Lakeside Avenue is an older commercial corridor that stretches 1.25 miles from the Richmond city line to Lewis Ginter Botanical Garden in Henrico County. Consumer surveys indicated that most shoppers lived within 1.5 miles of the center of the corridor; however, the botanical garden attracted 250,000 local and regional visitors each year. In addition, a nearby park  had an estimated 400,000 users annually.  Members of a nearby country club were also potential customers for Lakeside Avenue stores.  Thus, the market analysis, conducted in the fall of 2007, included household incomes of area residents, as well as estimated expenditures from commuters, and visitors to the garden, park, and country club.

The market analysis demonstrated strong retail potential for sit-down restaurants, coffee/ice cream shop, convenience grocery, specialty food store, garden center, farmers’ market, women’s and girl’s apparel, jewelry or related gift shop. The market analysis was incorporated into the Lakeside Avenue Revitalization Plan, and formed the basis for several specific recommendations.

Prior to the market analysis, 13 stores on Lakeside Avenue sat empty. After the analysis, four vacancies were filled including the recommended sit-down restaurant and jewelry store. Finally, a Farmers’ Market will open two days a week beginning in May, 2008. 

RMA Consulting
3126 W. Cary Street, Suite 707
Richmond, VA 23221
info@retailmarketanalyst.com