87 1 2lockhart Small Business Presentationbrep12.08

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87 1 2lockhart Small Business Presentationbrep12.08

  1. 1. CITY OF LOCKHART Retail Market Analysis December 11, 2008 Aaron Farmer National Project Director
  2. 2. Lockhart – PRIMARY TRADE AREA MAP / POPULATION Population: 14,433 By Race/Ethnicity (%): White 67.76 Black/Afr. Am. 11.16 Other 21.06 Hispanic Origin 46.62 Median Age: 34.30 Avg HH Income: $52,656 Per Cap. Income $17,770
  3. 3. Lockhart – Primary Trade Area
  4. 4. Lockhart – Secondary/Tertiary Trade Area Population: 18,189 By Race/Ethnicity (%): White 68.99 Black/Afr. Am. 9.49 Other 21.51 Hispanic Origin 44.80 Median Age: 34.68 Avg. HH Income: $54,893 Per Cap. Income $18,457 Population: 36,976 By Race/Ethnicity (%): White 69.56 Black/Afr. Am. 6.89 Other 23.54 Hispanic Origin 44.14 Median Age: 34.58 Avg. HH Income: $54,131 Per Cap. Income $18,644 SECONDARY TRADE AREA TERTIARY TRADE AREA
  5. 5. <ul><li>Lockhart: 10.15% </li></ul><ul><li>Primary Trade Area: 10.56% </li></ul><ul><li>Secondary Trade Area: 11.65% </li></ul><ul><li>Tertiary Trade Area: 9.64% </li></ul>Growth Projections 2008-2013
  6. 6. Lockhart – Radials and Drive-Times 5 Mile : 15,983 7 Mile : 18,028 10 Mile : 25,751 5 Minute : 10,822 7 Minute : 15,699 10 Minute : 17,087
  7. 7. Lockhart – Traffic Counts <ul><li>New SH 130 Route to bring a large traffic count. </li></ul>
  8. 8. <ul><li>Identify specific retail sectors that are underserved </li></ul><ul><li>Identify which retailers can successfully fill these “gaps” </li></ul><ul><li>Identify opportunities for product or service expansion </li></ul>Retail Leakage “Gap” Analysis $149 million in potential retail sales in Lockhart’s Primary Trade Area. $79 million in potential retail sales in Lockhart’s Central Business District. $68 million leaking out of the Central Business District.
  9. 9. LOCKHART – RETAIL GAP ANALYSIS SUMMARY
  10. 10. LOCKHART – RETAIL GAP ANALYSIS SUMMARY (CONTINUED)
  11. 11. LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY
  12. 12. LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY (CONTINUED)
  13. 13. Psychographics Defined
  14. 14. <ul><li>Your retail trade area’s psychographic profile is a breakdown into one or more of 66 lifestyle segments that identify consumer: </li></ul>Psychographics <ul><li>Lifestyles </li></ul><ul><li>Purchasing behaviors </li></ul><ul><li>Media habits </li></ul>
  15. 15. LOCKHART – PSYCHOGRAPHIC PROFILE
  16. 16. PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area 32 New Homesteaders Upper-Mid, Younger w/ Kids Young, upper-middle-class families seeking to escape suburban sprawl find refuge in New Homesteaders, a collection of small rustic townships filled with new ranches and Cape Cods. With decent-paying jobs in blue-collar industries, these dual-income couples have fashioned comfortable, child-centered lifestyles; their driveways are filled with campers and powerboats, their family rooms with PlayStations and Game Boys. 2007 Statistics: US Households : 2,327,025 (2.05%) Median HH Income : $57,023 Lifestyle Traits Go to Chuck E. Cheese Buy videos online 4-Wheel and Off-Road magazines Nickelodeon TV Kia Sedona Demographics Traits: Urbanicity : Town/Rural Income : Lower-Mid Income Producing Assets : Low Age Ranges : Age <55 Presence of Kids : HH w/o Kids Homeownership : Renters Employment Levels : WC, Service, Mix Education Levels : High School Grad Ethnic Diversity : White, Black, Mix
  17. 17. PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area 48 Young & Rustic Lower-Mid, Middle Age w/o Kids Young & Rustic is composed of middle age, restless singles. These folks tend to be lower-middle-income, high school-educated, and live in tiny apartments in the nation’s exurban towns. With their service industry jobs and modest incomes, these folks still try to fashion fast-paced lifestyles centered on sports, cars, and dating. 2007 Statistics: US Households : 2,281,989 (2.01%) Median HH Income : $32,607 Lifestyle Traits Go to auto races Drew Carey Show in syndication King of the Hill in syndication WWE Wrestling TV Dodge Neon Demographics Traits: Urbanicity : Town/Rural Income : Lower-Mid Income Producing Assets : Low Age Ranges : Age <55 Presence of Kids : HH w/o Kids Homeownership : Renters Employment Levels : WC, Service, Mix Education Levels : High School Grad Ethnic Diversity : White, Black, Mix
  18. 18. PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area 50 Kid Country, USA Lower-Mid, Younger w/ Kids Widely scattered throughout the nation’s heartland, Kid Country, USA is a segment dominated by large families living in small towns. Predominantly white, with an above-average concentration of Hispanics, these young, working-class households include homeowners, renters, and military personnel living in base housing; about 20 percent of residents own mobile homes 2007 Statistics: US Households : 1,529,683 (1.35%) Median HH Income : $42,353 Lifestyle Traits Buy kids’ bicycles Buy swingsets Baby Talk magazine Toon Disney channel Mazda Pickup Buying Habits: Buy Children’s Cold Medicine,1mo (H) * 299 Buy Baby Furniture/Equipment,6mo (H) 284 Buy Children’s Athletic Shoes,6mo (H) * 284 Buy Children’s Clothes,6mos (H) 260 Buy Children’s Bicycles,1yr (A) 208
  19. 19. Buying Habits Has Medicare/Medicaid (A) 245 Grocery Shopping,<$60,1wk (H) 191 Use Kelloggs Corn Flakes,1wk (H) * 144 Belong to a Veterans Club (A) 142 Use Spam,1mo (H) * 139 Order from Publishers Clearing House,1yr (A) 129Do Bird Watching,1yr (A) 124 Coupon User,0-3 Times,3mo (H) PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area 57 Old Milltowns Downscale, Mature Mostly w/o Kids America’s once-thriving mining and manufacturing towns have aged--as have the residents in Old Milltowns communities. Today, the majority of residents are retired singles and couples, living on downscale incomes in pre-1960 homes and apartments. For leisure, they enjoy gardening, sewing, socializing at veterans clubs, or eating out at casual restaurants. 2007 Statistics: US Households : 1,699,060 (1.49%) Median HH Income : $30,680 Lifestyle Traits Watch soap operas Eat at casual/buffet restaurant Hallmark channel CBS Evening News TV Chevy Cobalt
  20. 20. Strengthening Your Business in Today’s Economy
  21. 21. 75% of all retail merchandise transactions take place between 4pm and 11pm and on weekends .
  22. 22. Provide Exceptional Customer Service <ul><li>LISTEN to your customers! </li></ul><ul><li>Train your staff about customer service. </li></ul><ul><li>Make the extra effort. (Don’t just point to the aisle, walk them to it.) </li></ul><ul><li>Give them something extra. (Throw in a coupon for an extra 10% off their next purchase.) </li></ul>
  23. 23. Are You Targeting Your Customers? <ul><li>Survey your customers. </li></ul><ul><li>Find out what products they buy. </li></ul><ul><li>Use the Psychographic Analysis to determine your customers lifestyle behaviors and purchasing habits. </li></ul>
  24. 24. Be Seen. Participate in City Events.
  25. 25. Look to The Internet. The National Retail Association is forecasting $204 billion in retail sales over the Internet in 2008, while the rest of the retail industry expects sluggish growth.
  26. 26. Find Similar Businesses That our Being Successful. <ul><li>Don’t be afraid to be unique. </li></ul><ul><li>Cater to your customers. </li></ul><ul><li>Avoid competing on price, there will always be a larger store with deeper pockets. </li></ul>
  27. 27. Don’t take the kids for granted. <ul><li>Have a “kid friendly” store. </li></ul><ul><li>By 2010, kids will have around 30 billion in spending power and influence their parents who have some 140 billion in spending power. </li></ul><ul><li>If kids don’t enjoy shopping at your </li></ul><ul><li>store, don’t plan on their parents </li></ul><ul><li>coming back. </li></ul>
  28. 28. Thank you… CITY OF Lockhart The Retail Coach, LLC P. O. Box 7272 Tupelo, MS 38802 662.844.2155 tel 662.844.2738 fax [email_address] www.theretailcoach.net

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