Center owners are presently offering two spaces for new or redevelopment: An existing 9,616-square-foot-space and up to 7,500 for new development, ideally food service.
For 50 years, Belmont Shopping Center has met the day-to-day retail needs for nearby high-density residential neighborhoods and for passers-by on Eight Mile Road, the eight-lane state highway (M 102) it faces. With abundant daily vehicle traffic and convenient entrances to the center, shopper flow is excellent. Tenants include a supermarket, Rite-Aid pharmacy and national clothing retailers.
Belmont has 149,503 leasable square feet, with 139,887 occupied. Based on the data they report to the center, stores at Belmont outperform their peers at other locations. Twelve of the 19 stores report aggregate annual sales volume of $282 per square foot. Comparably-sized centers in the Midwest reported average sales volume of $257 per square foot, according to the International Council of Shopping Centers.
In 2005, the owners completely updated and improved the center, including new facades, signage, landscaping and parking lot resurfacing.
According to the 2000 census, the 48234 zip code, adjacent to Belmont shopping, has a population of 45,797, with 16,777 housing units and median household income of $33,352. Research suggests that population and income are higher.
Traditional measures underestimate inner city spending power, according to research by Social Compact . In a 2001 study in New York 's Harlem , Social Compact discovered that aggregate income was 24 percent higher than the census numbers indicated. Of that $6 billion in aggregate income, more than $1 billion was being spent outside the neighborhood, demonstrating the opportunity for new retail businesses in the area.
In a 2002 study in Washington , DC , Social Compact concluded that aggregate income was nearly twice that reported by the census, and that the population was more than 36 percent greater than the 2000 census.
According to the 2000 census, the 48234 zip code, adjacent to Belmont shopping, has a population of 45,797, with 16,777 housing units and median household income of $33,352. The census would thus indicate that the zip code has $559 million in buying power and Social Compacts' results suggest that it could be substantially higher.