the shoppes at fox run subject site analysis: what is the competition? by: five person team
TRANSCRIPT
Competitive Supply Thesis
• Compared to its competition, the Shoppes at Fox Run differentiates itself with a unique anchor tenant (Whole Foods) as well as a solid core of supporting tenants.
• At the same time, other shopping centers to the north possess higher traffic locations than the SS while delivering a number of very large, national tenants on the same site.
Competitors of the Shoppes at Fox Run
• Griswold Shoppes
• Putnam Bridge Plaza
• The Shops at Somerset Square
Griswold Shoppes Location
• 2838-2868 Main StGlastonbury, CT 06033
• Very close access to Rtes. 2 and 3
• 0.8 miles (2 min.) from the Shoppes at Fox Run
Griswold Shoppes
• 56,576 total sq. ft. GLA, 23 total spaces
• 5,001 sq. ft. vacant (8.8%), 3 total spaces
• All spaces less than 10,000 sq. ft.
• Largest tenants are Bertucci's, Pier 1, Anytime Fitness, and Toy Store
Ingress/Egress
• 2 points of entry/exit
• Main St. (4-lane road) entrance has traffic light
• Griswold St. entrance does not have traffic light
Signage
• Poor signage
• Only Pier 1 has a sign (very low to the ground at intersection at Main and Griswold Sts.), shown on following slide
• However, Griswold Shoppes makes up for this with very good road visibility as the Shoppes are located very close to the road
Advantages of Griswold Shoppes Over Fox Run
• Locationo Slightly closer to Routes 2 and 3 than
SS
• Traffico On much busier streets than Welles St.o Griswold Shoppes: Exiting traffic from
both Route 3, Main St. Glastonbury Exit (39,500 ADT) and Route 2, Exit 6 (69,000)
o Fox Run: Route 2, Exit 8 (48,400 ADT)
Advantages of Griswold Shoppes Over Fox Run
• Ingress/Egresso Traffic lights at 1 point of entry/exit,
none at other point of entry/exito Fox Run has three points of entry/exit,
but no traffic lights
• Parkingo 4.33 spaces per 1,000 SF of GLA vs.
3.84 for Fox Run
Disadvantages of Griswold Shoppes vs. Fox Run
• Lacks a large, national anchor tenant such as a Whole Foods/Stop & Shop, Wal-Mart, Home Depot, etc. o Existing mix of small tenants may not have
the draw of a large, national anchor tenant to bring traffic to the rest of the stores.
o No grocery store
• Lacks office space present at Fox Run
Putnam Bridge Plaza
Location:
• 31 Main Street, East Hartford
• Easy access to route 2 & 3
• Serves East Hartford, Glastonbury, and surrounding towns
Over 800 parking spots
Putnam Bridge Plaza
320,000 +/- SF Shopping Center
2 spaces available, 41,897 SF totalo 1 - 1,600 SFo 2 - 40,297 SF
91.97% leased, 8.03% vacant
Anchor Tenants - ShopRite, PetsMart, T.J. Maxx, Home Depot, Staples
Signage
Compared to Fox Run:• Much larger sign
compared to the ones at Fox Run
• Advertises more businesses at once instead of 3
Comparison to Subject Site
Distance to Fox Run:3 minutes - 1.37 miles
Both have access to routes 2 & 3
Tenants:
• Sleepy's
• PetsMart (Fox Run has Petco)
• TD Bank (Fox Run has People's United Bank)
Comparison to Subject Site
• Fox Run: More vacancies (5), less SF available (7,064)
• Putnam Bridge: Less vacancies (2), more SF available (41,897)
Advantages of Putnam Bridge Plaza
Tenants:
• Many large tenants
• Large variety: CVS, Home Depot, ShopRite, Burger King, Super Liquors, TD Bank
• Much larger area (320,000 GLA compared to 107,544 GLA)
Advantages of Fox Run
Lots of office space that is lacking at Putnam Bridge Plaza
• May bring in a lot more customers
• Whole Foods may bring in more customers than ShopRite
The Shops at Somerset Square
• Locationo 140 Glastonbury Blvd, Glastonbury, CTo Directly off of route 3o Less accessible than Fox Run from Route 2
The Shops at Somerset Square
• GLA: 115,000 SF
• 26 Retail Tenantso 3 spaces available for primary tenants (2,309;
2,364; and 4,133 SF Total: 8,806 SF)
• 13 Professional Tenantso 4,700 SF office space available
• Total vacancy: 11.74% of GLA
Tenants
• Unlike the Whole Foods at Fox Run, no one true anchor tenant at Somerseto Many large retail stores: Victoria's Secret, Ann
Taylor, Talbotso Several Restaurants: Max Amore, Max Fish,
Zoup, Chipotle, Starbucks
• Across the street: Stop & Shop
Ingress and Egress
• Primary point of ingress and egress is four way intersection of Route 3 and Glastonbury Blvd.o Traffic lightso Dedicated left turning lane for both ingress
and egresso Two traffic lanes for entranceo Three lanes for exit
• Three other points of ingress and egress, but less accessible
• 580 parking spaces, 5.04 spots per 1,000 SF of GLA
Signage
• Limited signage at entranceo Appears to be two unelevated signs on each
side of drivewayo No tenants listed on signso Signs read: "The Shops at Somerset Square"
Advantages for Somerset
• Location and Traffico Main Road (Glastonbury Blvd) busier than
Welles St.o Route 3 on/off ramp directly across from
Somerseto Dedicated turning lanes for ingress and
egresso Multiple lanes in/out of site and traffic signalso Better parking ratio (5.04 vs. 3.84)o Fox Run ADT Somerset
ADT
Source: Connecticut DOT
Advantages of Somerset
• Tenantso Many national, high-performing tenants:
Victoria's Secret, Ann Taylor, AT&To Strong restaurant business: Max Amore, Max
Fish, Chipotle
• Nearby Businesseso Bank of America Business Capital and Wells
Fargo occupy office space in two large buildings adjacent to Somerset with a connected parking lot
Advantages of Fox Run
• Traffico Fox Run more accessible from Route 2: Exit 8
48,400 ADT
• Anchor Tenanto Stop & Shop and Barnes and Noble across the
street from Somerset - Not directly linked with Somerset
o Whole Foods likely to have a larger trade area than Stop & Shop because it's a unique type of market
• More visible and informative signage
Comparisons of Somerset and Fox Run
• Both pedestrian friendly: Sidewalks and Crosswalks
• Both sites lease office space to professional tenants
• Fox Run: More vacancies (5), less SF available (7,064)
• Somerset: Less vacancies (3), more SF available (13,506)
Overall Effects on Fox Run
• Obvious concerns:o Taking away potential customerso More traffic in other areas
Welles Street does not have high traffic volume, especially compared to Main Street
i.e. Griswold complex closer to Rt. 2 and Rt. 3, Somerset Square on Glastonbury Blvd.
• On the other hand, The Shops at Somerset Square is less accessible from Route 2 than Fox Run (pros and cons from every side)
Effects Continued
• Effects of Ingress/Egresso As stated, area around Fox Run does not have
traffic lightso Other sites have less complicated
Ingress/Egress
• Small parking ratioo Other sites with higher parking ratio can
obviously allow more customers to stop and shop
o Note: When we visited there was ample parking available away from Whole Foods (most parking near Whole Foods)
Effects Continued - Anchors
• Again, the obvious concern is that competition in the area will take customers away
• Having an anchor like Whole Foods alleviates some of that concerno Specific consumer - organic foodso Highly successful and notable brand
• (Stop & Shop, Barnes and Noble across street from Somerset Square)
Anchor Effects
• Griswold Shoppeso No strong anchoro Mix of small tenants o No grocery store
• Somerset Squareo No definitive anchor, but present high-
performing stores (Victoria's Secret, Ann Taylor, AT&T)
• Putnam Bridge Plaza*o T.J. Maxx, ShopRite, Home Depoto Definitely poses big threat as it serves
customers from East Hartford and into Glastonbury
Overall Impacts
• Good for Fox Run:o No organic food store at other siteso Whole Foods is a very strong anchor
Large trade area
• Bad for Fox Run:o Low traffic volume on Welles St. vs. other
locations (i.e. Main St. and easier access to Routes 2 and 3 for other sites)
o Putnam Bridge Plaza poses a major threat with its strong anchors and available space
o Stop & Shop nearby
Hypothesis - Carving a Market Niche
Bring on the Moms
• Upper class service plazao Whole Foodso Petcoo YMCAo Nail Salon and Spa
• Fill the 15,000 SF (13.9%)o Women's Apparelo Physical Therapyo Sneakerso Fish Marketo Liquor Store
Work Cited
• http://www.newenglandretail.com/properties.cfm?cmd=show1&ID=32
• http://northeastretail.com/portfolio/griswoldshoppes/
• https://maps.google.com/
• http://hbnitkin.com/propfiles/1560818693_somerset_square_glastonbury_ct.pdf
• http://theshopsatsomersetsquare.com/
• Connecticut DOT: http://www.ct.gov/dot/cwp/view.asp?a=3532&q=330402
• CoStar