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Exterior / Interior Signage
• Layout “Proposed” (or “Approved”) by Landlord,
Pinkberry Design
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Sales Forecast
Rolling 12-Month Sales
Year 1
Year 2
Year 3
700,000
750,000
800,000
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Performa Income Statement - $700,000
Sales
Cost of Sales
$700,000
100.0%
175,000
25.00%
525,000
75.00%
190,400
27.20%
29,961
4.00%
219,961
31.00%
Rent Related Expense
98,000
14.00%
Royalties
42,000
6.00%
Marketing Fund
28,000
4.00%
Total Fixed Costs
168,000
24.00%
EBITDA
137,039
20.00%
Gross Margin
Operating Expenses
Labor Expense
Other
Total Operating Expense
Fixed Costs
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Summary of Lease Terms
•
Basic Rent Terms
–
–
–
–
–
–
–
200 Square Feet, $550 psf, at rent schedule below
Term: 10 Years, at 3% increases every 1 year
Percentage Rent – 8% over 1.2million breakpoint
CAMs capped at 4% per year
4% promo & media
Exclusive Use for Frozen Dessert
No Radius Restriction
Lease Year
1-2
3-4
5-6
7-8
9-10
Annually
Monthly
$110,000.00 $9,167.00
$116,699.00 $9,725.00
$123,806.00 $10,317.00
$131,345.00 $10,945.00
$135,285.00 $11,274.00
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Timeline Estimates:
•
Date of Lease execution:
–
•
Date of Landlord Delivery:
–
•
October 1, 2013
Date construction completed
–
•
September 20, 2013
Date construction commences
–
•
Target plan completion date: August 20, 2013
No Zoning Issues identified
Building permit and signage process is expected to take 30 days
Permit submission target: August 20, 2013
Date receive permits
–
•
Approximately October 1, 2013
Date plans complete/submit for Permits:
–
–
–
–
•
Approximately August 15, 2013
October 15, 2013
Date store opens
–
October 25, 2013
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Summary Remarks
Cons
Pros
Trade Area
Site Specifics
1.
2.
High Population
High HBA in TA
1.
2.
High Visibility
Good Access
1.
Nordstrom’s will not be opening until 2015 in the
most recent estimate.
1.
Co-Tenants close at 9:30pm
Potential Issues: This is one of the top Trade Areas that we identified in our Market
Plan. Our location is in the center of activity in this mall which is being upgraded with
many stores that our primary demographic interacts with. We are locating here as a longterm strategy and understand the short-term challenge of this location during the mall’s
upscale transition.
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Legend
R
B
Proposed Site - Quakerbridge Mall Kiosk
COMPETITION
1
VIEW TO:
SALES ($US)
Cold Stone
$400,000
4
O
2
Twist
Pink Berry Bryn Mawr
LOCATION
SOUTH
WEST
SALES ($US)
COMPETITION
SALES ($US)
3
6
Previous Full Year Sales ($US)
Bryn Mawr, Pa.
EAST
$550,000
5
EXISTING / NEAREST STORES
1
COMPETITION
NORTH
Rolling 12 Month Sales ($US)
N/A
N/A
2
3
Y
TRADE AREA GENERATORS / CO-TENANTS
1 4 Department Stores in Mall
4 TCNJ - The College of NJ
7 12 resturaunts
2
5
8
8 Hotels
Rider University
9,250,000 sq feet of office space
3
6
Princeton University
110 stores in the mall
9
10
11
12
13
14
15
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