Economic Profile

In 2008, a downtown retail market study was conducted by FXM Associates. Click here to see the full report. Key findings are shown below:

Business Profile. The table below summarizes business characteristics within the downtown area (defined as a 1/2 mile radius from the heart of downtown). There are 476 business establishments located in the downtown study area, employing 4,704 workers, and generating more than $459 million in annual sales. Retail and service businesses account for 192 establishments with 2,521 employees and $248 million in annual sales.

The largest category is retail & eating/drinking establishments (86); the largest types of service businesses are business services (36 establishments), government and social services (31 establishments), and health services (26 establishments).

Business Type	Establishments	Employees	Sales ($ millions)
All industries	476	4,704	$459.2
Government & Social Services	31	1,154	$86.9
Business Services	36	299	$47.8
Health Services	26	247	$20.2
Retail (excluding eating & drinking)	64	420	$57.2
Eating & drinking	22	242	$11.8
Auto dealers/gas stations	11	87	$16.2
General merchandise	2	72	$7.7
Wholesale trade	16	119	$23

Population Base. The market study examined the population base within downtown (0.5 mile radius) and surrounding areas (1 and 3-mile radius from the heart of downtown). It found growth in all categories (see chart below).

Retail Opportunity Gap. The market study also identified areas within 5, 10 and 15 minute travel time from downtown Framingham. (see below). For each area, it calculated the available spending power and compared it to actual retail sales serving that area (from either downtown or the Rt.9 commercial strip). It concluded that there is significant support for additional retail activity in Framigham in a good economy, though that gap could be filled by businesses located either in the downtown area or other parts of Framingham.

Framingham Downtown: Selected Retail Opportunities Within 5-, 10- and 15-minute Trade Areas

Business Type	NAICS code	Resident Expenditures	Retail Store Sales	Opportunity Gap
Within a 5-minute trade area
Misc. store retailers	4539	$6,605,960	$3,317,434	$3,288,526
Within a 10-minute trade area
Household appliances	443111	$7,593,923	$4,985,838	$2,608,085
Camera & photo	44313	$1,934,025	$842,366	$1,091,659
Specialty foods	4452	$6,769,724	$4,782,969	$1,986,755
Cosmetics, beauty supplies	44612	$2,649,593	$476,987	$2,172,606
Misc. store retailers	4539	$21,277,394	$15,736,576	$5,540,818
Drinking places (alcohol)	7224	$8,878,241	$6,587,146	$2,291,095
Within a 15-minute trade area
Cosmetics, beauty supplies	44612	$4,626,252	$1,970,115	$2,656,137
Misc. store retailers	4539	$37,812,320	$20,928,481	$16,883,839
Full-service restaurants	7221	$150,020,337	$120,926,454	$29,093,883
Limited-service eating places	7222	$138,002,041	$111,182,160	$26,819,881
Drinking places (alcohol)	7224	$15,881,085	$7,031,113	$8,849,972

Framingham Downtown: Selected Retail Opportunities Within 5-, 10- and 15-minute Trade Areas (continued)

Business Type	Sales Volume Opportunity	Median Sales Per Sq. Foot	Supportable Sq. Footage	Median Store Size	Potential Number of Stores
5-minute trade area
Misc. store retailers	$3,288,526	$200	16,443	1,750	9
10-minute trade area
Household appliances	$2,608,085	$224	11,643	5,463	2
Camera & photo	$1,091,659	$344	3,173	2,583	1
Specialty foods	$1,986,755	$277	7,172	2,340	3
Cosmetics, beauty supplies	$2,172,606	$294	7,390	1,807	4
Misc. store retailers	$5,540,818	$200	27,704	2,325	12
Drinking places (alcohol)	$2,291,095	$238	9,626	3,362	3
15-minute trade area
Cosmetics, beauty supplies	$2,656,137	$294	9,034	1807	5
Misc. store retailers	$16,883,839	$200	84,419	2,325	36
Full-service restaurants	$29,093,883	$252	115,452	5,204	22
Limited-service eating places	$26,819,881	$259	103,552	1,750	59
Drinking places (alcohol)	$8,849,972	$238	37,185	3,362	11

Source: Claritas Site Reports, 2006, and FXM Associates