SB Friedman was retained by the Village of Burr Ridge to assess the retail market potential for two sites in the vicinity of the Village Center development. The purpose of the analysis was to provide guidance to the Village regarding the scale, size and type of retail that may be supportable on the two sites.
SB Friedman conducted site assessments, interviewed key informants from government and commerce, inventoried the competitive retail supply and analyzed retail sales potential to obtain a sense of the competitive position of the two sites. The supply and site analysis resulted in a narrower set of retailing concepts that were further analyzed against specific retailer location requirements. A gravity modeling analysis, which synthesizes the competitive supply of retail in the region with consumer demographics and retail spending potential, was carried out to identify target retail anchors that could be supported at the two sites. Based on these analyses we identified potential development programs and retailing concepts for the two sites with example tenants.
Results: We presented the study conclusions to the Downtown Committee and submitted the final report to the Village. The Village approved and accepted the final report in February 2008.