Retail Study for the University of Maryland Biotech Park Surrounding Area
The Retail Market Study was commissioned by Empower Baltimore on behalf of the University of Maryland Biotechnology Park to identify consumer needs and to determine what type of retail and service establishment opportunities could be supported in the UMB area. The primary objective of this study was to explore the following: the primary and secondary trade areas that would be served by retail within the UMB BioPark, the current and projected population and demographic characteristics of the area, the specific needs that retail would support, and the long-term opportunities that will enhance the UMB BioPark. A detailed field evaluation as well as site and location visits of existing retail businesses were conducted and assessed in order to determine suitable retail to be located within the UMB BioPark. Census tract information from both local and national sources was also used to gather population and demographic information.