Item 26 - Public Hearing Regarding Bristol Project

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ta www.FinanceDTA.com SECTION VI RETAIL MARKET RESEARCH 4. Younger customers, such as Gen Y (born between 1981 to 1996) and Gen Z (born between 1997 to 2010), have grown up in the digital world and expect a seamless retail experience. Unlike earlier generations, these customers are unafraid of technology and sharing data if they believe it will benefit them. As Gen Alpha (born after 2010) become more experienced shoppers, their expectations will further enhance the need for retailers to provide even better shopping experiences based upon Big Data. 5. In order to improve the shopper's experience, the new retailer has to adapt to the changing world, which may require them to share data with suppliers, last -mile fulfillment firms, and possibly even competitors to improve the shopping experience with the goal to increase revenues and decrease costs. 6. The combination of an urban village that integrates residential units with nearby retail will increase the walkability of the Specific Plan area by permitting shoppers to have easy access to shops, with the result that shopper traffic should increase for the new retail shops. 7. The proximity of retail and residential uses will encourage residents to rely more on direct delivery for groceries, takeout meals, and the purchase of consumer products that can be delivered directly to the doorstep within 24 hours. This may also require that retail locations allocate space to these delivery services. 8. According to our site visit, many of the buildings in the Metro Town Square have relatively low ceilings that are not conducive in the current market. Most current retailers prefer higher ceilings to provide a comfortable environment for customers and a place to hang signs and mount security cameras. Higher ceilings also provide more room for stacking inventory, both on the display floor and in the warehouse. These factors will drive retail users to demand different uses of retail space. For example, much less space may be allocated to storerooms since the retailer will not be required to maintain inventory on -site. The new retail location must be linked directly to Big Data, either through in-store data collection devices or the use of a smart phone, as demonstrated by the Apple Store. The new retail facilities will be required to upsize their electrical systems to accommodate their new data collection systems and dissemination of information needs. As ridesharing becomes more acceptable, the need for substantial parking fields will become less important and those that offer electronic charging stations will attract customers that can shop while their care is charging. These changes will permit less land to be allocated to parking and more space to retail shops. If the Developer responds to these factors, the conversion of the Specific Plan property from its current "obsolete" retail space to retail space tailored to the new market dynamics meeting the wants and needs of the shopper should achieve commercial success. Related Bristol at 3600 South Bristol Street Draft Market Study Report Exhibit 10 September 2023 23