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2013+Broadway+Corridor+Retail+Strategy+Report (1)

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Capitol HillChamber of Commerce
Mr. Michael WellsExecutive Director1641 Nagle Place, Suite 003Seattle, WA 98122March 22, 2013Prepared by
Kidder Mathews
Michael George, LEED APBlair Howe, CCIMPatricia LindseySusan Zimmerman601 Union Street, Suite 4720Seattle, WA 98101206.296.9600
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Broadway Corridor Retail Strategy
 
kiddermathews.com
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Table of Contents
Broadway Corridor Retail Strategy
Executive Summary......................................................................................................................................................................3Purpose of Assignment...................................................................................................................................................................6Corridor Description.......................................................................................................................................................................6Demographics.......................................................................................................................................................7Retail Space Market.....................................................................................................................................................................12Project Feasibility..........................................................................................................................................................................15Location Analysis.........................................................................................................................................................................15Retail Potential.............................................................................................................................................................................18Retail Corridor History..................................................................................................................................................................20Retail Mix......................................................................................................................................................................................20Existing Retail Conditions............................................................................................................................................................22Retailer Survey..............................................................................................................................................................................26Summary Recommendations.......................................................................................................................................................29 Appendix 1...................................................................................................................................................................................31 Appendix 2...................................................................................................................................................................................32
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressedor implied as to its accuracy. Prospective Owner, Buyer or Tenant should conduct an independent investigation and verification of all mattersdeemed to be material, including, but not limited to, statements of value, income, and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT,OR OTHER PROFESSIONAL ADVISOR.This work was funded by the Capitol Hill Chamber of Commerce, Impact Capital and Sound Transit.
Nature of the Assignment
 
kiddermathews.com
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Broadway Corridor Retail Strategy
Executive Summary
INTRODUCTION
The Capitol Hill Chamber of Commerce engaged KidderMathews to update its 2007 Retail Strategic Plan (2007Report) for the Broadway Retail Corridor (Corridor). TheCorridor runs along Broadway Avenue East (Broadway)and is bounded by East Union Street to the south andEast Roy Street to the north, as shown in Exhibit E1. Thework includes an assessment of the existing space market,an assessment of current demographics, a contrast ofthe current retail environment with the past, and makesstrategic recommendations as to how the Chamber canaffect positive change.
RETAIL SPACE MARKET
The Corridor represents one of the strongest neighborhoodretail markets in Seattle. The Corridor itself containsapproximately 465,000 square feet of retail space, about60,000 square feet of which is less than five years old.The Corridor’s strong rental rates ($30-$40 per squarefoot) and low vacancy continues to drive development.There is currently 16,500 square feet of retail space underconstruction within the Corridor, and at least one additionalproject under consideration.
DEMOGRAPHICS
The Corridor’s Primary Market Area (PMA), outlined inwhite in Exhibit E1, roughly represents the geographicarea that is easily accessible to the Corridor by foot. ThePMA has one of the highest population densities in thestate with almost 28,000 residents per square mile. Ascompared to the City of Seattle (City) as a whole, the PMA has a high percentage of renter occupied households,a small average household size, and a high percentageof residents with college degrees. It also has a youngresidential population; in fact, over 40% of all residents inthe PMA are between the ages 25 and 34 years old. ThePMA’s median household income is relatively low; however,within the PMA median incomes increase significantly fromsouth to north. With an estimated 10,000 employees andover 8,000 full time students, the PMA also benefits from asignificant non-residential population.
Exhibit E1- Broadway Retail Corridor 

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