Tva Consumer Connection Oxford La Fayette County  Presentation March 2009
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Tva Consumer Connection Oxford La Fayette County Presentation March 2009

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Presentation to existing retailers in the Oxford, MS area.

Presentation to existing retailers in the Oxford, MS area.

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Tva Consumer Connection Oxford La Fayette County  Presentation March 2009 Tva Consumer Connection Oxford La Fayette County Presentation March 2009 Presentation Transcript

  • Consumer Connection: Oxford / Lafayette County, Mississippi March 11, 2009
  • Consumer Connection Helps Create Sustainable Communities Community leaders have a responsibility to create sustainable communities that: • Reflect their community’s values • Preserve their community’s unique charm and character • Support existing business and industry • Attract new retail development and services
  • Why Should We Develop Our Retail Community? • Satisfy citizens’ desire to shop at home • Increase sales and property taxes • Create new, permanent jobs • Retain dollars that are currently spent outside the community • Bring new dollars into the community
  • Balanced Economic Growth Strong retail opportunities help attract major employers The presence of strong employers helps communities attract and develop higher-end retailers
  • How Can Retail be Successfully Developed? Retail can be successfully developed with: Different tools and techniques • An understanding of the retail industry and language • Investments in resources that demonstrate the retail opportunities available in your community
  • How to Market Like a Fortune 500 Company Nielsen Claritas is the preferred choice of Fortune 500 companies who wish to optimize their customer targeting, media strategies and site analysis decisions
  • Lafayette County: Retailers’ Use of Claritas Strategies To Utilize Claritas Products What is our trade area? Can this trade area support my business? What are the retail What are the largest opportunity gaps in my lifestyle segments in my trade area? trade area? How does this How do I market to the information impact my households in my trade product mix? area?
  • Lafayette County: By the Numbers Average Household Income $51,526 Population – 2008 41,107 Population – 2013 42,050 % Owner Occupied Housing 60.4% Population Growth – 2008 to 2.3 % 2013 Number of Households 15,855
  • Lafayette County: By the Numbers Total Retail Sales $711,400,000 Total Retail Demand $630,800,000 Total Retail In-Leakage $80,700,000 (Supply over Demand) Growth in Retail Demand: 23.5 % 2008 to 2013
  • Lafayette County: Major Retail In-Leakage Meals & Snacks $38,800,000 Groceries & Other Foods $22,000,000 Books $14,900,000 Womens’, Juniors’ & Misses’ $12,500,000 Wear Drugs, Health & Beauty Aids $6,000,000
  • Lafayette County: Major Retail Out-Leakage Automotive Fuel $20,500,000 Furniture & Sleep $5,500,000 Equipment Computer Hardware, $5,100,000 Software & Supplies Men’s Wear $2,200,000
  • Claritas Psychographics: Prizm PRIZM combines demographic, consumer behavior, and geographic data to help marketers identify, understand and target their customers and prospects. With PRIZM segmentation, marketers can better understand their customers and prospects, and target them with tailored messages and products designed just for them.
  • My Competitors are Struggling – How Can I Grad Their Customers? “Downturns are when the biggest shifts in market share happen. But don’t try to go after different customers. The companies that do this well focus on the customers that are at the core of their businesses.” Rob Markey, Partner & Head of Global Customer Strategy with Bain & Company, Fortune, March 30, 2009.
  • My Competitors are Struggling – How Can I Grad Their Customers? “Someone told me we couldn’t have picked a worse time to launch the brand (a new higher-end, leather portfolio). But, we went after customers who would buy these products in a mall setting – and we won many of them.” Ron Sargent, CEO of Staples, Fortune, March 30, 2009.
  • Lafayette County: Top Prizm Segments Young & Rustic • 4,633 households in the County 29.2 percent of households the County County concentration is 14.4 times the national average 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.
  • Lafayette County: Top Prizm Segments Blue Highways • 1,751 households in the County 11.0 percent of households the County County concentration is 6.6 times the national average On maps, blue highways are often two-lane roads that wind through remote stretches of the American landscape. Among lifestyles, Blue Highways is the standout for lower-middle-class residents who live in isolated towns and farmsteads. Here, Boomer men like to hunt and fish; the women enjoy sewing and crafts, and everyone looks forward to going out to a country music concert.
  • Lafayette County: Top Prizm Segments Crossroad Villagers • 1,530 households in the County 9.6 percent of households the County County concentration is 4.5 times the national average With a population of middle-aged, white-collar couples and families, Crossroads Villagers is a classic rural lifestyle. Residents are high school-educated, with downscale incomes and modest housing; one-quarter live in mobile homes. And there's an air of self-reliance in these households as Crossroads Villagers help put food on the table through fishing, gardening, and hunting.
  • Lafayette County: Top Prizm Segments Back County Folks • 1,512 households in the County 9.5 percent of households the County County concentration is 4.4 times the national average • Strewn among remote farm communities across the nation, Back Country Folks are a long way away from economic paradise. The residents tend to be poor, over 55 years old, and living in older, modest-sized homes and manufactured housing. Typically, life in this segment is a throwback to an earlier era when farming dominated the American landscape.
  • Lafayette County: Top Prizm Segments Shotguns & Pickups • 1,044 households in the County 6.6 percent of households the County County concentration is 3.9 times the national average The segment known as Shotguns & Pickups came by its moniker honestly: it scores near the top of all lifestyles for owning hunting rifles and pickup trucks. These Americans tend to be young, working-class couples with large families-- more than half have two or more kids--living in small homes and manufactured housing. Nearly a third of residents live in mobile homes, more than anywhere else in the nation.
  • Lafayette County: Retailers’ Use of Claritas Strategies To Utilize Claritas Products What is our trade area? Can this trade area support my business? What are the retail What are the largest opportunity gaps in my lifestyle segments in my trade area? trade area? How does this How do I market to the information impact my households in my trade product mix? area?
  • The TVA Consumer Connection Network
  • Put the TVA Economic Development team to work for you Contact: Chuck Marquis (901) 577-2626 TVAed.com TVAed.Com/Consumer_Connect