Third Quarterly Beltline Business Breakfast of 2024 Reveals Findings from the Beltline Retail Gap Analysis

On August 22, 2024, local business owners congregated at The Electric Room, a private floor of the Star Metal’s Building in West Midtown, for the third quarterly Beltline Business Breakfast. Inside the unique venue, attendees were treated to coffee and breakfast sandwiches, stunning skyline views, and important knowledge of business in Atlanta. 

During the panel, moderator Jonathan Gelber, Vice President of KB Advisory Group, presented an overview of findings from their retail gap analysis of the Atlanta Beltline and its ten planning areas. The Beltline Retail Gap Analysis includes market research reports​, real estate inventory and trend data, a forecast of population, jobs, households, and income​, and a qualitative analysis of equity target areas. The executive summary can be viewed here. 

Gerber highlighted key components such as demographic and disposable income reporting, opportunity gaps divided into various retail spending categories, and both retail and restaurant market potential based on expected consumer behavior gathered from surveys. Providing maps as visual guides, he also summarized real estate inventory findings across several areas and the distribution of residential buildings, retail buildings, and jobs. 

Gerber’s key takeaway for the audience was “more money, more people,” meaning to target areas with great numbers of people who have more disposable income. He touched on the need for equity in capitalism and suggested that change is likely to come with time. 

“As much as you want things to be a certain way, when it comes to paying your rent and getting dollars, and selling plates at a restaurant, this is where the population density and spending power is, and that’s a market reality that everyone should be aware of.” 

The overall topics discussed were retail understanding, retail trends, and navigating real estate relationships. Audra Cunningham, Executive VP and Chief Admin Office at T. Dallas Smith & Company, provided her expertise on how supply and demand affect commercial real estate.  

During the portion on retail trends, Madelyn Bearn, Associate Director of Market Analytics at CoStar, went through a timeline of the Atlanta retail story, including the effects of online shopping. She informed the audience that retail is at historically tight availability in metro Atlanta at only 4%, with the Beltline Planning Area at 5%. 

“It’s a very tight market, but I always say that’s a good thing, people want to be here, people see the Beltline and Atlanta as a great place to be,” Bearn said.  

Cunningham talked about navigating real estate relationships, encouraging attendees to do research on commercial real estate developers and look for people who will sit down and have conversations with you, listen, and understand. She also noted that many business owners don't realize that hiring a commercial real estate broker is free, and advised looking into supportive resources like Invest Atlanta, the Small Business Administration (SBA), Atlanta Score Program, and the Women’s Entrepreneurship Initiative (WEI).  

“Atlanta is one of those great cities, that not all cities offer, that provides a plethora of resources for small businesses,” said Cunningham.  

Lastly, Bearn named other services small businesses can turn to for data access, Census Business Builder and Neighborhood Nexus. However, she indicated the limitations of data and stressed the benefits of talking to Beltline employees and existing business owners who already know the area and the people who live there. 

The event wrapped up with a lively question and answer session, and audience members mingled with the panelists and each other following its conclusion.  

To learn more about the Beltline Business Solutions Office and view upcoming events, visit beltline.org/work/small-business.