Tuesday, December 29, 2015

Retail Attraction: One Small Business at a Time

Cutting the Ribbon at Grand Street, Brooklyn
Recently, one of our NYC clients, the Grand Street BID, shared with us the news about their first successfully attracted business: “Save On Grand” and we would like to congratulate them and share their experience with you.

First, the BID identified a community need for a general merchandise store through data provided by our Retail Market Study and also through a subsequent community retail needs survey that was distributed at local community meetings and events. The results indicated an overwhelming need for a general merchandise store that could fill the void from the recent loss of two anchor tenant general merchandise stores that had closed (GEM and Liberty).

The actual process of bringing Save on Grand, a discount household items store, to the street involved establishing a relationship with a local broker who represents two vacant spaces in their district. Through meetings and phone calls with the broker they were able to explain their retail needs and pair him and his client with a landlord acquainted with the BID and that knew the district’s need for general merchandise and affordable clothing. 

According to Homer Hill, the Director of Communications and Special Programs of the Grand Street BID, residents are supporting the store and Save on Grand’s presence is bringing positive benefits to other stores along the street. “This also supports current retailers,” he said. “As long as Grand Street can be a destination for neighborhood convenience-type goods, that’s better for all the businesses.”

No comments:

Post a Comment