the keypoint report southern new hampshire · supply, occupancy, & absorption (figure 1, page...

Retail Real Estate Trends & Analysis 2015Southern New Hampshire

The KeyPoint Report©2015 KEYPOINT PARTNERS, LLC, BURLINGTON, MA

New This Year: 10-Year Restaurant Report

On the Covers : Whole Foods Market in Nashua, the company’s fi rst store in New Hamsphire(Photo by Jane 023, Wikimedia Commons)

KeyPoint Partners, LLCOne Burlington Woods Drive, Burlington, MA 01803Tel 781.273.5555 Fax 781.272.8408

[email protected]

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KeyPoint Partners provides retail research consulting services ranging from preliminary desktop assessments to comprehensive evaluations which integrate fi eld investigation and quantitative analysis for a variety of retail location and store types. The heart of our research superiority is our powerful, proprietary GRIID™. Is there a custom retail market research project we can do for you? Call Bob Sheehan, Vice President of Research at 781.418.6248, or email him at [email protected].

Read our daily news blog, the KeyPoint Retail RoundUp; our monthly KeyPoints retail newsletter; and our annual KeyPoint Reports at KeyPointPartners.com

Custom Retail Market Research

Property ManagementRetail Leasing & Tenant RepresentationInvestment SalesConstructionResearch & Consulting

Methodology:M th d l g The data for this study includes all public retail space in the study area except for a few exclusions discussed below. The information in our data-Th d t f thi t d i l d ll bli t il i th t d t f f l i di dbase has been compiled from a variety of sources. A member of KeyPoint Partners’ research staff has visited each store/shopping center in order to verify and/or acquire the necessary information. The area for each space is obtained from sources deemed reliable, such as the owner or leasing agent, is paced off by our researchers or otherwise measured. Retail categories and SIC Codes are obtained from a leading business database, InfoUSA, when available. Each entry is fi eldverifi ed or determined by our research staff. In general, public retail space is characterized as all space currently, or most recently, utilized in selling or renting retail goods and/or services to the public. There are no size restrictions for stores or shopping centers. Certain retail classifi cations are excluded, including au-tomobile dealerships, gasoline service stations, automobile repair shops and quasi-retail services, such as stock brokers, real estate agents, insurance agents, etc., unless such establishments are located in shopping centers containing typical retail tenants. In some cases wholesale or quasi-retail establishments have been included in the database if information from InfoUSA or our fi eld research indicates that goods and/or services are being offered to the public from the location. Some establishments available to the public but typically serving primarily the needs of other users of a facility, such as a cafeteria in an offi ce building or a beauty salon located inside a hotel, may also be excluded. Demographic information used in this study was provided by Scan/US.


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This KeyPoint Report examines changes in sup-ply, vacancy and absorption, retailer activity, and market composition by store size and retail categories during the year ending July 2015. The Southern New Hampshire market includes 39 cities and towns representing more than 835 square miles and approximately 554,200 people (42.0% of the state population).

KeyPoint Partners’ GRIID™ database maintains detailed information on virtually all retail proper-ties in three key regions: Eastern Massachusetts, Southern New Hampshire and Greater Hartford, Connecticut. These markets encompass approxi-mately 44% of all retail space in New England. GRIID™ has information on nearly 260 million square feet of retail space and nearly 60,000 retail establishments.

The KeyPoint Reports contain a detailed sum-mary and analysis of market trends and activity for each studied area.

Copyright KeyPoint Partners, LLC, 2015

About this Report: Highlights:

Cities & Towns in the Study Area: Amherst, Atkinson, Auburn, Bedford, Brentwood, Brookline, Chester, Danville, Derry, East Kingston, Exeter, Fremont, Greenville, Hampstead, Hampton, Hampton Falls, Hollis, Hudson, Kensington, Kingston, Litchfi eld, Londonderry, Lyndeborough, Manchester, Mason, Merrimack, Milford, Mont Vernon, Nashua, Newton, North Hampton, Pelham, Plaistow, Salem, Sandown, Seabrook, South Hampton, Wilton, Windham

29.9M SFSupply:

2014: 29.9M

Absorption:

283,300 SF2014: -91,400 SF

Vacancy Rate:9.6%2014: 10.4%

City/Town Ranks:#1 Space SF: Nashua#1 High Occupancy: Bedford#1 High Vacancy: Seabrook

Category Expansion by Square Feet:#1 Department Stores(+119,900 SF)

Category Expansion by Number of Stores:#1 Eating Places (+24)

Retailer Expansion by Square Feet:#1 O’Reilly Auto Parts(+88,700)

#1 O’Reilly Auto Parts(+6)

3

Study Area:

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The KeyPoint Report Southern New Hampshire 2015

Copyright 2015 KeyPoint Partners, LLC

Special Feature: This year’s report, in addition to our usual detailed summary of market activity for the last year, includes a special feature: an analysis of signifi cant changes in the restaurant category since 2005. Here are our comments and observations on activity during thelatest year:

Supply, Occupancy, & Absorption (Figure 1, Page 4): The retail inventory in Southern New Hampshire reached a level of 29.9 million square feet in 2015. This represents a modest gain of 44,113 square feet or 0.1%. Seabrook was again in the forefrontof new development with the opening of Seabrook Crossing, a 145,000 square foot shopping center anchored by Hobby Lobby,its second store in the state. This new shopping center is located opposite last year’s most celebrated development in the region,the 380,000 square foot Seabrook Commons power center. At the same time, vacant space in the region declined by more than200,000 square feet, which was partially absorbed by replacement tenants and partially converted from retail to non-retail uses.Notable is the Goodwill store that occupies the entire 64,000 square foot Stop & Shop vacancy in Hudson, 22,800 square feet of which is allocated to the Goodwill store and a “Buy-the-Pound” warehouse outlet, only the second of its kind for this thrift chain.The balance of this space serves as a donation and distribution center. A portion of yet another former Stop & Shop store in Man-chester will be absorbed by PriceRite, that chain’s fi rst New Hampshire store. A YMCA facility in Plaistow is another non-retail usethat took over a 55,000 square foot vacancy most recently occupied by Rockingham Athletic Club. As a result, the vacancy rate in the region declined from 10.4% to 9.6% throughout the year, a healthy sign that the retail environment continues to stabilize.Furthermore, net absorption for the year was 283,300 square feet.

Individual Town Rankings (Figure 2, Page 6): There has been no change in the top ten largest regional markets: Nashua continuesto rank fi rst with 6.2 million square feet of inventory; Manchesterfollows at 5.4 million square feet; and Salem is a distant third at3.9 million square feet. Seabrook inched across the 2.0 million square foot threshold this year with the addition of the 145,000square foot Seabrook Crossing.

Among towns with at least 500,000 square feet of retail space,Bedford and Salem remain ranked 1-2 in lowest vacancy rate at 3.7% and 3.9%, respectively. Amherst is next in line at 4.2%, jumping ahead of Nashua this year. Seabrook had the highest

vacancy rate in the region at 16.7%. Somewhat a victim of its own success, the town has suffered the past two years as the former139,100 square foot Walmart store at Seacoast Shopping Center continues to sit idle following its relocation to Seabrook Com-mons. The vacant Shaw’s building at Seacoast Shopping Center also remains unoccupied. Manchester remains in second place in the ranking at 16.3%. North Hampton is new to the top fi ve this year as a result of several store closings at Lafayette Crossing, including Famous Footwear, Staples, and Dress Barn.

Vacancy by Tenant Size (Figure 3, Page 6): Looking at vacancy rates by store size, it was encouraging to see the 50,000-99,999square foot category experience the greatest improvement, with a signifi cant drop in the vacancy rate to 10.0%, largely attributableto the occupancy of two vacant Stop & Shop stores and the fi lling of a vacant health club facility in Plaistow. Other changes to this store size category include the conversion of the Furniture World and Mattress World/Leather Expressions units in Manchesterto Quirk Chevrolet, and the subdivision of the remaining Walmart vacancy in Derry into Monkey Sports and an Aldi store, which is expected to open later this year. Only two categories experienced higher vacancy rates this year, 10,000-24,999 square feet and 25,000-49,999 square feet. Some of the more notable stores that were closed in this size range include Mill Stores in Nashua, Off Broadway Shoe in Salem, Staples in North Hampton, Michael’s in Manchester, and Bob’s Discount Furniture in Seabrook.

Retailer Activity (Figure 4, Page 8): O’Reilly Auto Parts led the way in incremental space in Southern New Hampshire by way of its acquisition of VIP. This may be somewhat misleading, however, since VIP continues to operate a store-within-a-store at all sixO’Reilly locations in the region to handle the tire service portion of their business. Ocean State Job Lot ends the year in second

Vacancy & Absorption:The vacancy rate in the region declined from 10.4% to 9.6% during the year, a healthy sign that the retailenvironment continues to stabilize. Net absorption for the year was 283,300 square feet.

Figure 1: SummaryRetail inventory showed a nominal gain of 0.1% this year, essentially remaining at approximately 29.9 million

square feet. The opening of Seabrook Crossing in Seabrook was largely offset by some conversion of retail

space to non-retail uses.

Continued on page 7

Observations:

No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change in price, rental or other conditions, or withdrawal without notice.4 5

Nashua retains number 1 rank in retail supply

Category Total Market Size (Square Feet)

Total Number of Retail Properties

Total Number of Retail Establishments

Retail Store Average Size

Total Market Vacancy Square Feet

Vacant Stores

Vacancy Rate

Total Retail Space Per Capita

2015 29,939,913

2,101

5,356

5,590

2,875,114

695

9.6%

54.4

2014 29,895,800

2,100

5,400

5,600

3,114,300

730

10.4%

54.1

% Change0.1%

0.0%

-0.8%

-0.2%

-7.7%

-4.8%

-7.8%

0.5%

place with new stores in Nashua and Milford. Hobby Lobbyfollows with its new 55,100 square foot store in Seabrook at the recently opened Seabrook Crossing shopping center,only its second store in the state.

In terms of new store count, O’Reilly Auto Parts also rankson top with six units, followed by Aroma Joe’s coffee shopsand Eastern Bank, each with three new locations. Aroma Joe’s is a new concept that is quickly adding New Hamp-shire store locations both inside and outside the study area. Eastern Bank entered the region via its acquisition of fourCentrix Bank branches, although it decided not to operatethe Milford branch.

Staples closed its North Hampton store and reduced the size of its Manchester location, resulting in the largest space contraction in the region. O’Neil Cinemas sold its operating interest in its Londonderry theater to Carmike,placing this local theater operator in second position. O’NeilCinemas continues to explore new growth opportunities, however. Mill Stores, which closed its only store in the re-gion in Nashua, and Off Broadway Shoe, which closed itsSalem unit, end up in third and fourth place.

Radio Shack closed fi ve stores, the most in the region.Centrix bank was acquired by Eastern Bank, removing this nameplate from four branches in the region. A cluster of retail chains that contracted by two stores tied for third. Among this group were a few women’s apparel stores in-cluding Wet Seal, Delia’s, and Deb Shops. This is a category that is feeling the impact both regionally and nationally from larger format competitors such Forever 21 and H&M as well as newcomers to the U.S. such as Zara and Uniqlo.

Retail Categories (Figure 5, Page 9): Department Stores contributed the largest block of space to the region during

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Copyright 2015 KeyPoint Partners, LLC Continued on page 9

Observations Continued

Figure 2: City & Town RankingsNashua, Manchester, and Salem continue to dominate the retail scene in Southern New Hampshire. These threecities encompass 52% of the retail space in a region comprised of 39 cities and towns. The top ten communitiesrepresent 84% of the retail inventory in Southern New Hampshire. Among towns with 500,000 square feet, Bedford,

Salem, and Amherst are the only towns with a vacancy rate less than 5%. Seabrook has the highest vacancy at 16.7%.

Figure 3: Market Composition & Vacancy by Tenant SizeAdversely impacted last year by a number of supermarket closings, the 50,000 - 99,999 square foot segment of theretail inventory made a substantial comeback by lowering its vacancy rate from 18.6% to 10.0%. A combination of replacement tenants, new development, and some conversion to non-retail space contributed to the improvement in occupancy rates in this size classifi cation. Only two size categories experienced higher vacancy rates this year,10,000 - 24,999 square feet and 25,000 - 49,999 square feet.

*For cities and towns with 500,000 square feet or more of retail space. Municipalities not meeting this threshold in prior year are denoted by N.


O’Reilly Auto Parts led expansion in the regionO’O’O’RRReilililllly AAA tuto PPPa trts llleddd expansiiion iiin tthhhe r gegiiion

Seabrook Crossing

Downtown Nashua

, , q , , q

Tenant Size Market SF F Vacancy SF Vacancy Rate Share of TotalF

Less Than 2,500 SF

2,500 to 4,999 SF

5,000 to 9,999 SF

10,000 to 24,999 SF

25,000 to 49,999 SF

50,000 to 99,999 SF

100,000 to 199,999 SF

200,000 SF and above

4,424,700

4,374,200

3,755,000

4,260,200

3,111,900

3,667,900

5,945,300

400,600

625,000

532,000

521,500

285,900

240,900

366,100

274,300

0

14.1%

12.2%

13.9%

6.7%

7.7%

10.0%

4.6%

0.0%

14.8%

14.6%

12.5%

14.2%

10.4%

12.3%

19.9%

1.3%

Most Space SF Highest Vacancy* Prior Rank Lowest Vacancy* Prior Rank

Nashua

Manchester

Salem

Seabrook

Bedford

Merrimack

Plaistow

Derry

Londonderry

Hudson

6,292,800

5,254,600

3,867,400

2,031,900

1,650,300

1,466,300

1,255,200

1,215,600

1,094,200

887,400

Seabrook

Manchester

Londonderry

North Hampton

Plaistow

16.7%

16.3%

14.3%

14.0%

11.0%

3.7%

3.9%

4.2%

6.7%

8.2%

1

2

4

3

8

1

2

4

9

8

Bedford

Salem

Amherst

Nashua

Derry

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Copyright 2015 KeyPoint Partners, LLC

the year, largely from the addition of discounters. Two OceanState Job Lot stores in Nashua and Milford, which continuesthat chain’s expansion throughout New Hampshire, and anew Burlington Coat Factory in Manchester, provided muchof the net increase. A new Hobby Lobby in Seabrook and a new Michael’s in Manchester helped lift the Hobby, Toy, andGame Shop category into second place. Next was Grocery, with a new Aldi in Plaistow contributing to the gain.

Conversely, an Off Broadway Shoe closing in Salem and aFamous Footwear closing in North Hampton resulted in theShoes category showing the largest loss of space in the re-gion. Offi ce Supplies followed, with the Staples closing inNorth Hampton and a downsizing in Manchester responsi-ble for most of the loss in square footage. Women’s Apparelfi nished in third place, largely resulting from multi-storeclosings at Delia’s, Wet Seal, and Deb Shops.

With respect to store count growth, Restaurants led the way,adding 24 locations. Beauty Salons and Services followedwith 11 new shops and Health and Fitness Services was closely behind with 9 new stores. The category showing thelargest decline in store count was Women’s Apparel, losing eight stores. Electronics dropped by six stores, with half the decline coming from Radio Shack. Lawn and Garden Supplytied with Variety Stores, Professional Services, and Shoesfor third place.

Conclusions: Even with only a negligible gain in retail inven-tory, it was still a notable year for Southern New Hampshireas the region reduced its unoccupied space by well over200,000 square feet, equating to a drop in the vacancy ratefrom 10.4% to 9.6%. Since 2009, the only year in whichthe region experienced a lower rate was 2011, when it touched 9.5%. Major retail development was limited to the145,000 square foot Seabrook Crossing, allowing SouthernNew Hampshire to fi ll signifi cant vacancy in the region, pro-ducing positive absorption of 283,300 square feet. It was the fourth year in the past fi ve that the region saw positive absorption. In last year’s report we cited our cautious op-timism, suggesting that the negative absorption felt in theregion may be an anomaly resulting largely from Stop & Shop’s departure from New Hampshire. It appears that the improvedretail health this year supports that conclu-sion.

Bob SheehanVice President of [email protected]

Observations Continued

Figure 5: Retail Category ActivityTenants in GRIID™ represent nearly 600 unique business clas-sifi cations; we have aggregated similar business types into largerretail categories, and summarized these by the degree of expan-sion or contraction.

Figure 4: Retailer ActivityThe region encompasses more than 5,300 retail establishments, representing approximately 3,300 unique retailers. The following summarizes these by thedegree of expansion or contraction.


Restaurants

Beauty Salons and Services

Health & Fitness Services

Beauty Supplies and Cosmetics

Food Stores - Grocery

Tobacco Stores and Stands

Department Stores

Jewelry

Hobby, Toy and Game Shops

Optical Goods Stores

Expansion by # Stores

Category New Total

Expansion by SF

Category New Total

Contraction by # Stores

Contraction by SF

Department Stores

Hobby, Toy and Game Shops

Food Stores - Grocery

Sporting Goods

Health & Fitness Services

Restaurants

Beauty Salons and Services

Beauty Supplies and Cosmetics

Gift, Novelty and Souvenir Shops

Apparel - Family

119,900

75,200

46,200

43,400

39,000

33,800

26,200

19,400

13,400

8,000

24

11

9

4

4

4

3

3

2

2

4,270,200

497,900

2,829,000

721,500

1,004,100

2,608,900

715,000

101,800

427,700

914,100

Shoe Stores

Offi ce & Stationery Supplies

Apparel - Women’s

Variety Stores

Electronic Stores

Telephone Equipment

Hardware

Lawn & Garden Supply

Building Materials

Professional Services

-39,600

-35,900

-34,200

-11,600

-11,100

-9,500

-9,000

-7,300

-6,500

-6,500

265,400

183,600

338,000

354,800

172,400

124,500

162,400

107,100

2,047,100

76,500

Category Contracted Total

954

481

159

39

211

37

39

64

58

34

Apparel - Women’s

Electronic Stores

Variety Stores

Lawn & Garden Supply

Professional Services

Shoe Stores

Educational & School Services

Bakery, Bagel & Doughnut

Offi ce & Stationery Supplies

Building Materials

-8

-6

-4

-4

-4

-4

-3

-3

-3

-2

83

21

77

33

34

66

26

89

13

52

Category Contracted Total

O’Reilly Auto Parts

Aroma Joe’s Coffee

Eastern Bank

Subway Sandwiches & Salads

Orange Leaf Frozen Yogurt

A T & T Wireless

Smokers Haven

Cash For Gold

Ocean State Job Lot

Goodwill

Retailer New Total

Expansion by SF

Retailer New Total

Contraction by SF

O’Reilly Auto Parts

Ocean State Job Lot

Goodwill

Hobby Lobby

MonkeySports

The Zoo Health Club

Burlington Coat Factory

Whole Foods Market

Carmike Cinemas

Michael’s Arts & Crafts

88,700

80,200

79,500

55,100

46,500

41,800

39,100

33,200

28,000

21,900

6

3

3

2

2

2

2

2

2

2

88,700

126,700

132,800

120,900

46,500

41,800

123,600

33,200

28,000

106,300

Staples

O’Neil Cinemas

Mill Stores

Off Broadway Shoe

The Workout Club

Sullivan Tire

Deb Shop

Radio Shack

Aubuchon Hardware

Famous Footwear

32,700

28,000

27,000

24,700

23,800

12,800

11,400

11,200

9,000

8,600

179,100

0

0

25,000

94,900

40,700

0

19,200

3,800

22,800

Retailer Contracted Total

6

3

3

28

8

9

2

4

3

5

Radio Shack

Centrix Bank

Dunkin’ Donuts

Regina Pizzeria

Delia’s

Deb Shops

Wet Seal

Kumon Math & Reading Center

Cache

Sound Lion

5

4

3

2

2

2

2

2

2

2

8

0

51

0

0

0

0

0

0

0

Retailer Contracted Total

NOTE: Figures shown in the charts above refl ect net changes.NOTE Fig h i th h t b fl t t h g

Expansion by # Stores

Contraction by # Stores

10 11No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change in price, rental or other conditions, or withdrawal without notice. Copyright 2015 KeyPoint Partners, LLC

Special Section: A Ten-Year Look at Restaurants

The restaurant count in Southern New Hampshire has grown signifi -cantly over the past decade. The number of restaurants in the re-gion showed a moderate gain from 626 units in 2005 to 642 units in 2010, but jumped to 684 units in 2015, similar to the growthcurve in Eastern Massachusetts. This 9.3% increase in the restau-rant count was not as strong, however, as the gain of 12.4% expe-rienced by the neighboring region to the south (see The KeyPoint Report for Eastern Massachusetts/Greater Boston 2015). The top fi ve chains, all in the fast food segment, never changed during thedecade - they include Subway, McDonalds, Burger King, Wendy’s, and Papa Gino’s. However, Subway was the only restaurant opera-tor in this group to add stores during the ten-year period. Subway ran away from the fi eld in store growth, adding 17 units in the past ten years, 15 of those in the past fi ve years.

Two relatively new fast-casual chains, Five Guys and Chipotle, add-ed fi ve and four units respectively - and all of that growth has oc-curred since 2010. Next were Panera Bread and Red Robin with three new units apiece, the latter chain opening at the three en-closed regional malls in the region, Pheasant Lane, The Mall of New Hampshire, and The Mall at Rockingham Park. The biggest losers in store count were D’Angelo’s, Pizza Hut, and Papa Gino’s, whichdeclined by fi ve, three, and two locations respectively.

It should be no surprise that Southern New Hampshire pales in comparison to neighboring Eastern Massachusetts in terms of res-taurant count, but it’s interesting to note that on a per capita basis, the two regions are pretty close in restaurant density. Eastern Mas-sachusetts population is estimated at 5,179,000 people in 2015, nearly 10 times that of Southern New Hampshire, which has resi-dential base of 550,000 people. Eastern Massachusetts, with its 6,946 restaurants, has 746 residents for every one of those eater-ies. Southern New Hampshire is very much in line, with 804 peopleper restaurant. But looking at restaurant penetration in these tworegions, there are remarkable differences, as illustrated in Figures 1 and 2 at right, which compare restaurant chain density per capitabetween the two regions. Figure 3 lists the top chains in the region by unit count.

The charts indicate that these major restaurant chains are morehighly concentrated per capita in Southern New Hampshire than in Eastern Massachusetts, and that the opportunity for growth among these chains appears greater within the more southern region. Many factors could affect these results, however, such as visitor and daytime populations in each region, or the competitive level in quantity and/or y quality. There is still some expansion potential in Southern New Hampshire; we’ll monitor these chains to see if any take advantage of the opportunity.

SubwayMcDonaldsBurger KingWendy’sPapa Gino’sD’Angelo’s Sandwich ShopPanera BreadPizza HutFive Guys Burgers & FriesNinety-Nine RestaurantChipotle Mexican GrillLa Carreta Mexican RestaurantMargaritas Mexican RestaurantT-Bones Great American EateryApplebee’sChili’s Grill & BarTaco BellRed RobinInternational House of PancakesJade Dragon RestaurantLonghorn Steak HouseBertucci’s Brick Oven Pizzeria

Restaurant 10-Yr Change 2015 TotalFigure 3: Restaurants by Unit Count

Figure 1: Restaurant Locations Per 100,000 People

Figure 2: Restaurant Square Footage Per 1,000 People

Southern New Hampshire

Eastern Massachusetts

Room For Restaurant Growth?

Southern New Hampshire

Eastern Massachusetts

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140

120

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80

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Retail Real Estate Trends & Analysis 2015Southern New Hampshire


New This Year: 10-Year Restaurant Report

On the Covers : Whole Foods Market in Nashua, the company’s fi rst store in New Hamsphire(Photo by Jane 023, Wikimedia Commons)


[email protected]

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KeyPoint Partners provides retail research consulting services ranging from preliminary desktop assessments to comprehensive evaluations which integrate fi eld investigation and quantitative analysis for a variety of retail location and store types. The heart of our research superiority is our powerful, proprietary GRIID™. Is there a custom retail market research project we can do for you? Call Bob Sheehan, Vice President of Research at 781.418.6248, or email him at [email protected].

Read our daily news blog, the KeyPoint Retail RoundUp; our monthly KeyPoints retail newsletter; and our annual KeyPoint Reports at KeyPointPartners.com

Custom Retail Market Research

Property ManagementRetail Leasing & Tenant RepresentationInvestment SalesConstructionResearch & Consulting

Methodology:M th d l g The data for this study includes all public retail space in the study area except for a few exclusions discussed below. The information in our data-Th d t f thi t d i l d ll bli t il i th t d t f f l i di dbase has been compiled from a variety of sources. A member of KeyPoint Partners’ research staff has visited each store/shopping center in order to verify and/or acquire the necessary information. The area for each space is obtained from sources deemed reliable, such as the owner or leasing agent, is paced off by our researchers or otherwise measured. Retail categories and SIC Codes are obtained from a leading business database, InfoUSA, when available. Each entry is fi eldverifi ed or determined by our research staff. In general, public retail space is characterized as all space currently, or most recently, utilized in selling or renting retail goods and/or services to the public. There are no size restrictions for stores or shopping centers. Certain retail classifi cations are excluded, including au-tomobile dealerships, gasoline service stations, automobile repair shops and quasi-retail services, such as stock brokers, real estate agents, insurance agents, etc., unless such establishments are located in shopping centers containing typical retail tenants. In some cases wholesale or quasi-retail establishments have been included in the database if information from InfoUSA or our fi eld research indicates that goods and/or services are being offered to the public from the location. Some establishments available to the public but typically serving primarily the needs of other users of a facility, such as a cafeteria in an offi ce building or a beauty salon located inside a hotel, may also be excluded. Demographic information used in this study was provided by Scan/US.


[email protected]


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the keypoint report southern new hampshire · supply, occupancy, & absorption (figure 1, page...

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