The City of Independence was working to redevelop its downtown to help grow the city’s economy. The city leaders had an initial vision for redevelopment which incorporated new retail to support other land uses, but they needed facts to support and refine the vision. Allegro was engaged to quantify the assumption of retail demand as a component of a mixed use development.
Allegro began the demographic and retail market analysis by defining the market boundaries which encompassed the consumers and existing retail locations which would affect the downtown redevelopment. Allegro then collected and analyzed demographics within the market area to understand the consumer market which would be served by the redevelopment.
Allegro scoured market databases and conducted field research to develop an inventory of existing retail locations which was used to analyze the retail market activity and gauge the health of the retail market surrounding the city. Allegro then collected and analyzed retail leakage and surplus data by retail type to identify the types of tenants which would be appropriate for the proposed redevelopment. Traffic count data was also analyzed to assess the proposed redevelopment desirability to retailers who rely on strong visibility.
Allegro presented the city with conclusions about underserved retail categories and demographic strengths and recommended next steps for proceeding with the redevelopment.