The Taubman Company, a nationally known developer with 30 premier shopping centers throughout the United States, retained Anderson Economic Group to conduct a market study assessing the supportability of a proposed regional shopping center in Nassau County, New York. The market area is affluent but very competitive, and the proposed regional mall received strong resistance from community residents who did not want just another mall.
Anderson Economic Group conducted a quantitative analysis that included detailed field work and retail inventories, analysis of resident demographics and resident expenditure patterns on department stores and other retail categories, and an evaluation of site characteristics. We detailed the benefits and risks of the project, and formulated an achievable tenant mix for the project.
The results of our analysis indicated sufficient market support for the proposed mall, to be anchored by Neiman Marcus, Lord & Taylor, and a selection of other fashion tenants. The project’s success will depend on a high-quality project and creation of an enjoyable, entertaining and pedestrian-friendly shopping environment, with a recommended tenant mix that encourages shopping, dining and other activities that extend into the evening hours.