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• To Do: <br /> 1. Have each team member ask several downtown businesses to draw on a map the area <br /> where the majority of their customers live.State road maps are good for this purpose.Also <br /> include in the sample local banks,major employers,the school district,grocery stores,and <br /> both retail and service businesses. <br /> 2. Pinup all of the maps on the wall,and using the information gathered by team members <br /> from the businesses they interviewed,draw a composite primary trade area for downtown. <br /> Take into consideration the trade areas of local businesses and the road network, <br /> geographic boundaries and the market draw of other nearby communities. <br /> 3. Develop three solid reasons to defend the trade area boundaries. <br /> 4. Develop a map showing the trade area for the recruitment packet. t <br /> t <br /> MARKET COMPETITION r <br /> Potential new businesses will want to know who and where the competition is.To advocate t <br /> downtown as the best location and differentiate it from other choices,the business development t <br /> team needs to make a list of competing shopping areas with a description of their market <br /> To positions. <br /> • f <br /> 1. List competing commercial areas within and immediately adjacent to the community trade <br /> area. Include enclosed regional malls, concentrations of highway commercial, strip <br /> shopping centers,other downtowns,neighborhood business districts and the nearest metro • <br /> area.Local telephone books(at the library)can be very helpful.At this point the team does <br /> not have to list each business in the competing trade areas.Later on,when the team has <br /> identified a specific type of business as a potential business opportunity, such as a '• <br /> bookstore,the team can research the region to identify competing businesses that sell <br /> books. <br /> 2. Describe the business mix(types of stores&goods)and trade area for each center.For • <br /> example: <br /> • "Specialty retail,antiques,and restaurants,oriented to tourists" <br /> • "Name brand outlets drawing from a five-county market area" <br /> • "Neighborhood shopping center,grocery, and convenience goods" <br /> • "Major strip center with five national chain anchors,regional draw" <br /> 3. Prepare a one page summary of competing market areas.An example inventory form <br /> follows.Additional forms can be found in extra forms section at end of book. <br /> • <br /> 10-STEP BY STEP MARKET ANALYSIS <br /> r <br />