The Shoppes at Fox Run

Subject Site Analysis: What is the Competition?

By: Five person team

Competitive Supply Thesis

• Compared to its competition, the Shoppes at Fox Run differentiates itself with a unique anchor tenant (Whole Foods) as well as a solid core of supporting tenants.

• At the same time, other shopping centers to the north possess higher traffic locations than the SS while delivering a number of very large, national tenants on the same site.

Overview of Trade Area

Competitors of the Shoppes at Fox Run

• Griswold Shoppes

• Putnam Bridge Plaza

• The Shops at Somerset Square

Griswold Shoppes

Source: CoStar

Griswold Shoppes Location

• 2838-2868 Main StGlastonbury, CT 06033

• Very close access to Rtes. 2 and 3

• 0.8 miles (2 min.) from the Shoppes at Fox Run

Griswold Shoppes (Pt. A)

Griswold Shoppes

• 56,576 total sq. ft. GLA, 23 total spaces

• 5,001 sq. ft. vacant (8.8%), 3 total spaces

• All spaces less than 10,000 sq. ft.

• Largest tenants are Bertucci's, Pier 1, Anytime Fitness, and Toy Store

Tenants at Griswold Shoppes

Ingress/Egress

• 2 points of entry/exit

• Main St. (4-lane road) entrance has traffic light

• Griswold St. entrance does not have traffic light

Signage

• Poor signage

• Only Pier 1 has a sign (very low to the ground at intersection at Main and Griswold Sts.), shown on following slide

• However, Griswold Shoppes makes up for this with very good road visibility as the Shoppes are located very close to the road

Advantages of Griswold Shoppes Over Fox Run

• Locationo Slightly closer to Routes 2 and 3 than

SS

• Traffico On much busier streets than Welles St.o Griswold Shoppes: Exiting traffic from

both Route 3, Main St. Glastonbury Exit (39,500 ADT) and Route 2, Exit 6 (69,000)

o Fox Run: Route 2, Exit 8 (48,400 ADT)

Advantages of Griswold Shoppes Over Fox Run

• Ingress/Egresso Traffic lights at 1 point of entry/exit,

none at other point of entry/exito Fox Run has three points of entry/exit,

but no traffic lights

• Parkingo 4.33 spaces per 1,000 SF of GLA vs.

3.84 for Fox Run

Disadvantages of Griswold Shoppes vs. Fox Run

• Lacks a large, national anchor tenant such as a Whole Foods/Stop & Shop, Wal-Mart, Home Depot, etc. o Existing mix of small tenants may not have

the draw of a large, national anchor tenant to bring traffic to the rest of the stores.

o No grocery store

• Lacks office space present at Fox Run

Putnam Bridge Plaza

Putnam Bridge Plaza

Location:

• 31 Main Street, East Hartford

• Easy access to route 2 & 3

• Serves East Hartford, Glastonbury, and surrounding towns

Over 800 parking spots

Putnam Bridge Plaza

320,000 +/- SF Shopping Center

2 spaces available, 41,897 SF totalo 1 - 1,600 SFo 2 - 40,297 SF

91.97% leased, 8.03% vacant

Anchor Tenants - ShopRite, PetsMart, T.J. Maxx, Home Depot, Staples

Signage

Compared to Fox Run:• Much larger sign

compared to the ones at Fox Run

• Advertises more businesses at once instead of 3

Comparison to Subject Site

Distance to Fox Run:3 minutes - 1.37 miles

Both have access to routes 2 & 3

Tenants:

• Sleepy's

• PetsMart (Fox Run has Petco)

• TD Bank (Fox Run has People's United Bank)

Comparison to Subject Site

• Fox Run: More vacancies (5), less SF available (7,064)

• Putnam Bridge: Less vacancies (2), more SF available (41,897)

Advantages of Putnam Bridge Plaza

Tenants:

• Many large tenants

• Large variety: CVS, Home Depot, ShopRite, Burger King, Super Liquors, TD Bank

• Much larger area (320,000 GLA compared to 107,544 GLA)

Advantages of Fox Run

Lots of office space that is lacking at Putnam Bridge Plaza

• May bring in a lot more customers

• Whole Foods may bring in more customers than ShopRite

The Shops at Somerset Square

The Shops at Somerset Square

• Locationo 140 Glastonbury Blvd, Glastonbury, CTo Directly off of route 3o Less accessible than Fox Run from Route 2

Distance From Subject Site

The Shops at Somerset Square

• GLA: 115,000 SF

• 26 Retail Tenantso 3 spaces available for primary tenants (2,309;

2,364; and 4,133 SF Total: 8,806 SF)

• 13 Professional Tenantso 4,700 SF office space available

• Total vacancy: 11.74% of GLA

Tenant List and Site Map

Tenants

• Unlike the Whole Foods at Fox Run, no one true anchor tenant at Somerseto Many large retail stores: Victoria's Secret, Ann

Taylor, Talbotso Several Restaurants: Max Amore, Max Fish,

Zoup, Chipotle, Starbucks

• Across the street: Stop & Shop

Ingress and Egress

• Primary point of ingress and egress is four way intersection of Route 3 and Glastonbury Blvd.o Traffic lightso Dedicated left turning lane for both ingress

and egresso Two traffic lanes for entranceo Three lanes for exit

• Three other points of ingress and egress, but less accessible

• 580 parking spaces, 5.04 spots per 1,000 SF of GLA

Accessibility

Ingress and Egress

Parking

Signage

• Limited signage at entranceo Appears to be two unelevated signs on each

side of drivewayo No tenants listed on signso Signs read: "The Shops at Somerset Square"

Signage

Local Competition

Advantages for Somerset

• Location and Traffico Main Road (Glastonbury Blvd) busier than

Welles St.o Route 3 on/off ramp directly across from

Somerseto Dedicated turning lanes for ingress and

egresso Multiple lanes in/out of site and traffic signalso Better parking ratio (5.04 vs. 3.84)o Fox Run ADT Somerset

ADT

Source: Connecticut DOT

Advantages of Somerset

• Tenantso Many national, high-performing tenants:

Victoria's Secret, Ann Taylor, AT&To Strong restaurant business: Max Amore, Max

Fish, Chipotle

• Nearby Businesseso Bank of America Business Capital and Wells

Fargo occupy office space in two large buildings adjacent to Somerset with a connected parking lot

Advantages of Fox Run

• Traffico Fox Run more accessible from Route 2: Exit 8

48,400 ADT

• Anchor Tenanto Stop & Shop and Barnes and Noble across the

street from Somerset - Not directly linked with Somerset

o Whole Foods likely to have a larger trade area than Stop & Shop because it's a unique type of market

• More visible and informative signage

Comparisons of Somerset and Fox Run

• Both pedestrian friendly: Sidewalks and Crosswalks

• Both sites lease office space to professional tenants

• Fox Run: More vacancies (5), less SF available (7,064)

• Somerset: Less vacancies (3), more SF available (13,506)

Overall Effects on Fox Run

• Obvious concerns:o Taking away potential customerso More traffic in other areas

Welles Street does not have high traffic volume, especially compared to Main Street

i.e. Griswold complex closer to Rt. 2 and Rt. 3, Somerset Square on Glastonbury Blvd.

• On the other hand, The Shops at Somerset Square is less accessible from Route 2 than Fox Run (pros and cons from every side)

Effects Continued

• Effects of Ingress/Egresso As stated, area around Fox Run does not have

traffic lightso Other sites have less complicated

Ingress/Egress

• Small parking ratioo Other sites with higher parking ratio can

obviously allow more customers to stop and shop

o Note: When we visited there was ample parking available away from Whole Foods (most parking near Whole Foods)

Effects Continued - Anchors

• Again, the obvious concern is that competition in the area will take customers away

• Having an anchor like Whole Foods alleviates some of that concerno Specific consumer - organic foodso Highly successful and notable brand

• (Stop & Shop, Barnes and Noble across street from Somerset Square)

Anchor Effects

• Griswold Shoppeso No strong anchoro Mix of small tenants o No grocery store

• Somerset Squareo No definitive anchor, but present high-

performing stores (Victoria's Secret, Ann Taylor, AT&T)

• Putnam Bridge Plaza*o T.J. Maxx, ShopRite, Home Depoto Definitely poses big threat as it serves

customers from East Hartford and into Glastonbury

Overall Impacts

• Good for Fox Run:o No organic food store at other siteso Whole Foods is a very strong anchor

Large trade area

• Bad for Fox Run:o Low traffic volume on Welles St. vs. other

locations (i.e. Main St. and easier access to Routes 2 and 3 for other sites)

o Putnam Bridge Plaza poses a major threat with its strong anchors and available space

o Stop & Shop nearby

Hypothesis - Carving a Market Niche

Bring on the Moms

• Upper class service plazao Whole Foodso Petcoo YMCAo Nail Salon and Spa

• Fill the 15,000 SF (13.9%)o Women's Apparelo Physical Therapyo Sneakerso Fish Marketo Liquor Store

Work Cited

• http://www.newenglandretail.com/properties.cfm?cmd=show1&ID=32

• http://northeastretail.com/portfolio/griswoldshoppes/

• https://maps.google.com/

• http://hbnitkin.com/propfiles/1560818693_somerset_square_glastonbury_ct.pdf

• http://theshopsatsomersetsquare.com/

• Connecticut DOT: http://www.ct.gov/dot/cwp/view.asp?a=3532&q=330402

• CoStar