State of Georgetown report reveals increasing presence of younger consumers

On September 6, the Georgetown Business Improvement District released The State of Georgetown 2013 report, which analyzes changes in population, employment, retail activity, tourism and transportation in the Georgetown economy. According to the report, the businesses in the Georgetown district, an area of .25 square miles, provide over 11,000 jobs. In 2012, there was a 5 to 15 percent decline in the average square footage per employee, an indication of increased business activity.

Bonobos, one of 9 new stores that opened in 2013, said, “Sales at the DC store have exceeded expectations” and also noted that “ email addresses are among the top htmls in the Bonobos customer database.” The prevalence of Georgetown students as consumers indicates a growing youth presence, a trend also evident in population changes.

Between 2010 and 2012, more than 30,000 residents became a part of the Georgetown community. The average age of the population prior to 2010 was 45 to 54 years, but now the majority of residents are between 25 and 34. This shift of age groups also creates a disparity in disposable income. 25 to 34 year-olds hold $3.6 billion in disposable income, more than double the $1.9 billion of the older residents.

Although it is the fifth busiest neighborhood in D.C., Georgetown’s transportation systems are posing problems for economic activity. The lack of accessibility to the metro in conjunction with confusing parking rules have hurt overall productivity. The BID plans to release a more detailed report by the end of 2013.

Joe Sternlieb, CEO of Georgetown BID, said in regards to the report, “With each subsequent, annual edition our knowledge of the commercial district will deepen, and our decisions can be increasingly well informed.”

The report can be viewed above.

Document courtesy of BID Georgetown. 

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