Founded in 2018, the NLBID seeks a consultant to develop a market analysis report that provides the necessary data, and review of current and projected market conditions, to allow NLBID to effectively retain and attract businesses within the district. As a new organization, this “from scratch” project would provide the critical foundation of NLBID’s recruitment and retention efforts. In addition to the deliverables outlined below, analysis should also consider external retail trends in identifying business attraction strategies. Outcomes from this project will include data-driven, actionable recommendations to stabilize and strengthen the overall commercial mix in Northern Liberties while reducing storefront vacancy rates.
The Northern Liberties Business Improvement District (NLBID) was formed in 2018 to provide supplements to the municipal services of the City of Philadelphia; maintain a safe, clean and vibrant commercial district for the benefit of the residents, users, and owners within the district, and to citizens of Philadelphia and the region; to create opportunities for the business and residential communities to come together to make improvements to the district; and develop and implement programs and services that ensure that Northern Liberties continues to be a desirable place to live, work, shop, invest and visit.
Scope of Work:
● Collect relevant data to aid in the attraction and retention of businesses within the NLBI boundaries, including but not limited to:
○ Updated commercial storefront inventory, including classification of business, estimated size of space, estimated rents, and permitted zoning uses;
○ Analysis of market conditions of nearby (or otherwise similar) commercial districts, to identify the unique value attributes of Northern Liberties;
○ Pedestrian traffic along Girard Avenue, 2nd, 3rd, and Spring Garden Streets, with NLBID boundaries as outlined below;
○ Vehicular traffic along Girard Avenue, 2nd, 3rd, and Spring Garden Streets, with NLBID boundaries as outlined below;
○ Public transit ridership along lines within and adjacent to NLBID boundaries;
○ Demographic information for residents and visitors, also considering future residential projects and added density;
○ Market segment saturation analysis to understand the types of uses that can complement the existing commercial mix.
● Meet with brokers and local knowledge experts to gather information and insights outside of what is detailed above.
● Collect contact information for both property and business owners identified in inventory.
● Identify targets and strategies to develop a stable mix of independent and accredited commercial tenants for the long-term performance of the commercial district.
● A complete analysis of data gathered above that includes actionable steps and recommendations to improve the commercial mix within Northern Liberties.
Due Date:
April 5th, 2019
Address:
kmoran@explorenorthernliberties.org
Relevant agencies to consider include Edelman PR and W2O group.