Due to the transformational changes taking place in Retailing, globally, domestically, and in the DFW market, Carrollton’s City Council recommended that an experienced consultant be retained to provide an assessment of current conditions in Carrollton’s retail environment and an Action Plan for continuing to improve the health and quality of Carrollton’s shopping centers. As a result, the City contracted with Catalyst, a Dallas-based firm with significant hands-on experience in working with cities within the DFW market to conduct assessments of local retail markets and in working with private sector retailers and developers of retail properties to assist them with site selection and development decisions.
The attached Executive Summary of the final Shopping Center Assessment and Retail Strategy provides a snapshot of the full plan’s findings, methodology, identified retail districts, and ultimate goals for Carrollton’s retail industry. Since the plan’s completion, Staff has commenced implementation of the plan and will provide regular progress updates to Council and the public.
- A RETAIL DISTRICT IDENTIFICATION segmenting Carrollton into 12 geographic areas each serving distinct retail markets.
- A RETAIL ASSESSMENT inventorying and benchmarking Carrollton’s retail shopping centers based on vacancy, gross leasable area (GLA), age, quality, tenant mix, ownership, traffic counts, demographics, psychographics, and other pertinent information.
- A SWOT ANALYSIS identifying Strengths, Weaknesses, Opportunities, and Threats for each major retail center to determine competitiveness.
- A SHOPPING CENTER TARGET LIST identifying and prioritizing the top Retail Districts where the return-on-investment is highest to the City to work with shopping center owners, retail brokers, and residents to bring about positive change and to encourage improvement.
- A TARGET LIST OF RETAILERS finding a Carrollton location to be a good “fit” based on the criteria used by each in selecting locations meeting their demographic criteria and for which there is available space to lease or available pad sites on which to build new, ground-up retail facilities.
- A BUSINESS DEVELOPMENT/SALES ACTION PLAN defining roles and responsibilities, metrics, reporting requirements whereby Economic Development Department staff (with support from Catalyst) contacts the Target List of Retailers, focusing primarily on the 4 Retail Districts identified: The Belt Line Corridor District, Rosemeade at Old Denton District, Keller Springs at Josey District, and The Frankford Corridor District.