Montco Metrics Matchup February 2024 Edition: 19403 vs 19468
Welcome back to Montco Metrics Matchup, your monthly dose of data-driven insights into Montgomery County's dynamic commercial real estate landscape! This month, we're diving deep into a fascinating comparison between two prominent retail destinations: Audubon Square (Norristown - 19403) and The Court At Upper Providence (Royersford - 19468).
Regional Change
Let's start by looking at the year-over-year percentage change in foot traffic for these zip codes and their surrounding areas.
[Click on images to enlarge.]
The image displays a color-coded map showing the year-over-year percentage change in foot traffic for the selected zip codes and their surrounding areas.
Norristown (19403) shows a +3% change.
Royersford (19468) shows a +5% change.
Visually analyze the image to identify any significant outliers or trends observed in the data.
Monthly Trends
Now, let's analyze the monthly year-over-year foot traffic percentage change for Norristown (19403) and Royersford (19468). Remember that the charts represent the monthly year-over-year percentage change in foot traffic for each zip code.
Norristown (19403):
A noticeable dip in February, likely due to winter weather.
A steady rise follows, peaking in July and August, before tapering off towards the end of the year.
This pattern suggests a strong seasonal influence, with outdoor activities and attractions driving foot traffic during the warmer months.
Dining Visits: A similar trend to All Visits, with a significant peak in July and August, and also a peak in February.
Retail Visits: A more consistent pattern throughout the year, with a slight dip in February and a peak in December, likely due to holiday shopping.
Royersford (19468):
A more consistent pattern throughout the year, with a slight dip in February and a peak in December.
This indicates that Royersford attracts a steady flow of visitors year-round, with a slight increase during the holiday season.
Dining Visits: A similar trend to All Visits, with a consistent pattern throughout the year and a slight peak in December.
Retail Visits: A similar trend to All Visits, with a consistent pattern throughout the year and a slight peak in December.
Comparison:
Norristown's foot traffic is more heavily influenced by seasonal changes, particularly for dining, while Royersford maintains a more consistent flow of visitors year-round.
Both zip codes see a peak in retail visits during the holiday season, suggesting a strong consumer base for retail businesses in both areas.
Top Properties
Let's take a closer look at the top-performing properties in each zip code.
Top Properties - All Property Types
Norristown (19403): Audubon Square Shopping Center (Community Shopping Center), Valley Forge Marketplace, Walmart, Wawa (x2)
Royersford (19468): The Court At Upper Providence (Community Shopping Center), Limerick Square Shopping Center, Lakeview Shopping Center, Giant Food Store
This section highlights the top-performing properties in each zip code. Notably, both Audubon Square and The Court at Upper Providence are community shopping centers, demonstrating the importance of this retail format in both areas. While both zip codes feature shopping centers, Norristown's list also includes a big-box retailer (Walmart) and convenience stores (Wawa), while Royersford's list features other types of shopping centers.
Top Properties - Retail
Norristown (19403): Audubon Square Shopping Center (Community Shopping Center), Valley Forge Marketplace (Community Shopping Center), Walmart, Wawa (x2)
Royersford (19468): The Court At Upper Providence (Community Shopping Center), Limerick Square Shopping Center (Community Shopping Center), Lakeview Shopping Center (Community Shopping Center), Limerick Crossing (Neighborhood Center), Giant Food Store
This section focuses on the top retail properties. Both zip codes prominently feature community shopping centers, further emphasizing their significance in the retail landscape. Norristown's list also includes a big-box retailer and convenience stores with retail components, while Royersford's list features a neighborhood center and a grocery store.
Top Properties - Dining
Norristown (19403): Chick-fil-A, McDonald's (x2), Starbucks, Dunkin' Donuts
Royersford (19468): Chick-fil-A, McDonald's (x2), Texas Roadhouse, Freddy's Frozen Custard & Steakburgers
This section highlights the top dining establishments. Both zip codes feature national fast-food chains like Chick-fil-A and McDonald's, indicating their widespread popularity. Norristown's list also includes coffee shops, while Royersford offers a broader range of dining experiences with a casual dining restaurant and a specialty burger joint.
Top Properties - Travel
Norristown (19403): Homewood Suites by Hilton Valley Forge, Tru by Hilton Audubon Valley Forge, Jeffersonville Golf Club, Charity Lodge, Brusca Landscape Supply
Royersford (19468): Hampton Inn, Staybridge Suites Philadelphia Valley Forge 422, Holiday Inn Express & Suites Limerick, Limerick Garden of Memories, Turtle Creek
This section showcases the top travel-related properties. Both zip codes feature hotels, catering to travelers' accommodation needs. Norristown's list also includes a golf club and a landscape supply, while Royersford features a memorial garden and a location called Turtle Creek.
Deeper Dive: Trade Area Overlap
This month's deeper dive focuses on the Trade Area Overlap between Audubon Square (2650 Egypt Rd, Norristown, PA 19403) and The Court At Upper Providence (1830 E Ridge Pike, Royersford, PA 19468).
Trade Area Definition: A trade area is the geographic region from which a business draws its customers. Placer.ai uses True Trade Area (TTA) to visualize customer origins.
Trade Area Overlap: This analysis reveals the shared customer base between the two shopping centers. Understanding trade area overlap is crucial for businesses and investors as it provides insights into:
Competition: The degree of overlap indicates the level of competition between properties.
Market Saturation: High overlap in an area may suggest market saturation.
Customer Behavior: Overlap can reveal how customers move between different locations and their shopping patterns.
Strategic Planning: Businesses can use overlap data to inform decisions about location, marketing, and customer targeting.
Key Data Points (Traffic Vol 70%):
Audubon Square: 56.71
The Court At Upper Providence: 49.27
Overlap: 8.23
Tenant Influence:
Both centers are anchored by Giant, likely contributing to the overlap.
The similar mix of retail and service tenants further explains the shared customer base.
Significance:
Both Audubon Square and The Court At Upper Providence are anchored by Giant supermarkets. This shared anchor tenant plays a significant role in driving customer traffic to both locations and, consequently, contributes to the trade area overlap.
Giant is a major draw for consumers, attracting them for their regular grocery shopping needs. Customers who live within the overlapping trade area might choose to visit either Audubon Square or The Court At Upper Providence depending on factors like:
Proximity: Which location is closer to their home or workplace at a given time.
Convenience: Which location offers easier parking, less crowded aisles, or a faster checkout experience.
Other Needs: Customers might combine their grocery shopping with other errands at the same shopping center, such as visiting a specific retailer or dining establishment.
In essence, Giant acts as a common denominator, drawing customers from the same geographic area to both shopping centers. This shared draw increases the likelihood of trade area overlap, as consumers are presented with two viable options for their grocery needs within a similar distance.
Insights and Conclusion
This month's Montco Metrics Matchup between Norristown (19403) and Royersford (19468) reveals some interesting trends and insights:
Seasonal Influence: Norristown's foot traffic shows a stronger seasonal influence, particularly in dining, indicating the importance of warm-weather activities and attractions. Royersford exhibits a more consistent flow of visitors throughout the year.
Community Shopping Centers: Both Norristown and Royersford feature prominent community shopping centers (Audubon Square and The Court at Upper Providence), highlighting the significance of this retail format in these areas.
Trade Area Dynamics: The Trade Area Overlap analysis reveals a shared customer base between Audubon Square and The Court at Upper Providence. Notably, these two centers exhibit a unique similarity in trade area size compared to other locations analyzed in this series, suggesting a high level of competition.
These insights underscore the importance of understanding local market dynamics, consumer behavior, and competitive landscapes for businesses and investors in Montgomery County.
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Next Montco Metrics Matchup: 19446 vs. 19044
