Critical success factors in entertainment-based retail development

Abstract

There is a development phenomenon spreading across urban areas of the United States. Municipalities are undertaking multi-million dollar investments to support new stadiums for professional sports franchises. Accompanying these high profile investments is a concurrent investment in museums and cultural attractions of all types aimed at attracting tourists and local interests alike. This phenomenon is part of a wave of well planned and executed economic development initiatives that are using the development of cultural icons such as sports stadiums and museums to anchor commercial and retail development in the area. This thesis will look to identify the critical success factors in creating an urban entertainment district that encompasses sports venues, museums or other cultural icons, and an entertainment based retail center. It will identify the stakeholders in such an initiative and analyze the driving factors in the development and planning process. The combination of the three elements - stadium, museum, retail entertainment center- creates a critical mass of development that will serve as a model for other municipalities as they look to create their own downtown entertainment districts. It will also look at any combination of elements as a possible economic development initiative rather than a strict definition and closely defined form. Four case studies will be presented and analyzed, Faneuil Hall in Boston, Inner Harbor in Baltimore, Gateway/North Harbor in Cleveland and The Gateway in Salt Lake City as four projects undertaken in four large U.S. cities. We will also try to superimpose these success factors to secondary markets.