Retail Trade Area in the District

As is apparent from the table depicting supply vs. local demand for certain types of offerings, the retail trade area is considerably larger than the District itself. The map illustrates what is believed to be the primary retail trade area served by the District. It includes, in addition to the Montrose District itself, Midtown to the east; Southhampton, Southgate and West University on the south; Upper Kirby District and River Oaks to the west; and recently redeveloped residential areas south of Washington Avenue on the north. This area encompasses 20.0 square miles.

The population and number of households in the retail trade area are approximately four times those of the District. Estimated population was 120.7 thousand in 2012, forecast to grow to 129.8 thousand by 2017. Households were estimated to number 63.0 thousand in 2012 and are expected to reach 68.0 thousand in 2017. Housing units were estimated to total 71.3 thousand in 2012 growing to 76.1 thousand in 2017. Whereas District median household income was estimated to be $52.9 thousand in 2012, increasing to $63.8 thousand in 2017, trade area median income was $66.0 thousand in 2012 and forecast to increase to $76.1 thousand in 2017. The median owner occupied home value in the retail trade area in 2012 was $383.0 thousand, 22.1% higher than that in the Montrose District alone. 41.8% of renters pay more than $1,000 per month rent compared to just 25.2% for the District alone. Most importantly, household expenditures in the District’s retail trade area – $6.3 billion – are more than six times of those for the District alone. This represents the actual market available to present and future retailers and restaurateurs in the Montrose District.

 

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