DOWNTOWN MARKET STRATEGY
The Strategic Edge can complete a comprehensive retail assessment and develop a positioning and tenant mix strategy for your central business district. The study could be designed to estimate the trade area of your downtown area, evaluate the current mix of businesses, project market potential and recommend future positioning.
The approach employed by The Strategic Edge is multi-faceted and utilizes consumer and business market research, intercept surveys, competitive evaluations, extensive field analysis, and a close examination of historic consumer and spending patterns. Projections of future consumer spending are based on population, demographic and lifestyle characteristics as well as trends in retail spending.
As a first step in the process, brief "man on the street" intercept surveys are conducted. Home zip codes and trip purpose are asked of patrons in downtown areas. This data is then utilized to define a trade area for your downtown.
Next, The Strategic Edge conducts a detailed field assessment of all businesses operating in your downtown. Competitive profiles are also created for the surrounding downtown business districts (where applicable). These profiles are evaluated to uncover the relative strengths and weaknesses of the market as well as similarities and/or differences among the neighboring downtown business districts. Competitive information is also assembled for big box retailers, shopping centers, and malls in the vicinity of your downtown.
The Strategic Edge can estimate the trade area expenditure potential for your downtown within many different categories. Various census data sources are used to develop per capita expenditures for your downtown trade area. Alternatively, expenditure potential estimates are available from private data providers. Per capita and total trade area expenditure potential can be developed for selected years. Additionally, projected consumer, demographic, economic, and competitive trends and their anticipated impact can be evaluated.
Downtowns have numerous interest groups with varied opinions about the operation and future of the district. These typically include city government, residents, current business owners, and those considering future business operations. In order to capture the relevant issues, The Strategic Edge works closely with these interest groups to design surveys of both consumers and business owners.
One purpose of the research is to provide reliable indicators of the shopping habits and preferences of residents in the trade area. The surveys also provide information about the perceptions and concerns of consumers and business owners related to the downtown business district. Relative strengths and weaknesses of your downtown area can be covered by the surveys.
Based upon its research and thorough analysis, The Strategic Edge makes recommendations to your Downtown Development Authority (or relevant city entity) which address the most appropriate amount of retail space, future positioning, and tenant mix for the downtown area.
The completed market strategy forms the basis for a plan of action for your downtown's future.
The Strategic Edge, Inc.
1899 Orchard Lake Road, Suite 105
Sylvan Lake, MI 48320