The main business district of Hyde Park includes Cleary and Logan Squares. In these Squares, there is a lack of diversity among the storefronts, and change of ownership is oftentimes too frequent. It is common to find several of the same types of businesses all within one block. Many residents are eager to find a greater range of commercial uses for purchasing goods and services.
As a means in identifying those businesses that are underrepresented vs. those that have sufficient saturation, a Retail Market Study will be conducted in Cleary and Logan Squares. The point of the study is not to eliminate existing businesses. In fact, the findings of the study may actually help businesses that are currently struggling to adjust their line of merchandise. Also, resident needs and consumer surveys will exemplify the types of businesses that the district needs to attract.
On July 17, 2008, the BRA Board voted to advertise for Consultant Services to conduct the Retail Market Study. Proposals were due on August 18, 2008, and Consult Econ, Inc. with Karl Seidman Associates was the Consultant Team selected to conduct this Study.
The main goals of the study are:
- Assess existing business district in order to identify under- and over-represented businesses
- Talk with residents to find out their consumer needs and thus the market demand
- Get an overview of commercial real estate conditions
- Determine focus areas that can strengthen the business climate
- Establish a review committee that will remain committed through the Study and beyond in order to form the Economic Restructuring Committee of the Hyde Park Main Streets organization
- Create an Implementation Table to include strategies and recommendations for business improvement with estimated timeline, responsible agencies
This study will be initiated in the winter of 2008, and is anticipated to last for approximately six months. Oversight will be provided by Hyde Park Main Street’s Economic Restructuring Committee. There will also be several community meetings involved with this Study. The end product will be a full retail market analysis report.
For more information on either the planning or rezoning phase, please contact Marie Mercurio.