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Page 18 — Retail Properties Quarterly — May 2017
Leasing
W hen evaluating sites for
Larkburger, we look at
three critical areas – trade
area demographics, den-
sity and psychographics.
Given target demographics often are
viewed as the first and most critical
hurdle in the site-selection process,
let’s start there. First and foremost, we
require a trade area that is populated
by highly educated and affluent con-
don’t look at a site unless
at least 50 percent of the 3-mile radius
is college educated (associates degree
or better), with 63 percent or greater
being our sweet spot. And typically, 30
percent of the population has some
graduate school experience or holds a
graduate degree.
When it comes to affluence, while
the average fast-casual consumer has
a household income of over $65,000
per year, the Larkburger customer
has an average household income of
$100,000 to $150,000 annually.Why is
this the case?We play at the top end
of fast-casual with our culinary-driven,
premium burger menu – all entrée
pricing currently falls between the
signature Larkburger at $6.59 and the
sushi-grade ahi tuna burger at $9.29.
We provide limited service, where the
customer orders at the counter and
the food is delivered to the
are deeply concerned with sustain-
ability – 100 percent of our packaging is
compostable; trash, compost and recy-
cling is offered in our restaurants; and
our interior walls are clad in reclaimed
Cyprus also recycle our fry-
ing oil for automotive fuel and we uti-
lize LED lighting and energy-efficient
kitchen equipment.
Our core customer understands
and values culinary
cooking techniques
and fresh premium
ingredients, and
they are educated
in and supportive
of our sustainability
practices.The key is
they are willing to
pay for it with little
to no price sensitiv-
ity because of our
shared value system.
Here’s where we
get into the crux of
our site-selection process – psycho-
graphics. Given the nuance that can
occur within the seemingly narrow
lane of the fast-casual category, psycho-
graphics is just as important as demo-
graphics, if not more. Basic census data
is no longer the determining factor; it’s
merely the starting point. How people
spend their day, what they value in a
consumer experience, how they move
around the trade area and how they
spend their free time is critical to how
a site, trade area and customer base are
evaluated.
When reviewing an immediate trade
area, we look for tenants that will
attract a similar want
other nonburger, fast-casuals around
want reputable, well-known
boutiques and big boxes that offer
premium products/services and value
social responsibility. Our customers
enjoy outdoor activity and maintaining
a balanced lifestyle.They seek out high-
quality, fresh-ingredient menus that
provide healthier options because they
are mindful of what they are putting in
their bodies. For example, natural gro-
cery stores, personal fitness gyms and
active wear outlets offering these types
of products and services are welcome
and important neighbors to our busi-
ness.Together, we can create a remark-
able draw for one another based on the
numerous benefits we collectively offer
our shared customer base.
Beyond the ideal demographics and
psychographics, density is the final
piece to the site-selection puzzle.
Population size plays an important
role in driving the frequency our busi-
ness requires for look for a
3-mile density of at least 60,000 people.
We also look to be adjacent to, if not
on, a main road delivering more than
35,000 daily traffic counts.
From there, we have facility needs.
We are interested in in-line or end-cap
opportunities ranging from 1,900 to
2,300 square require a mini-
mum of 25 feet of store frontage highly
visible from the street, with 60 to 80
seats inside and patio seating for 16 to
24. In terms of infrastructure, we need 1
ton of heating, ventilating and air con-
ditioning per 150 sf, a 2-inch gas line
with 2M BTU, a 2-inch incoming water
line, 400-amp, three-phase electric and
a grease trap sufficient to local code.
On the exterior, we require 15 parking
stalls per 1,000 sf and the ability to per-
mit our standard Larkburger sign pack-
age and exterior trade dress. s
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Fitness concepts increase
retail competition
aidEdWilliams,president
state.ThenewColoradoAthletic
Club is the third facility indown-borCenter
therearemergers, including 24Hour
Fitness’acquisitionofDenverBally
Total Fitness locations inDecemberbs thatare indifferent
September 2015
Photo courtesy:Wellbridge
ColoradoAthleticClub is opening a third downtown location to go alongwith itsTaborCenter (above) andWelton Street facilities.
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395
595
995
Todd Coerver
CEO, Larkburger,
Golden
Larkburger
Larkburger operates 12 locations in Colorado and recently opened its first out-of-
state restaurant in Kansas City, Kansas.