Revitalization Commission Agenda and Packet 2014 05 12

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SUBJECT: RETAIL BROKER ROUNDTABLE DATE: MAY 12, 2014 PAGE 2 OF 3 • elsewhere. Ability to bring a project on line is critical; if you can't deliver that we will go • Visibility and access is critical for retailer success. McCaslin has visibility and access issues due to landscaping requirements and now overgrown and or dense / overly mature landscaping. • Parking requirements for the tenants are very important; restaurants are asking for more parking while some big boxes are fine with 3 to 4 parking spaces /1,000SF. • Auto focused, traditional retail, is still a winner. Additionally, access and egress issues in and out of sites are important. • The lifestyle center concept has proven to not be a workable layout concept. A lifestyle centers can only work with enough density to support it. • Louisville is a tertiary market. Denver and Boulder are primary 1st tier markets, Ft. Collins and Co. Springs are secondary. • Retailers do not factor city boundaries in their site selection criteria. • Louisville is not a regional retail center, but a community center. The 'barbells' are Boulder and Westminster. Louisville retailers will tend to be daily needs types of retailers. Louisville is perceived as a bedroom community. • Density does drive retail, both rooftops and daytime population. Being high density doesn't have to be the play. Louisville needs to decide what it wants to be. • Cannibalization is a very important issue to retailers. Adding another store in Louisville or neighboring market can impact other stores nearby. • Louisville should talk up the high incomes, high education. • Incentives really help. Surrounding cities have lots of vacant land and are willing to offer significant incentives. Louisville has to compete in this market. • More residential units help retail. It was helpful and important to show that for Louisville Plaza; that helped facilitate the sale of that property. • One thing to help improve retail in Centennial Valley is to address the landscaping that blocks visibility. • Right now, McCaslin doesn't have a good story to tell (a broker said McCaslin is a bad story). The 36 Corridor is losing to 1 -25 and is over retailed. 1 -25 corridor is the preferred spot for retail today, it has lower cost land, and retailers can build to spec. • Figure out who you (Louisville) want to be then tell your (Louisville) story. Louisville is not going to be high volume — gear the retail to what the community is. 6