Developer Opportunities
Columbus, Indiana is a small city with a population of 39,690 in southeast central Indiana, and is the county seat of Bartholomew County. But this small city has been largely recognized as one of the most productive and attractive locales in the country. In April 2008, Fortune Small Business magazine recognized Columbus as one of America's Top 100 best places to live and launch a business.
The city is ranked sixth in the nation for architectural innovation and design by the American Institute of Architects, and it has hundreds of acres in a city park system ranked number one in the country by the National Recreation and Park Association for cities of its size.
In late 2008, National Geographic Traveler ranked Columbus 11th out of 109 most historic destinations worldwide by National Geographic Society's Center for Sustainable Destinations, which is higher than any other U.S. destination.
Developing Downtown
In April 2008, Columbus was named one of the nation's "most walkable" communities by Dan Burden, Executive Director of Walkable Communities. He has given the title to just 100 of the 2,500 cities he has visited.
The current trend in suburban retail development is open-air centers containing upscale specialty stores, dining and entertainment. Often called "lifestyle centers", these open-air malls are not usually anchored, but many include a large-format bookstore and multiplex cinema dispersed among small department stores. The lifestyle center endeavors to create a "sense of place" by employing elements mimicking the architecture, atmosphere and streetscapes of the traditional Main Street.
So how many and what types of restaurants, entertainment and shopping options are likely to be successful in downtown? In order to make this determination, an analysis was performed on the retail market potential for individuals living within a 15-minute drive of Downtown Columbus.
Dining
In the case of dining, residents living within 15 minutes of Downtown Columbus spend more than $92.5 million annually at restaurants and bars (nearly 16% on alcoholic beverages). However, these same residents would spend $98.6 million if the right choices were available. This unrealized demand is distributed in the market with 73.4% going to full-service restaurants, 25.6% going to bars and nightclubs and the remaining 1% going to fast food and take-out restaurants. In another study provided by a company called Buxton, based on the same principles, it shows that there is a leakage of .93% for food service and drinking places based on actual sales.
Shopping
Some samples of retail activities that might be able to garner sufficient market share are: apparel, computers, cameras and film, pets and reading materials. In addition to the findings of this study, other studies suggest that a significant portion of the current retail market area for some downtown retailers extends to the east and south of Columbus. This outcome recognizes the influence of Camp Atterbury to the northwest and regional malls such as Greenwood Park and Edinburgh Premium Outlets.
The Buxton study shows that there is an approximately $220.7 million in potential sales within retail. This has a total leakage of 3.30% of actual sales. These numbers differ depending on the type of retail store. The highest potential sale comes from food and beverage stores such as a grocery store.
Entertainment
According to the study results, the greatest potential venue selections are "Bar/Nightclub" and "music performance." Bars and nightclubs, which also provide a venue for live music performance, also represent a significant opportunity and improve their probability of success.
For more information check out:
- Taking Stock of the Community Strategic Planning Project (Approx. 77.3MB)
- Buxton Study (Approx. 3.58 MB)
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