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Economic & Fiscal Impacts of Walmart1 on Washington, DC Walmart at 5939 Georgia Ave. NW 1 – Wal-Mart Stores, Inc. Walmart at 99 H St. NW January 2015 Table of Contents Introduction 2 Executive Summary 5 Background 10 Key Findings 14 HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 1 INTRODUCTION HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 2 About HR&A HR&A Advisors, Inc. (HR&A) is an industry leading real estate, economic development, and public policy consulting firm based in New York City, with offices in Washington, DC, and Los Angeles. The firm has worked with numerous public agencies, non-profit civic organizations, and private sector corporations across the country to assess the economic and fiscal benefits of business operations, real estate developments, tourism, infrastructure projects, and public policies. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 3

Walmart engaged HR&A to analyze economic and fiscal impacts of its open and planned stores in the District of Columbia. HR&A investigated a series of hypotheses at the scale of the District and neighborhood levels. The impacts HR&A studied included: – Walmart’s role in providing retail offerings to a generally underserved market; – Jobs created through construction and operations in open and planned stores; – The benefit of bringing fresh and affordable food to neighborhoods lacking options; – The anchoring impact of bringing a large retail amenity to neighborhoods; and – The impact of Walmart and the Walmart Foundation’s charitable contributions. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 4 EXECUTIVE SUMMARY HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 5 Executive Summary • The District of Columbia has long lacked sufficient retail options for its diverse and growing base of residents.

For years, District residents have had to travel to surrounding jurisdictions to shop for basic goods, costing the District lost sales taxes and undercutting the City’s efforts to support more vibrant, mixed-use neighborhoods. Unmet retail potential in Washington, DC is estimated at over $3 billion per year. • Walmart’s arrival in the District in December 2013 is stemming that negative trend, while delivering an array of other benefits to the District and its residents. One year after the first two Walmart stores opened in the District, a study commissioned by Walmart and conducted by HR&A Advisors defines these benefits. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 6 Executive Summary • Walmart can save a DC family of four approximately $1,300 per year – 18% of the average DC household’s annual grocery store bill – on food and other typical grocery store items.1 In addition, each District Walmart will bring fresh food at affordable

prices to areas identified by the U.S Department of Agriculture as “food deserts.” Every District Walmart store is or will be in locations where healthy food shopping options make up less than 10% of the current neighborhood retail offerings. • Walmart will generate more than $6 million in taxes to the District this year based on the operations of its 2 open stores. These net new revenues can help the District meet a wide array of needs. By way of example $6 million in District revenue could support the annual costs of: • Salaries for nearly 120 teachers or police officers; • Refurbishments of 6 playgrounds; or • Debt service on bonds for the construction of 6 new or significantly modernized community centers.2 1 - Based on HR&A analysis of industry benchmark market comparison data published in 2013. 2 - Assumes a level-debt service payment over a 20 year period with a 5% interest rate. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 7

Executive Summary • Construction of the first two stores and the Fort Totten store, which is currently under construction, supports 630 direct and multiplier jobs. In addition to direct construction industry employment, ancillary jobs are supported in the architecture, engineering, food service, and health care industries. • Walmart’s two stores employ more than 700 people, of which 65% are District residents. Walmart is responsible for half the growth in retail jobs in the District in 2013. Walmart stores in the District hire more people per foot of store space than other grocery or convenience stores on average. A higher percentage of Walmart employees live in the same ward as the store than is typical for all employment in the 2 wards with open stores. • 810 total jobs (direct employment by Walmart plus multiplier jobs) are supported by Walmart’s first two stores. In addition to direct retail industry employment, ancillary jobs are supported in the real estate, food

service, and health care industries. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 8 Executive Summary • Walmart is catalyzing additional community investment in parts of the District that need it. More than 26,000 SF square feet of additional new development – including restaurants, banks, and retailers – and more than 300 new residential units are directly attributable to the open Walmart stores. • Walmart and the Walmart Foundation’s support for District community-based social service organizations has also generated significant economic and fiscal benefits for the city. HR&A estimates that Walmart and the Walmart Foundation’s $14 million philanthropic investment in the District between FYE 2010 and FYE 2014 has generated 160 jobs and $16.5 million in total compensation at more than 200 organizations.* These organizations generate additional benefits to the District through their activities. • For example, the Walmart

Foundation’s $3 million investment in the Washington@Work customer service training program was created to help District residents get the skills and training they need to gain employment. The Community Foundation for the National Capital Region has reported that Washington@Work has resulted in 618 job placements and 30 promotions since 2011. *Note: Walmarts fiscal year starts Feb. 1 and ends Jan 31 HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 9 BACKGROUND HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 10 Walmart opened two stores in the District of Columbia in December 2013 and plans to open three additional stores. Georgia Ave NW OPENED: December 2013 105,000 Sq. Ft Fort Totten Under Construction 118,000 Sq. Ft H St NW OPENED: December 2013 85,000 Sq. Ft Capitol Gateway Planned 130,000 Sq. Ft Skyland Planned 125,000 Sq. Ft HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 11 These stores will be

highly accessible to over half the Districts population. Georgia Ave Fort Totten H St Skyland Source: KLNB Retail; US Census; HR&A HR&A Advisors, Inc. 62% of the City Trade areas cover 42 of the District’s 68 total square miles. Capitol Gateway 57% of the Residents 370,000 of the 647,000 DC residents live in these trade areas. Economic Impacts of Walmart on Washington, DC 12 Walmart store locations are or will be easily accessible by public transportation, facilitating access by residents and workers. Average Buses / Hour Average Trains/Hour Georgia Ave, DC 22 0 H St, DC 61 0 Fort Totten, DC 46 14 Capitol Gateway, DC 6 10 Skyland, DC 31 0 Landover, MD 8 0 Alexandria, VA 7 0 Walmart Location Urban Locations Georgia Ave Fort Totten H St Suburban Locations Capitol Gateway Skyland Source: WMATA; HR&A HR&A Advisors, Inc. Compared to nearby suburban locations, all the Walmart locations in DC are more accessible by transit. Having

reliable access to employment helps workers obtain and keep jobs. Economic Impacts of Walmart on Washington, DC 13 KEY FINDINGS HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 14 Finding #1: Walmart is providing much needed new retail in Washington, DC. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 15 The District loses out on approximately $3 billion in spending each year due to a lack of shopping opportunities. $6 B $3 B Lost Spending $3 B Potential Spending Current Spending Note: A 2008 study by Social Compact estimated that the District misses out on $1 billion per year on retail spending. Publically available information on this study does not describe the methodology employed by this study. A similar recent study has shown a retail gap estimate of $2.8 billion for the District (DC Development Report, Washington, DC Economic Partnership, 2014) Source: ESRI, 2013; ICSC; U.S Census Bureau LEHD; HR&A HR&A

Advisors, Inc. Economic Impacts of Walmart on Washington, DC 16 Billions Like many, but not all, other cities, the District is experiencing a shortage of retail options. $30 $12.6 B $25 $20 $4.6 B $15 $7.3 B $10 $2.2 B Surplus $2.2 B $5 $0 Washington, DC Charlotte, NC Chicago, IL Potential Spending San Francisco, CA Seattle, WA Current Spending Source: ESRI, 2013; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 17 On a per resident and worker basis, the District is more under-retailed than other cities. Retail Gap, per Individual $8,000 $6,000 $4,000 $2,000 $$(2,000) $(4,000) Washington, Charlotte, NC Chicago, IL San Francisco, Seattle, WA DC CA Source: ESRI, 2013; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 18 Retail growth in DC has primarily been in specialized sectors, with a decline in supermarkets and department stores. Percentage Change in the Number of Stores, 2006-2012 Office Supplies

and Stationery Sporting Goods Cosmetics and Beauty Pet and Pet Supplies Convenience Beer, Wine, and Liquor Department Home Centers Supermarkets Clothing Specialty Food Hardware Nursery and Garden Florists Discount Department Sewing and Needlework -100% -80% -60% -40% -20% 0% 20% 40% 60% Source: US Census County Business Patterns; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 19 The shortfall in potential spending in the District is seen across all major Walmart supply categories. Current Spending vs. Potential Spending $2,500 Millions $2,000 $1,500 $1,000 $500 $Grocery Health & General Personal Care Merchandise Current Spending Source: ESRI, 2013; HR&A HR&A Advisors, Inc. Clothing Electronics & Appliances Potential Spending Economic Impacts of Walmart on Washington, DC 20 Walmart’s market entry aligns with the priorities of several key District wide retail initiatives. 2010 – Retail Action Roadmap • • •

Filling in the gaps in neighborhood markets; Creating new business concentrations; Cultivating and strengthening locally owned small businesses. 2012 – Retail Action Roadmap • • Providing a greater selection of products and services; Supporting thriving retail streets in the District. 2012 – Retail Action Strategy • • • HR&A Advisors, Inc. Strengthening the city’s retail base at both the citywide and local scale; Promoting vibrant commercial districts with a broad range of retail businesses; Creating expanded opportunities for small and local retailers. Economic Impacts of Walmart on Washington, DC 21 Finding #2: Walmart is providing needed affordable shopping to the District. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 22 Between 2011 and 2013, DC housing costs grew steadily, while disposable income flattened, driving the need for affordable retail. Household Income vs Housing Cost Disposable Income Housing Cost1 2010 2011

2012 2013 1 - Indexed housing prices are uses as a proxy for housing cost. Source: Housing Prices - HFHA House Price Index; Disposable Income - Bureau of Economic Analysis, Disposable Income Summary, DC; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 23 Retail growth has been concentrated in higher end stores. CITY CENTER GEORGETOWN 14th STREET PENN QUARTER Images: BadWolfDC; DC UrbanTurf; Washington CityPaper; ThreadConscious.com HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 24 Items for sale at Walmart are more affordable than in most grocery stores in the District.  In a comparison of a basket of off-brand items, Walmart offered the lowest price when compared to the largest competitors in the DC market. Off Brand Basket Price $54 $75 $83 $88 $93 $94 $95 Difference from Walmart - 28% 0% +11% +17% +24% +25% +27% Source: Estimates are based on 2014 HR&A analysis of October 2013 industry

benchmark data from Checkbook.org, Super Market Comparison as reported in "Guess Which DC Grocery Store is Cheapest and Which is Most Expensive", Anthony Sodd, October 2013, Streetwise Media. http://dcinno.streetwiseco/2013/10/24/guess-which-dc-grocery-store-is-cheapest-andwhich-is-most-expensive/; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 25 Walmart can save a DC family of four approximately $1,300 per year, based on industry benchmarks. Average annual cost of food for a household in the District = $7,300 Average discount below other DC chain grocery stores = 18% Average annual savings for a DC household = $1,300 Source: Estimates are based on 2014 HR&A analysis of October 2013 industry benchmark data from Checkbook.org, Super Market Comparison as reported in "Guess Which DC Grocery Store is Cheapest and Which is Most Expensive", Anthony Sodd, October 2013, Streetwise Media.

http://dcinno.streetwiseco/2013/10/24/guess-which-dc-grocery-store-is-cheapest-andwhich-is-most-expensive/;Washington, DC Economic Partnership; HR&A. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 26 Finding # 3: The economic and fiscal benefits from Walmart in the District begin with store construction. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 27 The construction of 3 Walmart stores will support 630 jobs over the construction period. 630 Jobs 480 Direct Jobs 150 Multiplier Jobs Source: Walmart; IMPLAN; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 28 Finding # 4: The opening of 2 stores in December 2013 has produced immediate benefits to the District. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 29 The two open Walmart stores currently support 810 jobs in the District from direct and multiplier impacts. 810 Jobs 740 Direct Jobs 70 Multiplier Jobs

Source: Walmart; IMPLAN; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 30 The two open stores will generate approximately $6.4 million in annual tax revenues to the District. $6.4 Million Annual Tax Revenues Sales Tax Property Tax Corporate Business Tax Personal Income Tax Source: Walmart; IMPLAN; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 31 $6.4 Million in taxes can fund a range of ongoing District costs and initiatives. For example: Salaries for nearly 120 Police officers Salaries for nearly 120 teachers 6 playground renovations Debt service on bonds for the construction of 6 new or significantly modernized community centers* Note: *Assumes a level-debt service payment over a 20 year period with a 5% interest rate. Source: Walmart; IMPLAN; DC Office of Tax and Revenue; Alex Waza (Icon); DCPS; MPDC; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 32 Finding # 5:

Walmart’s two stores are employing DC residents. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 33 Walmart is bringing jobs to the District.  Over 700 people are employed at open locations  The majority are full-time employees  Over 65% of current associates are DC residents Source: Walmart; Image: Massa Montalto Architects HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 34 Walmart is supporting local hiring by employing a higher percentage of ward residents compared to the average in all wards. Percentage of Workers Living and Working in the Same Ward 25% % Walmart Employees 19% 20% 14% 15% 10% % Ward Workers that Live in Ward 11% 10% 9% 8% 5% 5% 5% 10% 6% 0% Ward 4 Workers in Ward Ward 4: Brightwood Crestwood Fort Totten Petworth 14,930 Ward 6 123,952 Ward 6: Capitol Hill Capitol Riverfront NoMa Southwest Waterfront Ward 1 Ward 2 Ward 3 Ward 5 23,312 369,258 37,102 48,386 Ward 1: Adams

Morgan Columbia Heights Howard University LeDroit Park Ward 2: Downtown Dupont Circle Georgetown West End Ward 3: Cleveland Park Friendship Heights Tenleytown Woodley Park Ward 5: Bloomingdale Brookland Eckington Trinidad Ward 7 5,461 Ward 7: Benning Capitol View Hillcrest Skyland Ward 8 11,953 Ward 8: Anacostia Congress Heights Douglass Washington Highlands Source: Walmart; U.S Census Bureau LEHD, 2011; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 35 Walmart accounted for over half of the growth in retail trade jobs in the District of Columbia due to its two store openings in 2013. Percentage Change in Employment, Retail Trade, 2013 5.3% 3.4% Walmart Employment 2.2% 1.1% -3.8% Total Retail Jobs 2009 2010 2011 2012 2013 17,800 18,400 18,600 19,000 19,300 Source: BLS; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 36 Jobs at the open stores contributed to the retail trade sector outpacing

total job growth by almost 4x in 2013. Employment Changes 5.3% 3.4% 1.5% 2.2% 2.0% 1.1% 1.2% 1.4% -0.3% -3.8% 2009 2010 2011 Total 2012 2013 Retail Trade Source: BLS; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 37 Each Walmart in the District supports more employment than an average grocery or food store. Employees per 1,000 Square Feet 3.6 2.0 1.1 Walmart DC Store Average Grocery Store Notes: • Buildings used for retail or wholesale of food: grocery store or food market, gas station with a convenience store, convenience store. • The average grocery store is 33,000 SF • Data include all jobs, full time or part time, not full time equivalents. Convenience Store (Grocery, food mart, & convenience store) Source: Walmart, Progressive Grocer, U.S DOE Commercial Buildings Energy Consumption Survey; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 38 Finding #6: Walmart and the Walmart

Foundation are providing significant support to DC charities. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 39 Between FYE 2010 and FYE 2014, Walmart and the Walmart Foundation have awarded over $14 million to not-for-profit organizations in DC. Community Development $0.4 M Environment & Sustainability $0.2 M Education $0.9 M Other $2.3 M Workforce Development $6.6 M Health & Wellness $3.7 M Source: Walmart; Walmart Foundation; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 40 HR&A estimates these contributions have created and supported jobs at recipients, affiliated not-for-profits, and local businesses. 185 $16.5 M Jobs Employee Compensation 140 45 + Direct Multiplier $13.0 M $3.5 M + Direct Multiplier $197,000 Tax Revenue1 $93,000 $104,000 + Direct Multiplier Source: Walmart; IMPLAN; HR&A HR&A Advisors, Inc. 1 – Sales + income tax. Income tax from employees and sales tax from

multiplier activities Economic Impacts of Walmart on Washington, DC 41 The $3 million Walmart Washington@Work Work Readiness Initiative supported a range of individuals in the District. As reported by the Community Foundation for the National Capital Region, based on the $1.5 million grant they received: 1,047 Program Graduates 739 Individuals Improved their Basic Skills 618 Job Placements 464 Earned a Credential 370 Enrolled in PostSecondary Education or Training 30 Earned a Promotion Note: Education and employment results as reported by The Community Foundation for the National Capital Region. The Community Foundation received $1.5 million from the Walmart Foundation The University of the District of Columbia (UDC) also received $15 million The numbers reported above do not include data from UDCs grant award. Source: The Community Foundation for the National Capital Region HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 42 As a result of the

Washington@Work partnership, the Community Foundations five subgrantees successfully raised $13.7 million from additional sources Walmart Washington@Work Additional Grants Source: The Community Foundation for the National Capital Region HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 43 Finding #7: Walmart is increasing access to fresh and healthy foods. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 44 Each Walmart is located in a USDA identified food desert, meaning the areas have limited access to grocery stores. Residents live more than ½ mile from a grocery store Residents live more than 1 mile from a grocery store Food Desert: A census tract with a substantial share of residents who live in low-income areas with low levels of access to a grocery store or healthy, affordable food retail outlets. Source: U.S Department of Agriculture (USDA) Economic Research Service (ERS); Food Environment Atlas; HR&A HR&A

Advisors, Inc. Economic Impacts of Walmart on Washington, DC 45 In fact, Walmart stores are in locations where healthy food shopping options make up less than 10% of the local retail offerings. Modified Retail Food Environment Index No healthy food 0.1% - 5% 5.1% - 10% 10.1% – 375% Modified Retail Food Environment Index (mRFEI): The CDC’s Division of Nutrition, Physical Activity and Obesity, measure of the number of healthy and less healthy food retailers in an area. Source: United States Centers for Disease Control and Prevention; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 46 Access to healthy food is a pressing problem, but 4 out of 5 Walmart stores are located in wards with obesity rates over 60%. Percentage of Overweight or Obese Residents per Ward Ward 4: 66% Ward 3: 44% Ward 1: 62% Ward 2: 52% Ward 5: 69% Ward 6: 43% Ward 7: 86% Ward 8: 76% Source: DC Department of Health; HR&A HR&A Advisors, Inc. Economic Impacts

of Walmart on Washington, DC 47 Walmart provides a range of grocery items and sales in this category are 41% of the total. Non-grocery Sales Grocery Sales 41% 59% Source: Walmart; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 48 Finding #8: Walmart enhances economic development in neighborhoods. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 49 Walmart stores in the District are serving as development anchors and bring a range of development types. Georgia Ave NW Freestanding along a retail corridor. Georgia Ave NW Fort Totten Integrated within a mixed-use building. H St NW & Fort Totten Capitol Gateway Anchoring a large scale development. HR&A Advisors, Inc. Skyland & Capitol Gateway Economic Impacts of Walmart on Washington, DC 50 Benefits are derived from the construction of Walmart stores, but also as anchors to larger developments.  Walmart stores at H St. and Fort Totten provide

a retail amenity to over 650 residential units.  At Capitol Gateway Marketplace, Walmart is anchoring 26,000 square feet of retail and 312 residential units.  The Walmart at Skyland Town Center will anchor over 200,000 square feet of retail and 476 residential units. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 51 There is a precedent of big box retail development in the District revitalizing neighborhoods. Columbia Heights is located in Northwest DC and is considered today to be one of the District’s most diverse and economically strong neighborhoods. Facing economic challenges between the 1970’s and 1990’s, the area was designated an Enterprise Zone in 1997 and Columbia Heights received a range of tax-incentives and District financing to encourage private development. Redevelopment was focused around the Columbia Heights Metro stop, which opened in 1999 and served to anchor future residential, retail, and commercial development. In early

2008, DCUSA opened the largest retail development in DC at the time, with 890,000 SF of retail adjacent to the Columbia Heights Metro. The retail building is anchored by a twostory Target, along with other retailers such as Bed Bath & Beyond, a Best Buy, and a Washington Sports Club. Since opening, the DCUSA site has served to anchor the development of 1,300 multifamily units with ground floor retail, and a 55,000 SF Giant supermarket open 24 hours a day. HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 52 The successful redevelopment of Columbia Heights serves as a benchmark for the anchoring effects of affordable big-box retail. Georgia Ave Fort Totten Columbia Heights H St Capitol Gateway Skyland Number of Stores Retail Stores per 1,000 Residents 10 9 8 7 6 5 4 3 2 1 0 Columbia Columbia Heights Heights H St. Georgia Ave Ft. Totten Skyland Captiol Gateway  Residents around Columbia Heights have up to 10x more retail stores than

residents in other areas of the District.  Compared to established retail areas, Walmart is entering into underretailed neighborhoods. Source: CoStar; site surveys; Walmart; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 53 A diversity of business types co-locate around Walmart stores.  Walmart’s arrival brings foot traffic, and signals to other retailers the potential strength of a location. Art Supplies Beauty Supplies/Salon Books & Comics Childcare Services Clothing Related Florists Food & Beverage Home Furnishings Mail/Shipping Pet Professional Services Stationary Specialty Grocers Vitamin and Nutrition Source: Walmart; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 54 The new Walmarts are catalyzing new retail investment in the surrounding neighborhoods. Georgia Ave Walmart 99 H St. Walmart New retail establishments have opened in the commercial area adjacent to and around Walmart,

including a bank, restaurants, a gym and a salon. 4 out of 5 store spaces in the 10,000 SF of ancillary retail are occupied by a range of businesses serving local residents and workers. The Fitness Factory Decadence Restaurant B Forever Flawless Salon CH Brite Cleaners Source: Walmart; JBG; HR&A HR&A Advisors, Inc. Economic Impacts of Walmart on Washington, DC 55 Economic & Fiscal Impacts of Walmart on Washington, DC HR&A Advisors, Inc. 2101 L Street, NW Suite 800 Washington, DC 20037 202-903-0725