Monday Report - Who's Really the "Other Downtown III"? October 8th, 2007

Economic Notes:

Economic Development Grants:



Where is "Downtown" III?

Where is the "Commercial Heart" of Utah?

Downtown (also called a "central business district" in British English) is a term used in North America when referring to an inner city, usually both in a geographical and commercial / community sense.

A Central business district (CBD) (also called 'Downtown' in American English) is the commercial and often geographic heart of a city.

Who has the most retail sales?

Retail Sales by ZIP Code, 2006

RankZIP Location2006 Direct Retail Sales ($000)>
184115South Salt Lake2,051,137
284107Murray 1,749,507
384070West Sandy1,462,245
484116Airport/Rose Park1,371,863
584119East West Valley1,360,933
684041Layton 1,091,513
784101West Downtown SLC1,055,760
884104Westside SLC969,788
984120West Valley929,360
1084111East Downtown SLC873,998
1184058South Orem827,203
1384057North Orem762,010
1584601SW Provo682,197
1784088South West Jordan621,159
1884404Ben Lomond621,065
1984003American Fork552,067
2084123West Murray550,884
2184084West Jordan550,884
2384106Sugar House458,212
2484121Cottonwoo d458,007
2884087Woods Cross383,963
2984095South Jordan382,708
3084403South Ogden374,739


  1. Source: Utah State Tax Commission
  2. Zip boundaries often do not follow political boundaries

This Weeks Leads

  • Lacoste
  • Lacoste operates 60 locations nationwide. The stores, offering accessories, apparel, footwear, fragrances and sporting goods, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in malls and urban/downtown areas. Growth opportunities are sought nationwide during the coming 18 months, with representation by The Greenberg Group. Typical leases run 10 years. A vanilla shell and specific improvements are required. and Preferred cotenants include Armani, Banana RepublicNeiman Marcus. Preferred demographics include a population of 100,000 within three miles earning $80,000 as the average household income. Send site submittals to: Steven Greenberg, The Greenberg Group, 1200 West Broadway, Hewlett, NY 11557; Web site: www.lacoste- usa.com.
  • Cheesecake Factory
  • The Cheesecake Factory operates 100 locations nationwide.
  • The upscale casual restaurants occupy spaces of 8,500 sq.ft. to 11,000 sq.ft. in freestanding locations and malls.
  • Growth opportunities are sought in major metro markets nationwide during the coming 18 months, with representation by Blatteis & Schnur.
  • Typical leases run 10 years with two, five-year options.
  • Preferred cotenants include Bloomingdale's and Nordstrom.
  • Preferred demographics include a population of 250,000 within five miles earning $70,000 as the average household income. Send site submittals to:
    • Robert Schnur,
    • Blatteis & Schnur,
    • 1940 Century Park East, Suite 200,
    • Los Angeles, CA 90067;
    • Web site: www.thecheesecakefactory.com.
  • Chick-Fil-A
  • Chick-Fil-A, Inc. trades as Chick-Fil-A at 1,200 locations nationwide, excluding the New England and Pacific Northwest regions.
  • The restaurants occupy spaces of 4,000 sq.ft. in freestanding locations, malls, power and strip centers.
  • Plans call for 80 openings nationwide during the coming 18 months.
  • Typical leases run 10 years with four, five- year options.
  • Preferred cotenants include Home Depot, Lowes Home Improvement, Target and Wal*Mart.
  • Preferred demographics include a population of 35,000 within one mile earning $50,000 as the average household income.
  • A land area of one acre is required.
  • Send site submittals to:
    • Erwin Reid,
    • Chick-Fil-A, Inc.,
    • 5200 Buffington Road,
    • Atlanta, GA 30349-2998;
    • Web site: www.chick-fil-a.com.
  • Godiva Chocolatier & Pepperidge Farms
  • Campbell Soup Co. trades as Godiva Chocolatier at 268 locations nationwide and in Canada.
  • The stores, selling chocolates and coffee, occupy spaces of 850 sq.ft. to 1,000 sq.ft. in malls, mixed-use and outlet centers and urban/downtown areas.
  • Growth opportunities are sought nationwide during the coming 18 months.
  • Typical leases run 10 years.
  • A vanilla shell and specific improvements are required. Preferred demographics include a population of 300,000 within five miles earning $65,000 as the average household income.
  • The company also trades as Pepperidge Farms at 88 locations east of MS.
  • The stores, selling baked goods and soups, occupy 1,200 sq.ft. to 1,600 sq.ft. in outlet, power, strip, tourist and value centers.
  • Typical leases run five years.
  • A vanilla shell and specific improvements are required.
  • Preferred demographics include a population of 250,000 within three miles earning $50,000 as the average household income.
  • The company will not consider supermarket-anchored shopping centers.
    • For more information, contact
    • Bart Delaney,
    • Campbell Soup Co.,
    • 595 Westport Avenue,
    • Norwalk, CT 06851;
    • 203-846-7000,
    • Fax 203-846-7287.


  • Other Downtown III?
  • Who has the most retail sales?
  • Economic Development Grants
  • Economic notes
  • This weeks leads

Bob Springmeyer

Bonneville Research

  • Economic Notes:
    • International Business Confidence
    • Global business confidence appears to have stabilized, but at a low level that is consistent with a global economy that is just avoiding recession. U.S. business confidence is weaker and suggests that the U.S. economy contracted in September. European confidence is also very soft. Responses to the broader questions concerning current business conditions and the six-month outlook are notably negative, while responses to more specific questions regarding investment and payrolls are more positive. Sentiment in Asia and South America is also weathering the financial storm reasonably well.
    • ABC News/Washington Post Consumer Comfort Index
    • After creeping higher over the past few weeks, consumer confidence took a breather in the latest period, according to the ABC News/Washington Post consumer comfort index. The headline index slipped a single point to -12 in the week ending September 30. The details of the report were less upbeat than the headline number would otherwise suggest. The buying climate and personal finances components fell four and two points, respectively. The lone bright spot this week was a modest improvement in the economic component.
    • Factory Orders (M3)
    • Factory orders fell by a larger than expected 3.3% in August. This followed a 3.4% increase in July. Durable goods orders were not revised from the first print, posting a 4.9% drop. Nondurable goods orders posted a 1.6% decline. Total shipments fell 1.6% over the month, with no revision to durable goods shipments.
    • ISM Non-Mfg.Index
    • The non-manufacturing business activity index moderately decreased in September, falling to 54.8%. Nevertheless, this number was above both consensus expectations and our forecast.
    • MBA Mortgage Applications Survey
    • Mortgage demand decreased 2.7% in the week ending September 28. Purchase applications decreased 1.8% and refinance applications decreased 3.8%. The decrease in 30-year rates may have helped to slow the decline in purchase applications, as buyers wait for the Fed interest rate cuts to fully pass through to fixed mortgage rates.
    • Pending Home Sales
    • The outlook for home sales remains weak. The pending home sales index fell to 85.5 in August, a decline of 6.5% from July, and a decline of 21.5% from a year ago. While this was not as sharp of a month-to- month decline as last month, the index's fall still suggests that home sales will weaken further over the next several months in the face of slumping demand.
    • Chain Store Sales
    • Chain store sales were unchanged in the week ending September 29 according to the ICSC, stabilizing after two weeks of good-sized declines. Year-over-year growth rose to 2.7% as comparisons continue to ease.
    • Employment Index
    • The Monster Employment Index was unchanged from August levels in September, clocking in at 186. The tone of the report was relatively neutral, highlighting a slightly weaker yet healthy labor market. As a direct consequence of recent turmoil in financial and housing markets, demand for labor in finance, real estate and rental leasing clocked in the most notable declines.
    • Jobless Claims
    • Initial jobless claims increased by 16,000 to 317,000, in line with expectations for a bounce back up after last week's surprising drop.
    • Job Cuts
    • According to Challenger's monthly tally, job cut announcements edged down in September to 71,739 from 79,459 in August but still remain elevated compared to the first half of the year. One in three job cuts were related to the housing downturn and this number underestimates the true impact since many affected establishments are small and do not issue formal press releases.
    • Oil and Gas Inventories
    • Crude oil inventories unexpectedly rose by 1.2 million barrels for the week ending September 21, according to the Energy Information Administration, above expectations of an 0.8 million barrel draw. Distillate supplies declined by 1.2 million barrels, below expectations of a 1 million barrel increase. Gasoline inventories fell modestly by 0.1 million barrels, relatively in line with expectations. Refinery activity rebounded from the prior week, increasing to 87.5% from 86.9%, above expectations. This report is bearish.
    • Weekly Natural Gas Storage Report
    • Underground storage of natural gas increased by 57 billion cubic feet during the week ending September 28. This week's injection to storage came in below expectations. Inventories currently stand 7.5% above the five-year average for this time of the year. This report will have a bullish influence on prices.

    Source: Economy.com, Financial Times 2007

  • Economic Development Grants:
  • Grants

    Brownfields Economic Development Initiative (BEDI)

    • POSTED: 9/24/2007
    • ELIGIBILITY: Units of local government with designated "Brownfields" due to environmental contamination and are eligible for Section 108 loans
    • $ AVAILABLE: $32,900,000
    • MAX GRANT SIZE: $2,000,000
    • DEADLINE: 12/24/07
    • CONTACT INFORMATION: http://www.tgci.com/fedrgtxt/07-4702.txt
    • DESCRIPTION: Grants to enhance the security of Section 108 loans being used to conduct economic development, community development and/or affordable housing in designated Brownfields communities.

      Help Refugees Become Self-Sufficient!

      • Voluntary Agencies Matching Grant Program
      • POSTED: 9/26/2007
      • ELIGIBILITY: National refugee resettlement organizations
      • $ AVAILABLE: $60,000,000
      • MAX GRANT SIZE: $14,000,000
      • DEADLINE: 11/16/07
      • CONTACT INFORMATION: http://www.acf.hhs.gov/grants/open/HHS-2008-ACF- ORR-RV-0120.html
      • DESCRIPTION: Grants for programs designed to enable refugees to become self-sufficient within four to six months from date of arrival into the U.S; services include, but are not limited to, case management, employment services, maintenance assistance and cash allowance, and administration.

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