Study: Downtown Indy Spending Power Doubles

Posted: Updated:
(photo courtesy of the Indy Chamber) (photo courtesy of the Indy Chamber)
INDIANAPOLIS -

A new study released by the Indy Chamber suggests a bright future for retailers in downtown Indianapolis. The study, “Downtown Indianapolis Retail Spending Power," was conducted by Chicago-based real estate research and advisory firm Hunden Strategic Partners and shows the total retail spending power of downtown residents, employees, students and visitors hit nearly $500 million in 2018, up from $200 million in 2000. That number is projected to reach $650 million by 2024.

Catherine Esselman, senior project manager for economic development at the Indy Chamber, tells Inside INdiana Business the goal is to use the data to help change the narrative for retail in downtown Indy.

"We're not known for shopping in downtown Indianapolis," said Esselman. "Those five demographics that this study looked at, students and residents, daytime visitors, overnight visitors and employees, nowhere else in the state can you find that diversity of person walking around on our streets and I think we need to tell that story to a national and regional audience and better equip our local brokers and developers and retailers to encourage them that this is a market that they should consider."

The study estimates that the average daily number of residents, visitors and employees in downtown Indy has risen to nearly 240,000 and about half of that increase comes from residential growth. 

One of the key findings from the report shows a significant demand for more diversity in retail options, such as grocery, general merchandise retailers, home and garden suppliers, and furniture stores, among others to "conveniently meet the daily needs of the downtown community."

"Retail means so many different things," said Esselman. "There's a desire to not have to travel to go to the store, to go to the north side or to the south side, but to be able to do that steps from your home or within a bike ride or a scooter ride. So it's thinking about how we shop and what sort of amenities and services, as well as daily needs are missing from our downtown market. One of the things that the report looked it is yes, we have $440 million worth of retail buying power but are people actually spending that dollar, or are those dollars leaving our market and we're not capturing those?"

The report comes as the Indy Chamber and the city of Indianapolis kicks off the BuyIN: Advancing Indiana's Retail Strategy initiative. The official launch of the effort takes place Wednesday evening and will include a discussion of retail programs and priorities, including an update on the St'Art Up 317 pop-up shop initiative taking place this month. 

"We're working to incorporate retail into our economic development strategy for the city of Indianapolis," said Esselman. "It is something that builds a sense of community (and) sense of place. We want to empower and equip those front line individuals, the commercial real estate brokers, the owners of mixed-use developments in that 2.5-mile radius, that they have these numbers and can take these data points and talk about their product and their offerings more effectively."

You can connect to the full report from HSP by clicking here.

Esselman said the goal is to use the data to help change the narrative for retail in downtown Indy.
Esselman discussed the need for diversity in retail options.
  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Aasif Bade (pictured left) is president and Patrick Chittenden (pictured right) is executive vice president of Ambrose Property Group.

      Waterside Developer: City Has 'Violated Our Rights'

      The chief executive officer of Indianapolis-based Ambrose Property Group says the firm is preparing for litigation regarding the future of the former GM Stamping Plant site. In a response to a letter from the city of Indianapolis this week, Aasif Bade says the city's continued threat of acquiring the site of the $1.4 billion Waterside redevelopment project through eminent domain "has violated our rights and is harming the community by putting Waterside in a state...

    • Purdue Global Now Offers Analytics Degree

      The U.S. Bureau of Labor Statistics reports that jobs in the field of data analysis are projected to grow 26 percent over the next ten years. Acting upon that data, Indianapolis-based Purdue University Global has launched a new Bachelor of Science degree program in analytics. 

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.

    • Red Star announced plans to expand and add 18 jobs.

      Larwill Medical Device Maker to Expand, Add Jobs

      A Whitley County-based medical device maker has announced plans to expand its facility in Larwill which should mean new jobs. Red Star Contract Manufacturing Inc. says it will invest $1.6 million in real estate improvements and additional equipment and will create 18 new jobs by 2022. 

    • (photo courtesy of the Center for the Performing Arts)

      Center for the Performing Arts Launches Naming Campaign

      The Center for the Performing Arts in Carmel is looking for its first-ever corporate naming partner. The nonprofit, which is approaching its 10th anniversary, says it hopes to find a partner with a “shared vision of advancing the arts and educational programming, unifying the community and extending the center’s impact.” The campaign to find a partner follows a strategic planning process, which involved an independent analysis from Chicago-based sponsorship...