In the ever-evolving world of retail, consumers are consistently
altering what they expect in a shopping experience. Whether it is convenience, customer service,
or overall atmosphere, consumers are making it clear which elements are most
important to them. And while the
industry has seen a boom in ecommerce sales, 85 percent of consumers still
prefer to shop brick & mortar, according to a 2016 study by TimeTrade, Conclusive data such as
this provides evidence that there is a significant demand for physical stores,
and Sterling Heights has many opportunities for retail locations to meet that
demand. The City has developed and made a wealth of demographic, market
potential, and current reports for available space and pricing information for
site selection purposes, including Lakeside Mall, which continues to thrive and
bring traffic to the area.
Consumer Reports
By evaluating the population snapshot provided in the consumer
reports, retailers can determine if they are well-suited for the citizens of
Sterling Heights. According to the 2010 U.S. Census, the population of Sterling
Heights was 129,699 with an average household size of 2.61. With a median age of 40.4 and median
household income of $58,870, the population has been divided into the top five
tapestry segments, identified by ESRI with detailed income, demographic, and
spending habits: the golden years, salt of the earth, green acres, rustbelt traditions, and comfortable empty nesters.
Market Potential
The Retail Market Potential report, prepared by E Smith Realty
Site Selections, is a detailed assessment of the citizens of Sterling Heights
and their buying purchasing and lifestyle behaviors. The report documents the market potential for
retail outlets and the percentage of 106,183 adult citizens of Sterling Heights
and their use of retail categories such as apparel, electronics, and
entertainment, as well as the psychographics of the population.
Traffic Counts and Drive Times
By evaluating the traffic count map prepared by E Smith Realty Site
Selections, potential retailers can determine the best location for their
stores. Additionally, by assessing the trade
area, retailers can get an overview of where retail and restaurants
are located, as well as gross leasable area.
The snapshot also provides the boundary of Sterling Heights and the
drive times to surrounding communities.
Retail Available Snapshot
Availability of retail space is key component to site to
selection and the city of Sterling Heights has provided an availability snapshot. Vital information on the sale price of retail
space ($192 per sq. ft.), as well as the availability and vacancy rate (8%)
from the prior year.
Lakeside Mall
Another area of retail potential in Sterling Heights lies with
the Lakeside Mall. With 126 stores,
including Macy’s, Sears, and Toys “R” Us, the Lakeside Mall continues to thrive
and bring in traffic from Sterling Heights and surrounding cities.
Connect with Sterling Heights Retail
Opportunities
As the retail industry continues to prosper, Sterling Heights
offers a diverse population, with incomes that allow them to accommodate their
lifestyles, and a retail landscape with available space and markets to be
filled. If you would like more
information regarding current retail opportunities in Sterling Heights contact
Luke Bonner, Senior Economic Development Advisor, at lbonner@sterling-heights.net.
Sterling Heights is proud to be innovating business in Macomb
County.