Retail Market Analysis Report Identifies Locations, Retailers for Potential Development
Cudahy shoppers want more restaurants, department stores and home improvement stores and they are currently spending enough money to support those additional businesses. In addition, there are a number of national and regional retailers that should have interest in bringing development to Cudahy. Those are the major findings of the retail market analysis conducted over the spring and summer.
The analysis found General Mitchell International Airport to the west and Lake Michigan to the east restrict the demand for retail goods and services in the city. Still, there is room to add large anchor retailers as well as smaller scale stores, full-service family restaurants and fast-food restaurants.
Maryland-based Basile Baumann Prost Cole & Associates, Inc. (BBPC Associates) conducted the retail market analysis. It included a review of consumer demographics, a study of existing retailers and business traffic within a five-mile radius of Cudahy and surrounding Southshore communities, interviews with real estate professionals and a shopper survey of 200 Cudahy residents and non-residents.
These exercises helped BBPC Associates identify the city’s primary and secondary retail trade areas, analyze the existing demand and supply of each retail category and determine the retail gap of each category.
“This report gives us priceless insight into the tremendous opportunities for successful retail development in Cudahy,” said Mayor Ryan McCue. “Now we have a clear vision, as we move forward, of what residents want and what businesses need to expand operations in Cudahy.”
In a study of existing big box retailers such as Wal-Mart, Target and Shopko in the Milwaukee regional area, the analysis showed a total retail leakage of $41 million in general merchandise stores. That presents a major opportunity for a big box retailer – as large as 125,000 square feet -- to enter the Cudahy market area. A big box anchor could attract smaller co-tenants to an anchored shopping center development in Cudahy.
According to the analysis, new retail projects in Cudahy may support between 250,000 and 350,000 square feet of total retail space. The space would be comprised of big box retail, national and regional retailers and restaurants.
“BBPC looked at more than 5,400 retailers and restaurants to create a database of establishments likely to be interested in expanding or relocating to Cudahy,” said Director of Economic Development Lara Fritts. “This database will be a tremendous tool to help us target and attract the best tenants for existing and future shopping centers.”
The two sites identified as prime locations for retail development in Cudahy: the Iceport site at Layton and Nicholson Avenues and the Pennsylvania Avenue/Airport site. The report concludes that the Iceport site should be used as the primary “Village Center” retail and community project because it is more centrally located, closer to Cudahy’s residential core and major employers and the potential future rail stop.
“A new retail project worth $18 million or more is in the works for Layton and Pennsylvania,” McCue said. “The Common Council recently approved a development agreement with Cobalt Partners of Milwaukee that includes a potential big box retailer.”
The retail market analysis makes both short-term and long term recommendations for Cudahy’s commercial areas. Among the suggestions: architectural façade improvements; streetscape, landscape and parking improvements; the preservation of small retail businesses and green and low-impact design features in the design of new buildings and public spaces.
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