Comprehensive study analyzes retail real estate; special section tracks 10 years of change in retail categories
KeyPoint Partners, LLC has released The KeyPoint Report for Greater Hartford, CT 2016, 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 ten-year historical report on expansion and contraction in all major retail tenant categories in the region from 2006 to the present.
According to the Report, total retail space for the region was 37.6 million square feet. Occupancy was down markedly, which brought the vacancy rate to 11.1% from 10.1% a year ago. Costco Wholesale led retailers in new square footage in the region, adding a 156,000 square foot store in New Britain, and Mattress Firm led in new store count, adding 16 units. Other retailers high in the expansion ranks include Ashley Furniture, Edge Fitness, and Advance Auto Parts.
The special section, a ten-year historical report, tracks expansion and contraction since 2006 among all major retail tenant categories in the region, Sheehan says, gives a clear picture of how social values, shopping habits, and lifestyle choices of shoppers have changed the retail real estate landscape.
“The Variety Stores category ranked highest by expansion in the region by square footage, over the past decade – this category includes dollar stores such as Dollar Tree, Dollar General, and Family Dollar. Pet Shops and Pet Supply Stores had the highest new store count, followed by Medical and Dental Services, an increasingly common tenant type in retail centers,” Sheehan notes. “In terms of contraction, Educational and School Services showed the largest decrease in both square footage and store count.”
The Report is based on KeyPoint Partners’ GRIIDÔ, a powerful source of retail market knowledge that maintains detailed information on virtually every retail property in key New England markets. The Greater Hartford, CT Report includes 26 cities and towns, representing more than 835 square miles and approximately 820,800 people (23% of the state population).
The complete KeyPoint Report can be downloaded here. The KeyPoint Reports for Eastern Massachusetts/Greater Boston and Southern New Hampshire, released earlier this year, are available as well. For more information about KeyPoint Partners’ retail research capabilities and the KeyPoint GRIID 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 property & asset management services for nearly 21 million square feet of retail, office, and industrial properties, leasing for retail properties totaling more than 7 million square feet, and tenant representation services for local, regional, and national retailers. The firm provides a wide range of services to retailers, property owners, and financial institutions including retail brokerage, investment sales, property & asset management, construction, custom market research, and financing/consulting services.
Bob Sheehan, VP of Research:
Mr. Sheehan has over 40 years of experience providing retail and market analysis to clients nationwide. Prior to establishing his own consulting practice, mainstreetResearch, in 2001, Mr. Sheehan spent thirteen 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 thirty-nine shopping centers in fourteen 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 the College of the Holy Cross, 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.