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
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
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
Provide a recommendation of prospective tenants to assist the Village and shopping
center owner(s) with targeted marketing efforts