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  • MINNEHAHA-HIAWATHA CORRIDOR MARKET ANALYSIS

    Prepared for

    Hennepin County

    October 2008

  • 222 South Ninth Street Suite 380 Minneapolis, Minnesota 55402 · (612) 339-7000 Fax: (612) 338-5572

    MINNEHAHA-HIAWATHA CORRIDOR MARKET ANALYSIS

    Prepared for

    Hennepin County

    Prepared by

    McComb Group, Ltd.

    October 2008

  • i

    TABLE OF CONTENTS Chapter Subject Page

    SUMMARY OF FINDINGS ............................................................................... viii INTRODUCTION ...................................................................................................1 I MINNEHAHA-HIAWATHA CORRIDOR STUDY AREA..................................3

    Building Appearance ...............................................................................................7 Traffic Counts ..........................................................................................................8 Access ......................................................................................................................9 II COMPETITIVE SHOPPING AREAS ..................................................................10 III RETAIL BUSINESS INTERVIEWS....................................................................16

    Year Store Opened.................................................................................................16 Reason for Choosing Location...............................................................................18 Store Size ...............................................................................................................18 Employment...........................................................................................................19 Employee Transit Use............................................................................................20 Customer Transit Use ............................................................................................20 Where Customers Live/Come From ......................................................................20 Strengths of This Location for Your Business.......................................................21 Weaknesses of This Location for Your Business ..................................................21 Improvements to Area............................................................................................22 Sales Growth..........................................................................................................23 Plans for Change to Business.................................................................................23 Business Needs ......................................................................................................24 IV MINNEHAHA-HIAWATHA CORRIDOR TRADE AREAS .............................26

    Population and Households....................................................................................26 Household Income .................................................................................................30 Ethnic Diversity .....................................................................................................33 Demographic Characteristics .................................................................................36 LRT Retail Potential ..............................................................................................36 Purchasing Power...................................................................................................40 V RETAIL STORE AND SERVICE POTENTIAL .................................................41

    Retail Potential.......................................................................................................41 Sales Potential........................................................................................................42 Additional Retail Space .........................................................................................44

  • ii

    TABLE OF CONTENTS Chapter Subject Page

    VI SOCIOECONOMIC CHARACTERISTICS.........................................................48 VII HOUSING DEMAND...........................................................................................70

    Future Multi-Family Demand ................................................................................74 VIII MINNEHAHA-HIAWATHA CORRIDOR STUDY AREA ASSESSOR’S ESTIMATED MARKET VALUE .....................................................................76 Mortgage Foreclosures...........................................................................................77

  • iii

    LIST OF TABLES Table Title Page

    1 Minnehaha-Hiawatha Corridor Study Area Retail ..................................................6

    2 Minnehaha-Hiawatha Corridor Study Area Retail/Service Storefront Class Ratings.................................................................................................................8

    3 Minnehaha-Hiawatha Corridor Average Daily Traffic Counts: 2002, 2004 and 2006 ..............................................................................................................9

    4 Minnehaha-Hiawatha Corridor Competitive Retail Areas ....................................12

    5 Minnehaha-Hiawatha Corridor Retail Survey: Survey Participants Year Opened...............................................................................................................16

    6 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: Why Did You Choose This Location? ..............................................................18

    7 Minnehaha-Hiawatha Corridor Retail Survey: Survey Participants GLA.............18

    8 Minnehaha-Hiawatha Corridor Employees by Retail Business Type ...................19

    9 Minnehaha-Hiawatha Corridor Retail Survey: Survey Participants Number of Employees.....................................................................................................19

    10 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: What Percentage of Your Employees Use Transit (Such as LRT or Bus) to Get to Work? .....................................................................................................20

    11 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: What Percentage of Your Customers Use Transit (Such as LRT or Bus) to Get to Your Business? .......................................................................................20

    12 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: Where Do Your Customers Live/Come From?.................................................21

    13 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: What Are The Strengths of This Location For Your Business?........................21

    14 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: What Are The Weaknesses of This Location For Your Business? ...................22

    15 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: What Could Be Done to Improve Your Business?............................................22

    16 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: What Has Been Your Percent Sales Growth Since 2002? ................................23

    17 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: Do You Have Any Plans for Changes to Your Business in the Next 3 Years? ................................................................................................................23

    18 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: Does Your Store Meet Your Current Business Needs? ....................................24

  • iv

    LIST OF TABLES (continued) Table Title Page

    19 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: Does Your Store Meet Your Future Business Needs? ......................................24

    20 Minnehaha-Hiawatha Corridor Retail Survey Responses to the Question: What Will You Need in the Future?..................................................................24

    21 Minnehaha-Hiawatha Corridor Retail Business Interview Participants by Area ...................................................................................................................25

    22 Minnehaha-Hiawatha Corridor Trade Areas Population and Households: 1990 and 2000 Census; 2007 and 2012 Estimated............................................29

    23 Minnehaha-Hiawatha Corridor Trade Areas Average and Median Household Income: 1990 and 2000 Census; 2007 and 2012 Estimated..............................30

    24 Minnehaha-Hiawatha Corridor Trade Areas Household Income Distribution: 1990 and 2000 Census; 2007 and 2012 Estimated............................................32

    25 Minnehaha-Hiawatha Corridor Trade Areas Household Income Distribution: 1990 and 2000 Census; 2007 and 2012 Estimated............................................33

    26 Minnehaha-Hiawatha Co