Downtown Ferndale Shares Market Analysis

Downtown Ferndale Shares Market Analysis dinos02sidelogo3

(Crystal A. Proxmire, March 11, 2014)

A market analysis for Downtown Ferndale revealed at Monday’s City Council meeting gives a view of what is happening and what could be happening in terms of business development.  The presentation fell on the same night that City Council considered which developer to select to build out the Withington and Troy parking lots.

The analysis, conducted by The Strategic Edge in the summer of 2013, looked at the demographics of people in the DDA area from 11A.M. to 8 P.M. through the week.  This is because the “DDA wanted to focus on its daytime activity knowing full-well that in order to grow our retail sector we need to increase office and daytime users in the district,” said Director Cristina Sheppard-Decius in the introductory memo. Jim Shaffer ad EDITED“Typically a market analysis looks at commercial retail/service uses solely, but we also included a short form review of office uses in the downtown and compared it to the surrounding market and needs.”

Based on the  analysis, the DDA has set the following goals to grow current and new business:

-Strengthen cross-promotional efforts to increase the number of businesses visited per patron.

-Conduct marketing campaign to grow patronage of Downtown Ferndale by Millennials. 20140311analysis02

-Cultivate 30,000 SF Class A office space tapping our Super-Creative Class and Creative Professionals workforce.

-Increase daytime foot traffic by increasing retail shopping square footage coupled with office space.

-Encourage upper-story housing and office development and infill where appropriate to meet Downtown Development Plan strategy.

-Strengthen established businesses by creating greater awareness and expanding/improving products to fill tenant market gaps.

-Grow African-American consumerism within trade area.

The analysis identified three “classes” of patrons in Downtown Ferndale. “Creative professionals” made up 33.8% of those surveyed, “Super creative class” individuals made up 29.2%, and “Service class” made up 24.3%.

ctechadThe surveyors asked people what they were doing in the area. The results were:

25% – dining and entertainment

24% – shopping

19% – working

8% – browsing

8% – professional services

7% – living

9% – other

Downtown Ferndale has approximately 350 businesses centered around 9 Mile and Woodward Avenue. In 2103 businesses that opened in the DDA area included:

Among the 32 new businesses that opened in 2013:

C! Tech Solutionsnicholas-schrock-allstate

Completely Bronzed

Double Up

Dynasty Media Network

Hadrout Advertising & Technology

Ink Addict

Inspiration Uncorked

Intrinsic Boutique

Lilac Pop Studio

Lisa D’s Divine Treats

Masterpiece Salon

Michigan Modern PsychologyHowesLocation

Logo Copy Center

Michigan Youth Arts

Neurolotus

Pet N Paw

Public House

Pure BDY

Schramm’s Mead

Shine On Yoga

The Shoppe @ Torino

The Tattoo Gallery

TV Fitness Studio

Zero Base EnergyDDAsample01

The market analysis can be downloaded HERE.

For more information on Downtown Ferndale go to www.downtownferndale.com.

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