Comprehensive real estate report includes ten-year grocery study
BURLINGTON, MA (today)—KeyPoint Partners, LLC has released The KeyPoint Report for Greater Hartford Connecticut 2014, Bob Sheehan, Vice President of Research, announced today. This comprehensive retail real estate Report examines supply, occupancy, absorption, and retailer expansion and contraction for virtually every retail property in the region. This year’s Report features a special ten-year historical perspective on the region’s grocery real estate from 2004 to the present.
“The region experienced its second year in a row of declining vacancy. However, with a retail density of 46.2 square feet per capita, Greater Hartford may be one of the most overstored metropolitan areas in New England,” Sheehan said. “Before any major retail projects are justified, owners and developers should focus on improving current occupancy levels, or redeveloping existing space into viable projects better suited to the characteristics of the trade area.”
According to the Report, total retail space for the region was 37.2 million square feet. Dollar General led retailers in square feet of expansion in the region, adding 62,000 square feet, while United Bank ranked first in new store count, adding 11 units.
Variety Stores topped all retail categories in new square footage, and Restaurants was number one in new store count, with 26 locations added in the region. Food Stores and Beauty Salons also ranked high by expansion.
The special section of the Report compares the increase in square footage of grocery stores, dollar stores, and wholesales clubs in the region since 2004. Stop & Shop tops the grocery store chart, with nearly 1.3 million square feet in the region.
The Report is based on KeyPoint Partners’ GRIID, a powerful source of retail market knowledge that maintains detailed information on virtually every retail property in key New England markets. The Greater Hartford Report includes 26 cities and towns, representing more than 835 square miles and more than 821,000 people, or nearly 23% of the state population.
The complete KeyPoint Report can be accessed by clicking here. The KeyPoint Reports for Eastern Massachusetts/Greater Boston and Southern New Hampshire were released earlier this year. For more information about KeyPoint Partners’ retail research capabilities and the KeyPoint GRIID, click here, or contact Bob Sheehan, Vice President of Research, at BSheehan@KeyPointPartners.com or at 781.418.6248.
Headquartered in Burlington, MA, KeyPoint Partners is the region's premier commercial real estate service firm, providing a wide range of services to retailers, property owners, and financial institutions on more than 27 million square feet of retail, office, and industrial properties in 17 states.
Bob Sheehan, VP of Research:
Mr. Sheehan has over 36 years of experience providing retail and market analysis to clients nationwide. Prior to establishing his own consulting practice, mainstreetResearch, in 2001, Mr. Sheehan spent 13 years as Director of Market Research for The Richard E. Jacobs Group. Mr. Sheehan directed all research activities including market feasibility and site evaluation, redevelopment and expansion analysis, economic impact studies, competitive assessment, and related market intelligence for the company's portfolio of 39 shopping centers in 14 states. Mr. Sheehan has also worked as Manager of Location Research for Bradlees Department Stores, and as a Senior Analyst for Federated Department Stores. Mr. Sheehan has a B.A. in Economics from Holy Cross College, and an MBA in Marketing from the University of Miami. He is a member of the ICSC and a longstanding member of the ICSC Research Advisory Task Force.