With an increasing residential population, world-renowned health care institutions and a hub for higher education Downtown New Haven offers a strong retail environment with potential for growth.
- New Haven boasts the second largest population by city in Connecticut with 130,000 residents.
- Over 867,000 people live within a 30 minute drive time of downtown.
The downtown’s retail composition resides in four main districts, Chapel Street, Audubon Arts and Retail District, Ninth Square and the Broadway Shopping District.
To gain an understanding of the current small business environment and market potential in downtown New Haven, an inventory of all retail establishments in downtown is conducted quarterly. Highlights are published in a quarterly Retail Snapshot. Download most recent report.
There are 346 retail establishments within .5 miles of 900 Chapel Street with 2,848 employees and sales in excess of $338.6 million. Defined by NAICS codes, the largest sector is food services and drinking places with 177 businesses, 1,882 employees and $131.3 million in sales.
|Food Services and Drinking Places||177||1,882||131.3|
|Furniture and Home Furnishing Stores||5||24||6.8|
|Electronics and Appliance Stores||16||170||43.2|
|Food and Beverage Stores||23||107||19|
|Health and Personal Care Stores||15||141||48.1|
|Clothing and Accessories Stores||43||224||38.1|
|Sporting Goods|Hobby|Book|Music Stores||15||59||9.9|
|General Merchandise Stores||4||19||3.7|
|Miscellaneous Store Retailers||30||222||38.5|
Key Retail Facts | Radius .25 miles, .5 miles, and 1.5 miles (click for map)
|Retail Category||.25 miles||.5 miles||1.5 miles|
|#Business||#Employees||Sales M||#Business||#Employees||Sales M||#Business||#Employees||Sales M|
|Food Services and Drinking Places||109||1,213||84.6||177||1,882||131.3||370||3,512||244.6|
|Furniture and Home Furnishing Stores||2||9||2.5||5||24||6.8||17||466||118.2|
|Electronics and Appliance Stores||12||102||25.2||16||170||43.2||34||251||63.8|
|Food and Beverage Stores||10||51||9.5||23||107||19||120||568||140.5|
|Health and Personal Care Stores||7||49||13.3||15||141||48.1||40||356||115.2|
|Clothing and Accessories Stores||27||114||19.4||43||224||38.1||61||270||46.1|
|Sporting Goods, Hobby, Book, and Music Stores||6||21||3.5||15||59||9.9||27||127||20.8|
|General Merchandise Stores||3||17||3.2||4||19||3.7||17||58||12.1|
|Miscellaneous Store Retailers||19||116||18.9||30||222||38.5||64||356||62.4|
New Haven Market
As a market, Greater New Haven appears under-served with upscale shopping. The highest-end anchor at its 1.3 million square-foot super-regional mall, Westfield Connecticut Post, is a Macy’s department store, and the in-line mix there is largely mid-market. Its more recent lifestyle-center addition, Milford Marketplace, adds the metro area’s first Whole Foods Market as well as a small collection of up-market fashion brands, but at 112,000 sq.ft., is relatively modest in size.
In comparison, the Hartford area’s 1.3 million square-foot super-regional, Westfarms Mall, includes Connecticut’s only Nordstrom as well as a Lord & Taylor, and its in-line mix is filled with luxury and up-market names like Coach, Louis Vuitton, Tiffany & Co., Cole Haan, Bebe and Anthropologie, while nearby Blue Back Square, a 305,000 sq.ft. “Main Street” development, offers a Crate & Barrel among other retailers.
This disparity exists despite the fact that Greater New Haven’s demographics are similar to if not better than the Hartford area’s. The former’s median household income and median home value are considerably higher, and even though the total population within a five-minute drive is smaller, it has roughly the same absolute numbers of adults with B.A. degrees or more and households making $100,000/year or more, as well as more homes valued at $400,000 or more (see chart below).
Regional Market Grossly Under-served by Upscale Market - 2014
|(Within 15 Minute Drive Time)||DT New Haven||Westfarms||Providence Place|
|Median Household Income||$56,938||$54,053||$48,684|
|Average Household Income||$76,217||$73,628||$66,005|
|Median Home Value||$254,545||$231,196||$226,504|
|% with B.A. Degree or More||33.93%||31.15%||26.96%|
|# with B.A. Degree or More||86,472||112,999||108,878|
|% of HH Earning $100K or More||24.95%||23.11%||19.69%|
|# of HH Earning $100K or More||36,722||49,116||45,915|
|% of Homes Valued at $400K or More||15.15%||11.67%||8.53%|
|# of Homes Valued at $400K or More||12,409||13,955||10,927|
|% in Creative Class Occupations||37.41%||35.57%||31.92%|
|# in Creative Class Occupations||70,356||91,656||91,240|
Note: Westfarms Mall is CT's most upscale mall; Providence Place is RI's most upscale mall.
Sales Leakage |Full-Service Restaurant Category - 2014
Sales leakage figures confirm Downtown New Haven has the potential to capture even more market share in the restaurant category. The full-service restaurants within a five-minute drive of the Chapel Street-Temple Street intersection enjoy a net inflow of sales dollars, grossing roughly $66 million while the residents within that same polygon spend just $39 million on sit-down dining. This makes sense, given that Downtown is already a destination for food, but the disparity could be much greater: for example, residents living within a five-minute drive of another regional dining destination, Downtown Port Chester, spend roughly $41 million, but the full-service restaurants there gross $90 million! Such figures suggest that there is room for additional offerings in New Haven's case without risking cannibalization.
|New Haven||$39 million||$66 million||+$27 million||+69%|
|Port Chester||$41 million||$90 million||+$49 million||+120%|
Source: Nielsen, MJB Consulting
For a complete report Retail NAICS Summary 2015 for .25 mile, .5 mile and 1.5 miles from 900 Chapel Street | click here
Consumer Spending Patterns 2015 |drive times 5 minutes|15 minutes|30 minutes from 900 Chapel Street | Report
Retail Opportunity Gap 2015 |drive times 5 minutes|15 minutes|30 minutes from 900 Chapel Street | Report
Merchandise Opportunity Gap 2014 | drive times 5 minutes | 15 minutes | 30 minutes from Downtown New Haven | Report
*Source: Reports from The Nielsen Company, July 2015 except where noted