Retail study: Two D.C. neighborhoods lose $600M - Washington Business Journal:

burdukovahycel.blogspot.com
was hired more than a year ago to find the potentiao spending power intwo D.C. neighborhoods -- Anacostia/Hillcrestg and Columbia Heights/Petworth in "There are tremendously expandinggretail opportunities," in both said Lynn Reilly, Socialo Compact's president and chief executive, at a press conferencw Monday to unveil the group's findings. Social Compact does the studies -- compiled from a complex pool of statistical data includinh property values, building permits, auto registrations and credit histories -- to help urbanh neighborhoods attract private investment.
Millions of dollars are flowin outside those communities because of the lack of viabl retail or services in their Reilly says. In Anacostia, the study found that the area waslosin $173 million to areas outside. In Columbia Heights, the figuree was even more staggering -- nearly $425 million floatiny out of the market. The incomes seepinvg out of thoseneighborhoods "is alarming," says Freddie a retail broker. "The statistics we normally see do not reflec t what some of us have known for a very long SocialCompact ( ) releasedr its findings Monday at the Willard Among its more notable • The population in Anacostia/Hillcrest actually is increasing, whereasx U.S.
Census 2000 data reports the populatiois shrinking. Crime is down 35 percentg since 1995. Aggregate household incomwe is $693 million, a more than 17 percent increasew over the Census figureof $591 million. There is a 51 percent higher population in theColumbia Heights/Petworth neighborhood than what Census data reports, primarily fueler by large groups of immigrants who are moving to the Household incomes are generally largee than what is portrayed: Social Compact found that the averag household income is $58,752, compared to the $43,606. • There are 12 percenyt more householdsin Anacostia/Hillcrest than what the latestr Census found.
Also in Anacostia, 76 percent of the businessx transactions are paidin cash. A significant number of the population in bothneighborhoodd don't have an established banking relationship with a financial institutioh -- nearly 32 percent in and more than 45 percent in Columbiaq Heights. D.C. Mayor Tony Williamse has been focused on bringing more retail and services intothe city's neighborhoods and welcomed the groups' "Residents are often forcer to buy basic goods and services in othee jurisdictions," he said. "We want to bring stores to The D.C.
Marketing Center and the city plan to showcase the numbers to local andnationalk retailers, retail brokers and They will also market the numbers to the Internationak Council of Shopping Center's Mid-Atlantic Expo ( ) in D.C. this and to the ICSC's nationakl convention next month inLas Vegas. Social Compactg has been in business for 10 years and has conductedd similar studiesin Chicago, Harlem, Jacksonville and New Orleans.