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Consultant Services for a Retail Market Analysis & Economic Development Strategy


Location
Illinois
Publication Date
03/17/2020 10:26 PM EDT
Closing Date
04/13/2020 05:00 PM EDT
Issuing Organization
Village of Woodridge
Solicitation Number
Description

Specifications include, but are not limited to: Phase 01 | Retail Market Analysis The Village is seeking a retail market analysis that will provide for current and future retail needs to ensure the continued economic health of the Village. A market analysis report outlining potential redevelopment options for the shopping center site based on market realities will be the result of the first phase of this project that involves the following: Existing conditions assessment – The consultant conducts an initial assessment and inventory of the redevelopment potential of the site taking into consideration access, land use, zoning, utilities, transportation, neighborhood conditions and recent land use and retail development trends. This assessment should go beyond Census data to include a breadth of psychographics for further characterization of the Village. Customer profiles – Provide customer profile information to assist with better understanding customer behavior and how to market and serve them. A review of Village codes, regulations, and policies. Needs assessment - Determine the Village's interest and desire for certain types of potential uses or redevelopment and the scale, intensity and economic market for those uses. Market and retail GAP analysis – Complete a market study to understand supply and demand conditions for our market capacity for the site. The analysis should include a leakage analysis to determine what, if any, retail or other commercial demand is not being met locally. Retail Market Analysis Report – Prepare a report compiling data and findings from the existing conditions assessment, needs assessment, and market and retail GAP analysis. Phase 02 | Economic Development Strategy The selected consultant is expected to develop a more detailed and refined strategy for the site. The resulting strategy should provide a more in-depth detailed analysis with recommendations on how to improve the quality and diversity of uses within the shopping center as well as outline how the Village can leverage resources that will positively influence the redevelopment of this site. A more detailed and refined strategic report should: Outline the dynamics of the trade area Address specific relevant issues such as business mix, vacancies, and market competition from surrounding communities Identify the appropriate uses for the site that is supported by market data and Village interests and desires Provide a total of two conceptual development plans based on the identified uses for the site to be utilized by the Village, the owner(s) and their designee to market these newly defined opportunities Support business expansion and recruitment efforts Recommend potential public incentives that could improve the site’s viability for redevelopment Provide a recommendation of prospective tenants to assist the Village and shopping center owner(s) with targeted marketing efforts

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