RMA Consulting
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Broad Street, Richmond, VA
Location: Adjacent to Virginia Commonwealth University and downtown Richmond
Challenge: Vacant 19th and 20th century storefronts, incompatible uses, limited student-oriented retail
Convenience goods trade area population: approximately 110,000
Shoppers goods trade area population: approximately 220,000
In the 1990s, Virginia Commonwealth University and local museums made significant investments on Broad Street, and private developers proposed new housing for students. VCU requested a market analysis to determine the best new uses for existing vacant retail spaces, and retail to fill new shopping centers along the one-mile section of Broad Street near the university. In addition to area household expenditures, market analysis included student and employee expenditures. In addition, the analysis included future expenditures from proposed new housing units on Broad Street.
Market analysis conducted in the fall of 1999 showed that Broad Street could support new retail including women’s wear, men’s wear, a shoe store, video store, card and gift shop, hardware store, barber shop, convenience market, fast food/carry-out restaurant, bath and linen store, toy store, small office and software supply store, and a music store. After the construction of new student housing, several fast food chains and coffee shops leased space on Broad Street. One new shopping center is anchored by a grocery store, with a video game store, salon, and clothing store as other tenants. In addition, a home improvement store opened on the site of a former grocery store.
Challenge: Vacant 19th and 20th century storefronts, incompatible uses, limited student-oriented retail
Convenience goods trade area population: approximately 110,000
Shoppers goods trade area population: approximately 220,000
In the 1990s, Virginia Commonwealth University and local museums made significant investments on Broad Street, and private developers proposed new housing for students. VCU requested a market analysis to determine the best new uses for existing vacant retail spaces, and retail to fill new shopping centers along the one-mile section of Broad Street near the university. In addition to area household expenditures, market analysis included student and employee expenditures. In addition, the analysis included future expenditures from proposed new housing units on Broad Street.
Market analysis conducted in the fall of 1999 showed that Broad Street could support new retail including women’s wear, men’s wear, a shoe store, video store, card and gift shop, hardware store, barber shop, convenience market, fast food/carry-out restaurant, bath and linen store, toy store, small office and software supply store, and a music store. After the construction of new student housing, several fast food chains and coffee shops leased space on Broad Street. One new shopping center is anchored by a grocery store, with a video game store, salon, and clothing store as other tenants. In addition, a home improvement store opened on the site of a former grocery store.
RMA Consulting
3126 W. Cary Street, Suite 707
Richmond, VA 23221
info@retailmarketanalyst.com
Above: Site for new housing on Broad Street.
Below: New student-oriented retail.
Below: New student-oriented retail.
