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<br /> Local Option Sales Tax Analysis for Elk River, MN 9 <br /> <br />Furniture Stores <br />2.3 percent of total taxable retail and <br />service sales <br /> <br />These 6 stores sell furniture, beds, <br />carpeting, window coverings, lamps, china, <br />kitchenware, and wood-burning stoves. <br /> <br /> ($Millions) <br />Actual taxable sales $6.07 <br />Potential sales $5.13 <br />= $ variance $0.94 <br /> = as % of potential 18.4% <br /> <br /> <br />Unadjusted Trade Area Analysis <br /> <br />Potential sales to residents $5.13 <br />Surplus (local preference and non- <br />residents) <br />$0.94 <br /> Total $6.07 <br />Non-resident share per group 15.5% <br /> <br /> <br />Analysis with Adjustments <br /> <br />Residents' $ share $4.86 <br />Non-Residents' $ share $1.21 <br /> Total $6.07 <br />Non-resident share per group 20.0% <br /> <br />Analysis and Recommendations for Furniture Stores <br />Furniture stores are often located in regional retail centers and small <br />communities typically lose sales to these retail clusters. In the case of Elk <br />River, the trade area analysis shows that the city brought in 18% more <br />than expected. Assuming that some portion of residents are drawn to <br />competing retail centers, Extension increased the non-resident share to <br />20 percent of taxable sales, up from 15.5%. <br /> <br /> <br />