DWC Retail Recruitment Brochure

WHY DOWNTOWN WESTFIELD

A sizeable, demographicallydesirable trade area

A “Class A” location with a critical mass of soft goods retailers

A large-scale proposed investment by a commercial real estate industry leader

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9 PAGES 10-11

Pro-business local leadership focused on “getting to yes,” as well as a Special Improvement District providing representation and support

A MAJOR REAL ESTATE DEVELOPER INVESTING IN DOWNTOWN WESTFIELD

HUDSON’S BAY COMPANY/STREETWORKS DEVELOPMENT IS DOUBLING DOWN ON DOWNTOWN WESTFIELD WITH THE PROPOSED DEVELOPMENT OF ONE WESTFIELD PLACE, A ~725,000 SQUARE FOOT MIXED-USE REDEVELOPMENT OF THE FORMER LORD & TAYLOR AND ADDITIONAL PROPERTIES.

For more information, please visit the Preview Center in person at 76 Elm Street or online at onewestfieldplace.com.

The HUDSON’S BAY COMPANY (HBC) , founded in 1670, is a Toronto-based real estate owner and department store operator with a substantial portfolio that spans the U.S. and Canada.

STREETWORKS DEVELOPMENT is a 40-year old, New York City-based builder of transformative multi-use environments that have been acquired by HBC to manage the redevelopment of select HBC parcels in top-tier locations. One of its celebrated projects is West Hartford Center’s Blue Back Square.

SUPPORTIVE LOCAL LEADERSHIP

The Town of Westfield wants new and prospective tenants to feel wanted and welcomed in its Downtown, with an approach that aims to expedite approvals and permitting.

Once here, businesses are represented and supported by the Downtown Westfield Corporation (DWC), a Special Improvement District (SID) with an active workplan that includes advocacy, marketing and promotions, events, beautification as well as retail attraction and retention.

WELCOMING THE FUTURE

As examples of its forward-looking approach, the Town has expanded permitted uses to include microbreweries, craft distilleries, and makerspaces.

LEW KIMBLE Vice Chair, Downtown Westfield Corporation

“RECOGNIZING THAT ‘TIME IS MONEY,’ FOR BUSINESS OWNERS, WE HAVE INSTILLED A BUSINESSFRIENDLY, ‘GET TO YES’ CULTURE TO ENABLE NEW BUSINESSES TO OPEN THEIR DOORS FASTER.”

“THE DOWNTOWN WESTFIELD CORPORATION IS WORKING TO ENSURE THAT DOWNTOWN EVOLVES AND ADAPTS FOR THE CONSUMERS WE SERVE TODAY, AS WELL AS THOSE WE WANT IN OUR DOWNTOWN TOMORROW.”

SHELLEY BRINDLE Mayor, Westfield, NJ

Downtown

has a sizeable, demographically-desirable trade area all to itself—even after accounting for nearby competitors. $103,000 MEDIAN HOUSEHOLD INCOME (VS $86,000 STATEWIDE)

219,000 RESIDENTS $150,000+ 27,000 HOUSEHOLDS EARNING $150,000 OR MORE (35%) 49% (74,000) WITH B.A. DEGREES OR HIGHER

According to ESRI, this trade area is currently leaking sales1 of roughly $146 million in clothing, footwear, jewelry and home furnishings—translating to nearly 300,000 sq ft of additional retail space.

“THE NON-LOCAL RESIDENTS BUYING HOMES IN WESTFIELD DURING THE PANDEMIC HAVE PRIMARILY BEEN COMING FROM JERSEY CITY, HOBOKEN, MANHATTAN, BROOKLYN AND QUEENS.”

SUBURBANIZATION OF HIP

Refers to the migration of Millennials from dense urban areas to desirable close-in suburbs as they enter familyformation stage.

ERIN BEN-HAYON, Realtor, Coldwell Banker East

THE CO-TENANCY: A “CLASS A” DOWNTOWN

Downtown Westfield boasts by far the LARGEST CONCENTRATION OF SOFT GOODS RETAILERS IN THE TRADE AREA , with a diversified mix of large national brands, smaller regional chain-lets and independently-owned boutiques.

Downtown Westfield is a coveted location for the new breed of digitally-native brands now looking to expand their brick-andmortar networks in top-tier suburban submarkets.

Downtown Westfield features a wide array of contemporary food and beverage concepts, including sit-down restaurants, craft brewpubs, fast-casual eateries and artisanal coffeehouses.

Downtown Westfield is home to a HIGH-GROSSING TRADER JOE’S

new businesses have opened since the start of the pandemic, far exceeding the number of closures during that time

Score, a subsidiary of Redfin, provides a measure of the "walkability" of a given location, as based on the number of services and amenities not requiring the use of a car. It uses a

to

scale, with a score between 90 and 100 representing a "Walker's Paradise."

As part of its plans for One Westfield Place, HBC | Streetworks Development has proposed comprehensive streetscape and sidewalk improvements, including the beautification of Quimby Street, as well as two new landscaped public spaces co-designed by Daniel Beiderman of Bryant Park fame.

ACCESS

• Along the NJ 28 (North Ave) arterial

• U.S. 22 to the north (Lawrence Ave exit)

• Garden State Parkway to the south (Central Ave exit)

• Commuter rail and bus service to/ from Manhattan

• Local bus service

PARKING

• 1,990 public parking spaces (1 per 245 sq ft of retail space)

• 325 in on-street stalls and 1,665 in off-street lots

• 83% utilization at peak demand (2019)

• Two proposed new public parking decks