Hoboken Economic Analysis & Strategic Plan
Streetsense was engaged by the Hoboken Business Alliance (HBA) to conduct a comprehensive market analysis that also included assessments of the organization’s management and operations, business environment and physical conditions, and zoning framework as defined by the city’s table of uses (for retail), all of which was used to inform the organization’s very first strategic plan.
Approach
Streetsense structured the research for the economic study with its four-prong approach focusing on market and consumer demand, as well as the business, physical and administrative environments. A thorough inventory was collected of all retail, office and industrial spaces in the city that tracked vacancy, retail type, and the class/condition of space. Other topics included demographics, accessibility and mobility, the impact of the Covid-19 pandemic on the office market, and a peer analysis of the HBA in comparison to other organizations with similar districts. This data was then used to inform the Strategic Plan.
Strategic Plan
The plan is intended as both an internal tool to guide HBA budget and staffing decisions for the next 3-5 years, and an external tool to engage stakeholders, build community consensus, and secure funding for key initiatives. The projects included in the plan also reflect the input and consensus of a BID-led steering committee, comprised of property owners, business owners, cultural and non-profit institutions, and city officials.
Client Feedback
“I feel like HBA has never been more aligned, and our stakeholders are so excited to see what we do next. Alot of this is the result of the way our work together has already started to materialize changes.”
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