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Elena Irwin |
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Assistant Professor |
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March 8, 2000 |
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Market comparison: identify local trade area and
competing trade areas |
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Business cluster analysis |
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Demographic trend analysis |
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Retail trade area analysis |
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Customer survey analysis |
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Strengths |
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Most businesses are tightly clustered within
downtown area. |
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Downtown Anchors: |
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Bank |
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Library |
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Post Office |
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Possible Weakness |
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Larger number of commercial services than
retail. |
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How do the potential retail sales compare to the
actual retail sales? |
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Surplus: Actual sales are greater than potential
sales. |
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Leakage: Potential sales are greater than actual
sales. |
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Increase in purchasing power |
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Market niche |
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Unique or unusual retail product* |
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Size of retail store relative to competition |
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Complementary businesses* |
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Multi-destination shopping trips |
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Other attractions* |
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For example, recreational destination |
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* Can apply to small downtowns in more rural
areas |
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Decrease in purchasing power (per capita income) |
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Improved highways/road access |
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Improved communications technology |
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For example, internet |
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Increased work commutes |
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Accessibility to metro areas |
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Regional malls and discount stores |
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Support retail sectors that have current surplus |
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Target existing businesses that have leakages |
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Why are customers leaving area to shop for these
goods? How can existing businesses
better compete? |
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Target new businesses that can take advantage of
a market opportunity |
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What goods/services are not currently provided
for which there would be local demand? |
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Target urban/suburban markets |
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distinguish from big box retail |
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Capitalize on “small town” niche to draw from
regional market |
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Historic downtown with many small businesses |
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Location: within 20 miles of major suburban
populations |
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New market opportunities to satisfy local demand |
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Those with Surplus: |
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Florist |
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Bakery |
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Hardware |
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Existing Businesses with Leakages: |
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Restaurant |
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Grocery |
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Drug Store |
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* Markets that may provide unique or unusual
goods or markets that satisfy local demand. |
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Potential New Opportunities: |
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Candy |
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Books |
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Hobby |
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Note: St. Paris has a variety store, but the
amount of surplus/leakage is unknown (this is a problem with the retail
sales data). |
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Do you shop downtown? If so why? |
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multiple trips? |
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Do you shop in other areas? Why? |
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what goods/services draw people away? |
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malls or discount stores? |
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Do you commute for work? If so, where? |
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What would make downtown more of a “draw” for
you? |
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Socio-demographic information |
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Location of residence |
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Notes