Downtown Toledo's resurgence opens up a huge opportunity for retail. If you've ever considered moving your retail business to the city center, now's the time to do it.
ProMedica moved 1,000 employees to their Downtown campus in August 2017 with plans to move at least 1,000 more in 2018. Employees who will need to eat, drink, and mingle in downtown Toledo every day. Meanwhile, the Tower on the Maumee and the Berdan Building are opening up coveted residential and retail space and will soon be welcoming new downtown residents.
With careful planning, downtown retail can attract people with a wide variety of interests. Residents and workers are only part of the population to consider in the downtown setting. A strategic plan for any downtown also considers the visitors that frequent the area for the shopping, restaurants, and cultural experiences. This strategy allows residents, workers, and visitors alike to feel as though this is their downtown, a place where they feel at home and have easy access to the stores and attractions that most appeal to them.
A comprehensive market study outlined three retail categories to be targeted, which enabled the identification of three distinct retail areas in downtown Toledo to suit each of these segments:
Family and Familiar
The Family and Familiar area is focused on Summit Street, with easy access to the waterfront and the ballpark. It appeals to casual visitors, often those with children who are downtown for the day to go shopping, visit the zoo, or attend a cultural or sporting event.
This area is primed for restaurants that appeal to young taste buds and their parents, who look for enjoyable food that is also quick and convenient, such as:
- Panera Bread
- Noodles & Co.
- Pizzeria Uno
- Red Mango
Upscale and Distinctive
The authentic urban vibe you get near the Four Corners creates the ideal Upscale and Distinctive area. Visitors who come here are looking for an experience. They'd rather shop at a boutique than at a department store. They value uniqueness and creativity, and are often fans of theatre and the arts. They're downtown because they live there or are looking for a unique dining experience.
Ideal tenants include:
- Craft Breweries
- Wine Bars
- Artisan Bakeries
- Coffee Shops
- Boutique Restaurants and Local Chefs
Fun and Nightlife
This environment is already well on its way in Hensville. Visitors to the Fun and Nightlife area want a memorable night out on the town; it appeals to residents and out-of-town visitors. These types of businesses will thrive in this area:
- Bars & Grills
- Concert Venues
- Piano Bars
How does your retail business fit into this strategic plan for downtown? Contact Crane Development to help you find the perfect space for your downtown retail business.