Downtown Economic Enhancement Strategy

Downtown Economic Summit

Retail Market Analysis

Retail Report

America Downtown®

America Downtown® Presentation

Indiana Downtown®

HyettPalma
703-683-5126
info@hyettpalma.com

The Retail Market Analysis

Nationwide, it is the retail segment of our Downtowns that has suffered the most over the last several decades. While many government offices, professional offices, banks, and service businesses have “stuck with” their Downtown locations, Downtown’s retail businesses have suffered, struggled, closed, or moved to outlying areas.

HyettPalma believes that a Downtown must have retail vibrancy to be considered successful. It is retail business that attracts pedestrians — and pedestrians give Downtown its character, street-level animation, and liveliness.

Efforts to retain and recruit retail businesses to Downtown cannot be successful unless they are market-driven. Stated differently, retail retention and recruitment efforts cannot result in substantial economic gains unless those efforts are based on current, realistic, and reliable retail market information. The Retail Market Analysis gives you that information.

The Retail Market Analysis contains the following:

• A definition of your Downtown’s primary retail trade area;
  
  
• An analysis of the demographic and socio-economic characteristics of residents in your Downtown’s primary retail trade area;
  
  
• An easy-to-update inventory detailing the types and square footages of retail businesses currently located in your Downtown;
  
  
• A description of the types of goods and services most desired by trade area residents;
  
  
• The actual retail sales potential for over 100 specific types of goods and services that can be sold to those residents;
  
  
• The percentage of retail market share now being captured by your Downtown;
  
  
• A projection of the retail market share that can be captured by your Downtown over the next 5 years;
  
  
• HyettPalma’s recommendations of the optimum market niches and orientations that should be created to spark your Downtown’s economic enhancement; and
  
  
• HyettPalma’s recommendations of the optimum mix of retail businesses that will allow your Downtown to capture shopper loyalty.

The Retail Market Analysis provides essential economic information that is needed by Downtown organizations, local governments, Downtown business owners, Downtown property owners, and investors to:

• Make Downtown’s current businesses more profitable;
  
  
• Recruit additional businesses of the types that can thrive in your Downtown;
  
  
• Increase the value of Downtown’s real estate;
  
  
• Conduct marketing efforts that target specific customer groups; and
  
  
• Increase the number of people who shop in your Downtown on a regular basis.

The Retail Market Analysis provides the critical information you need to create a solid base of successful retail businesses in your Downtown. To obtain The Retail Market Analysis customized for your Downtown’s trade area, call us at 703-683-5126.