Miami Street Commercial Corridor Action Plan 2000

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The natural primary trade area for any commercial district is the nearby residents and workers. Local businesses intercept these customers providing the goods and services that meet their needs more conveniently than more distant businesses. As competitive shopping opportunities have developed, these customers have decided where to shop by balancing the wider selection and often lower prices at shopping centers with the local offering. As the population became more auto oriented and less dependent on pedestrian access to shopping, retail business concentrations like those along Miami Street were less successful in attracting customers for basic shopping like groceries and apparel. Like most traditional neighborhood commercial districts, Miami Street lost many longstanding businesses and became a location for services and new retailing formats, like convenience stores. These businesses still serve the local population but they obtain a much lower percentage of neighborhood residents' spending and it is more discretionary spending than when the corridor contained grocery stores and gas stations. The strategy recommended as part of this study will suggest methods of strengthening the affiliation between nearby residents and the Miami Street Corridor. The demographic reports in the appendix provide a detailed picture of the population and sales potential of this primary trade area. Highlights of that information include: Population 6,800 % Owner Occupied Housing 59.4% Median Household Income $29,300 Average Household Income $34,100 Median Age 31.2 Total Expenditures ($ Mil) $96.4 Annual Restaurant Expenditures ($ Mil) $13.7 Source: National Decision Systems, Pop -Fads Report This information shows a relatively small market with enough spending power to support a limited retail offering. A reasonable goal for a neighborhood shopping corridor is to develop a store mix and marketing approach that attract as much as 20% of the specialty goods (total expenditures minus grocery, drug, mass merchandiser, department stores and apparel) spending of the population in its primary trading area. For Miami Street that is 20% of $ 24.9 million or about $5 million. Recognizing that well managed corridor stores and restaurants will sell between $300,000 and $1 million annually and recalling that this local population provides between 50%and 80%of the area's sales, this suggests that the Miami Street Miami Street Commercial Corridor Revitalization Action Plan December 2000 Page 5.