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V <br /> FUTURE DEMAND FOR RETAIL SPACE DUE TO POPULATION CHANGE <br /> There is a relationship between the numbers of people in the trade area and the square footage • <br /> of retail space needed to serve that population.If the population of the trade area is predicted to <br /> grow or decline,the business development team can develop a rough estimate of the amount of <br /> additional retail space that could expect to be developed or lost. The business development <br /> team's challenge will be to capture that new growth downtown,where there is probably retail <br /> 7 space that is vacant or underused,or to minimize vacancy through recruitment. <br /> To Do: <br /> 7 Calculate the amount of potential retail space demand for the trade area. <br /> Estimated Population 2000: <br /> (Cite source: ) <br /> -minus 1990 Population: — <br /> (Source: 1990 Census of Population) <br /> 7 <br /> equals Estimated Number of New/Lost Persons: _ <br /> divided by Average Household Size: - <br /> (Source: 1990 Census of Population) • <br /> equals Estimated Households in 2000: <br /> times Typical Expenditures per Household: X <br /> (Source: Consumer Expenditure Survey, <br /> sales tax or other estimate) <br /> equals Estimated New/Lost Retail Sales: _ <br /> divided by Average Sales per Square Foot: <br /> 4 (Source:Dollars and Cents of <br /> a Shopping Centers or local estimate) <br /> • <br /> equals Estimated New/Lost Square Feet of Retail <br /> Space to Accommodate Population Change <br /> Comments: <br /> 4 <br /> 4 • <br /> 1 <br /> STEP BY STEP MARKET ANALYSIS-63 <br /> I <br /> A <br />