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14 <br />Retail Gap AnalysisVisitor Dynamics <br />• Visits to Olde Main Eatery peak between 9 and 11 AM, while <br />peak hours at Caribou Coffee are longer, lasting generally <br />between 7 AM and 5 PM. Most visits to the Rivers Edge <br />Commons and McCoy’s Irish Pub are in the evening hours. <br />• Visits to Olde Main Eatery and McCoy’s Irish Pub are <br />concentrated on weekends, while Caribou Coffee attracts <br />more weekday traffic. This is likely due to the fact that <br />Caribou Coffee caters to drive-through customers on their <br />way to work. Over a quarter of visits to Rivers Edge Commons <br />are on Thursdays, when summer programming brings <br />residents to the waterfront for concerts and festivals. <br />MARKET SUMMARY <br />Visits by Time of Day <br />Share of Visits by Day of Week <br />Retail Square Footage per capitaSupply and demand for Selected Retail Categories within a Five <br />Minute Drive of Downtown Elk River <br />Restaurant Square Footage per capita <br />• The category with the highest unmet demand within a five- <br />minute drive of Downtown Elk River is full-service restaurants. <br />This aligns with information provided by shareholders, <br />who specifically stated the need for family dining as well <br />as dining options open late enough for visitors to summer <br />programming at the river. There is also an unmet demand for <br />full-service and limited-service restaurants within a 20-minute <br />drive of Downtown. <br />• Although Elk River has a high concentration of retail and <br />service sector employment, it does not have the same <br />concentration of eating and drinking establishments as <br />peer cities. In Albertville, there are three eating and drinking <br />establishments for every thousand residents, while in Elk River <br />there are fewer than two. <br />Page 84 of 157