Consultant N. David Milder of DANTH Inc. specializes in downtown revitalizations. He has compiled some fascinating numbers that provide an overview of Morristown’s downtown business community, as part of an $11,000 study for the Morristown Partnership.
Morristown by the numbers:
Morristown retail sales: Approx. $247 million/ year
Street-level retail prone space: 1 million square feet
Comparison retail shops: 108
Downtown employment: 22,063
How many of these workers live in Morris County: 42 percent
Tourist expenditures in Morris County: $669M
Bookings at three Morristown hotels: 196,000 guest days/ year
Hotel guests estimated food expenditures: $9.8M/ year
Spending by owners of new downtown housing
Total estimated household spending by occupants of new, completed downtown housing: $28.3 M
(Based on 95 percent occupancy of 544 new units)
Total estimated household spending by occupants of completed, approved or pending units: $82M
(Based on 95 percent occupancy of 1,578 units)
Estimated office worker yearly downtown expenditures
Per worker:
Lunches: $1,558
Retail: $1,408
Dinner/drinks: $237
Total: $3,203
All office workers:
Lunches: $21.5 M
Retail: $19.4M
Dinner/drinks: $3.3M
Total: $44.2M
Morristown High School
Students: 1,500
Estimated total MHS student retail and dining out expenditures: $2.8M / year
Estimated total student-influenced parental spending on retail & dining: $3.8M
Total direct & indirect MHS student retail & dining expenditures: $6.6M
Entertainment and “Pamper Niches”
Headquarters Plaza 10-plex estimated annual attendance: 360,000 patrons
Community Theatre annual attendance: 200,000
Number of restaurants: 77
Number of coffee shops: 9
Annual sales of restaurants and coffee shops: $79.4M
Number of hair and nail salons, gyms, spas: 48
Fellow travelers
Average weekday passenger boardings at Morristown train station FY 2009: 2,057
Daily vehicles entering the area via I-287: 106,000
Weekday traffic counts at select locations in Morristown: > 20,000 vehicles
Parking spaces of Morristown Parking Authority: 2,900
Highest observed occupancy rate of MPA spaces: 58.3 percent
Demographics of Morristown’s Primary Trade Area
(Includes Morristown, Morris Township, Morris Plains, Harding, the Mendhams and Randolph)
2010 population: 98,708
2010 median household income: $121,674
2010 average household income: $165,042
2010 households with income > $100K : 21,951
2010 percent of households with income > $100K: 61 percent
2010 retail goods, average spent per household: $54,707
2010 retail goods “spending potential index”: 220
“High Society,” high-income free-spending group: 64 percent
“Upscale Avenues,” young professionals, dual income no kids: 15 percent
Compared to New Jersey…
2010 population: 8,822,373
2010 median household income: $72,510
2010 average household income: $94,220
2010 households with income > $100K : 997,280
2010 percent of households with income > $100K: 31 percent
2010 retail goods, average spent per household: $31,445
2010 retail goods “spending potential index”: 126
“High Society,” high-income free-spending group: 18 percent
“Upscale Avenues,” young professionals, dual income no kids: 14 percent
READ MORE ABOUT THE STUDY:
Report says downtown Morristown has lots to offer; marketing is the challenge
