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_ <br /> <br /> _ _ _ <br /> ~ ~ ~ ~ <br /> J ; <br /> l <br /> I <br /> i <br /> i <br /> i <br /> Wh is downtown retail im ortant? <br /> .Public face of the downtown <br /> Retail .Provides amenities such as restaurants and <br /> v shopping to employees and residents <br /> t~ <br /> o ' ` .Draws from a market that includes: <br /> ~ <br /> ~ . On-site market: employees, hotel guests, residents, <br /> v visitors ' <br /> z d ~ 1 i, .Local market: 5-minute range <br /> . Regional market: 30-minute range <br /> . Transient drive-by mazket: auto travelers passing <br /> through ' <br /> Wes[ Broadway Redevelopment ECONOrthwest August 2(x17 14 <br /> I <br /> Demand for retail <br /> .Recent record high vacancies: 6.9% in 2005 <br /> . Rents per sq ft per month SpeCIfIC Retail USeS ~ <br /> . Eazly 1990s <br /> • West Broadway $1.25-$1.50 <br /> . 2007 <br /> • West Broadway $0.08-$0.95 <br /> • East Broadway $1.10-$1.35 (some triple net) <br /> • Oakway & North Delta $2.00-$3.00+ (some triple net) <br /> . Rents low in downtown: <br /> . Less traffic <br /> . Dysfunctional spaces <br /> West Broadway Redevelopment ECONodhwest Augu512007 15 <br /> Wh is a downtown cinema im ortant? Differences in cinema t es <br /> .First-run feature films .Art house films <br /> .Anchor for retail development = 94% of the value of = 4%-5%of the value of <br /> .Attracts people on weekends and evenings national ticket sales national ticket sales <br /> . Audience: .Audience: <br /> . Young .Well-educated <br /> .Frequent attendees .Urban <br /> Trends: multi-plex, • Older <br /> stadium seating, showing • Higher incomes <br /> multiple seatings of brand .Trends: National <br /> new films independent film <br /> releases doubled <br /> between 1990 and 2000. <br /> West Broadway Redevelopment ECONOrthwest August 2007 17 Wesl Broadway Redevelopment ECONorthwest August 2007 - 18 <br /> 3 <br /> i. <br /> ° I <br /> <br />