In the Spotlight For Scarritt Renaissance and Ivanhoe, developing their commercial corridors is an important element of their Quality of Life Plans, and a priority in their revitalization. The two NeighborhoodsNOW communities made big strides towards that goal in September with the completion of a Business District Market Study for their commercial districts. Both studies show the potential for growth in new and existing retail and service businesses as well as the challenges that lay ahead in jumpstarting their commercial corridors.
Interestingly, both studies found that there was significant leakage, or money spent by residents outside of the neighborhood’s primary trade area – an important point because the most sustainable business districts have the least amount of leakage, indicating that residents make purchases within their community. The market studies provided valuable information to bring money back to the neighborhood by providing a profile and analysis of the business district, as well as sharing the results of consumer research, an analysis of market demand, and specific recommendations for attracting new development and helping existing businesses succeed.
The Scarritt study was completed in partnership with the Economic Development Corporation of KCMO. Plus, it supports Kansas City, Missouri Mayor Funkhouser’s “New Tools Initiative” and was highlighted on the Mayor’s September New Tools Bus Tour to promote commercial development in the northeast. Other recommendations in the Scarritt study of Independence Avenue are:
Based on their market study findings, Scarritt leaders plan to promote their neighborhood as a “World Marketplace,” capitalizing on the many ethnic businesses and diverse resident population. As a follow-up to the meetings, Stakeholder Task Groups have been established to move the Independence Avenue Market Study into implementation. Eric Bellamagamya, a local REALTOR© and leader of the Marketing Task Group for Scarritt, explained his strategy: “One of the focal points in the market study was to expand on the international flavor (of the neighborhood). There is a diverse population of 36,000 people within the commercial district who are currently shopping outside of the neighborhood. That is a big hurdle, but also a big opportunity.”
NeighborhoodsNOW - Stimulating Economic Activity
|