Competitive Supply Analysis
From Task 4, 9 retail categoires were identified as targets. To recap they are as follows:
In the following tables and maps, each retail supply category is evaluated for presence in the market. Although the square footage and the in-store sales for each location are not known, the likelihood of total spending by households in each category can be mostly attributed to the existence of the stores in each RTA. The impact of online purchase of retail goods is increasing, however, a varying ratio from industry reports is utilized for retail vs e-commerce spending in the calculations. Note: Mapping displays only those locations within 30 minute's drive from Plainfield (green highlighted communities on charts).
To gauge additions to supply, a review of building permits was conducted. Source for the data is the NJ Department of Community Affairs (DCA). While the DCA features 2024 year to date permit applications, there are many non-reportings from municipalities which renders this not reliable. Accordingly, the 2023 dataset is used. Considering that construction generally lasts about a year, the 2023 data would indicate new products coming on line in 2024. In Union County, the 2023 total for non-residential space granted building permits was 1,111,775 sf in the following categories:
The most active Union County municipalities in new non-residential construction are as follows: 1. Linden (281,593 sf) 2. Berkeley Heights (243,341 sf) 3. Cranford (241200 sf) 4. Roselle Park (109,697 sf) 5. Plainfield (75,913 sf) 6. Springfield (68,644 sf) 7. Union (49,766 sf) 8. Elizabeth (32,432 sf) 9. Summit (8,439 sf) 10. Westfield (750 sf)