Tryon Development Area Retail Demand
A Pastoral Setting for Mixed Residential Development
Support for New Retail in Fulton County
Current County Retail Leakage Recapture Demand
Fulton County’s 2017 Retail Strategy was prepared by Asterhill Community Planning and Development and River Street Planning and Development. It identifies an immediate unmet demand for nearly $49 million in demand from leakage or the equivalent of up to 145,000 SF of retail in a range of categories including those shown in the table above.
Factors Supporting Current County Retail Leakage Recapture Demand
Recapturing Retail Leakage. The current unmet demand for retail is related to recapturing a share of retail sales that are leaking from the County based on total consumer spending in the region of $1.24 billion in 2014.
Meeting the Needs of Older Residents. Increasing percentage of baby boomers and active seniors support specific merchandise mixes that can drive new retail investment.
Rising Incomes in the Market Area. Between 2000 and 2015 there was a 200% increase in families with incomes over $100,000.
Current Tryon Retail Leakage Recapture Demand
The Tryon Development Area is included in the supply of retail reserved for locations in the County apart from four submarkets in the cities and at Hales Mills and Vail Mills Development Areas. The reservation of retail for these other locations totals 90K SF or $26.4 million in potential retail demand.
Factors Supporting Current Tryon Retail Leakage Recapture Demand
The Tryon Development Area is an entirely new neighborhood drawing from new companies at the adjacent Tryon Technology Park, giving it a unique place among Fulton County’s neighborhood options.
Beautiful location adjacent to the County’s premier technology business park.
Healthy traffic counts with average daily traffic counts of AADT of 1,674 on Cty Rte 158; AADT of 7,057 on NYS Route 29.
Located just five minutes from downtown Johnstown and Gloversville, which have a combined population of nearly 24,000 people.
Future Retail Demand
RETAIL MARKET DEMAND
TRYON DEVELOPMENT AREA
|Increased Tourism and Seasonal Household Spending –
Fulton County can capture a larger share of annual spending by visitors and seasonal households assuming 3% annual growth through 2025.
|lncreased Household Spending,
Homes and Jobs. Fulton County can capture a portion of retail spending generated by approximately 1,500 current and new households through 2025 and up to 340 projected new jobs as a result of the full build out of the Tryon Technology Park.
|Increased Non-Resident Worker Spending
Fulton County can capture an increased a mount of retail demand by employees who work in the County but live elsewhere through 2025.
|ESTIMATED RETAIL SALES||$60,000,000||$26,300,000|
|ESTIMATED RETAIL SQUARE FEET||220,000 SF||90,000 SF|