The Shoppes at Fox Run Subject Site Analysis: What is the Competition? By: Five person team

Competitive Supply Thesis Compared to its competition, the Shoppes at Fox Run differentiates itself with a unique anchor tenant (Whole Foods) as well as a solid core of supporting tenants. At the same time, other shopping centers to the north possess higher traffic locations than the SS while delivering a number of very large, national tenants on the same site.

Overview of Trade Area

Competitors of the Shoppes at Fox Run Griswold Shoppes Putnam Bridge Plaza The Shops at Somerset Square

Griswold Shoppes Source: CoStar

Griswold Shoppes Location Main St Glastonbury, CT Very close access to Rtes. 2 and miles (2 min.) from the Shoppes at Fox Run

Griswold Shoppes (Pt. A)

Griswold Shoppes 56,576 total sq. ft. GLA, 23 total spaces 5,001 sq. ft. vacant (8.8%), 3 total spaces All spaces less than 10,000 sq. ft. Largest tenants are Bertucci's, Pier 1, Anytime Fitness, and Toy Store

Tenants at Griswold Shoppes

Ingress/Egress 2 points of entry/exit Main St. (4-lane road) entrance has traffic light Griswold St. entrance does not have traffic light

Signage Poor signage Only Pier 1 has a sign (very low to the ground at intersection at Main and Griswold Sts.), shown on following slide However, Griswold Shoppes makes up for this with very good road visibility as the Shoppes are located very close to the road

Advantages of Griswold Shoppes Over Fox Run Location o Slightly closer to Routes 2 and 3 than SS Traffic o On much busier streets than Welles St. o Griswold Shoppes: Exiting traffic from both Route 3, Main St. Glastonbury Exit (39,500 ADT) and Route 2, Exit 6 (69,000) o Fox Run: Route 2, Exit 8 (48,400 ADT)

Advantages of Griswold Shoppes Over Fox Run Ingress/Egress o Traffic lights at 1 point of entry/exit, none at other point of entry/exit o Fox Run has three points of entry/exit, but no traffic lights Parking o 4.33 spaces per 1,000 SF of GLA vs for Fox Run

Disadvantages of Griswold Shoppes vs. Fox Run Lacks a large, national anchor tenant such as a Whole Foods/Stop & Shop, Wal-Mart, Home Depot, etc. o Existing mix of small tenants may not have the draw of a large, national anchor tenant to bring traffic to the rest of the stores. o No grocery store Lacks office space present at Fox Run

Putnam Bridge Plaza

Location: 31 Main Street, East Hartford Easy access to route 2 & 3 Serves East Hartford, Glastonbury, and surrounding towns Over 800 parking spots

Putnam Bridge Plaza 320,000 +/- SF Shopping Center 2 spaces available, 41,897 SF total o 1 - 1,600 SF o ,297 SF 91.97% leased, 8.03% vacant Anchor Tenants - ShopRite, PetsMart, T.J. Maxx, Home Depot, Staples

Signage Compared to Fox Run: Much larger sign compared to the ones at Fox Run Advertises more businesses at once instead of 3

Comparison to Subject Site Distance to Fox Run: 3 minutes miles Both have access to routes 2 & 3 Tenants: Sleepy's PetsMart (Fox Run has Petco) TD Bank (Fox Run has People's United Bank)

Comparison to Subject Site Fox Run: More vacancies (5), less SF available (7,064) Putnam Bridge: Less vacancies (2), more SF available (41,897)

Advantages of Putnam Bridge Plaza Tenants: Many large tenants Large variety: CVS, Home Depot, ShopRite, Burger King, Super Liquors, TD Bank Much larger area (320,000 GLA compared to 107,544 GLA)

Advantages of Fox Run Lots of office space that is lacking at Putnam Bridge Plaza May bring in a lot more customers Whole Foods may bring in more customers than ShopRite

The Shops at Somerset Square

Location o 140 Glastonbury Blvd, Glastonbury, CT o Directly off of route 3 o Less accessible than Fox Run from Route 2

Distance From Subject Site

The Shops at Somerset Square GLA: 115,000 SF 26 Retail Tenants o 3 spaces available for primary tenants (2,309; 2,364; and 4,133 SF Total: 8,806 SF) 13 Professional Tenants o 4,700 SF office space available Total vacancy: 11.74% of GLA

Tenant List and Site Map

Tenants Unlike the Whole Foods at Fox Run, no one true anchor tenant at Somerset o Many large retail stores: Victoria's Secret, Ann Taylor, Talbots o Several Restaurants: Max Amore, Max Fish, Zoup, Chipotle, Starbucks Across the street: Stop & Shop

Ingress and Egress Primary point of ingress and egress is four way intersection of Route 3 and Glastonbury Blvd. o Traffic lights o Dedicated left turning lane for both ingress and egress o Two traffic lanes for entrance o Three lanes for exit Three other points of ingress and egress, but less accessible 580 parking spaces, 5.04 spots per 1,000 SF of GLA

Accessibility

Ingress and Egress

Parking

Signage Limited signage at entrance o Appears to be two unelevated signs on each side of driveway o No tenants listed on signs o Signs read: "The Shops at Somerset Square"

Signage

Local Competition

Advantages for Somerset Location and Traffic o Main Road (Glastonbury Blvd) busier than Welles St. o Route 3 on/off ramp directly across from Somerset o Dedicated turning lanes for ingress and egress o Multiple lanes in/out of site and traffic signals o Better parking ratio (5.04 vs. 3.84) o Fox Run ADTSomerset ADT Source: Connecticut DOT

Advantages of Somerset Tenants o Many national, high-performing tenants: Victoria's Secret, Ann Taylor, AT&T o Strong restaurant business: Max Amore, Max Fish, Chipotle Nearby Businesses o Bank of America Business Capital and Wells Fargo occupy office space in two large buildings adjacent to Somerset with a connected parking lot

Advantages of Fox Run Traffic o Fox Run more accessible from Route 2: Exit 8 48,400 ADT Anchor Tenant o Stop & Shop and Barnes and Noble across the street from Somerset - Not directly linked with Somerset o Whole Foods likely to have a larger trade area than Stop & Shop because it's a unique type of market More visible and informative signage

Comparisons of Somerset and Fox Run Both pedestrian friendly: Sidewalks and Crosswalks Both sites lease office space to professional tenants Fox Run: More vacancies (5), less SF available (7,064) Somerset: Less vacancies (3), more SF available (13,506)

Overall Effects on Fox Run Obvious concerns: o Taking away potential customers o More traffic in other areas  Welles Street does not have high traffic volume, especially compared to Main Street  i.e. Griswold complex closer to Rt. 2 and Rt. 3, Somerset Square on Glastonbury Blvd. On the other hand, The Shops at Somerset Square is less accessible from Route 2 than Fox Run (pros and cons from every side)

Effects Continued Effects of Ingress/Egress o As stated, area around Fox Run does not have traffic lights o Other sites have less complicated Ingress/Egress Small parking ratio o Other sites with higher parking ratio can obviously allow more customers to stop and shop o Note: When we visited there was ample parking available away from Whole Foods (most parking near Whole Foods)

Effects Continued - Anchors Again, the obvious concern is that competition in the area will take customers away Having an anchor like Whole Foods alleviates some of that concern o Specific consumer - organic foods o Highly successful and notable brand (Stop & Shop, Barnes and Noble across street from Somerset Square)

Anchor Effects Griswold Shoppes o No strong anchor o Mix of small tenants o No grocery store Somerset Square o No definitive anchor, but present high-performing stores (Victoria's Secret, Ann Taylor, AT&T) Putnam Bridge Plaza* o T.J. Maxx, ShopRite, Home Depot o Definitely poses big threat as it serves customers from East Hartford and into Glastonbury

Overall Impacts Good for Fox Run: o No organic food store at other sites o Whole Foods is a very strong anchor  Large trade area Bad for Fox Run: o Low traffic volume on Welles St. vs. other locations (i.e. Main St. and easier access to Routes 2 and 3 for other sites) o Putnam Bridge Plaza poses a major threat with its strong anchors and available space o Stop & Shop nearby

Hypothesis - Carving a Market Niche Bring on the Moms Upper class service plaza o Whole Foods o Petco o YMCA o Nail Salon and Spa Fill the 15,000 SF (13.9%) o Women's Apparel o Physical Therapy o Sneakers o Fish Market o Liquor Store

Work Cited Connecticut DOT: CoStar