Sunday, November 15, 2015
UPATED: 12 formerly vacant lots and buildings along Fulton Street in Clinton Hill and Fort Greene are currently being developed as mixed-use buildings with retail space on the ground floor. Information in this study is intended to help potential commercial tenants, retail brokerage firms and property-owners looking to be part of the dynamic energy that is happening in the FAB Alliance.
The Commercial Retail Market Study is now available. Commissioned by Fulton Area Business (FAB) Alliance, the study identifies the types of businesses that the Fulton Street Corridor in Brooklyn’s Fort Greene and Clinton Hill can support based on current and future buying power, plus responses to a consumer-needs survey that was conducted by the Pratt Area Community Council (PACC). The report and survey offers information that can be beneficial to current Fulton Street businesses, prospective businesses, property owners, developers, and community members.
Larisa Ortiz Associates (LOA) completed various analysis that looked closely at information like: demographics, present businesses and retail, consumer responses, millions of dollars in unmet consumer demand and other data that are discussed further in the report.
FAB identified 5 goals that guided the study and was taken into consideration. Those five goals were:
- Data-Driven Information
- Maintain Vibrant Retail Mix
- Information to Help Existing Businesses Respond to the Market
- Community Needs
- Incoming Residential Demands
- It is projected there will be over $340 million in additional consumer demand as new residential, retail, office and commercial spaces are coming to the community.
- Population in Clinton Hill and Fort Greene are expected to grow at a faster rate than Brooklyn as a whole between 2013-2018.
- The top five categories or retail that residents wish they could buy more of on Fulton include: clothing, shoes, organic/local produce, gifts, furniture/home goods.
FAB Alliance would like to thank PACC for their work on the consumer needs survey. The findings will help inform businesses about what the community is requesting.
*This project was made possible thanks to a Neighborhood Challenge Innovation Grant awarded to FAB Alliance, in partnership with PACC. Thank you to the New York City Department of Small Business Services for their support.