8. EDSR 08-11-2008 - Laserfiche WebLink

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~Ielping Communities gnow and Grow UNIVERSITY OF MINNESOTA ~ Their Retail Customers Visit www.extension.un[n.edu/community ..' .L ,~ v Vd'hat is Trade Area Analysis ? TRADE AREA ANALYSIS A Trade Area Analysis organizes data from multiple sources into a comprehensive description of who shops in your community - demographics, purchasing power, as well as the lifestyles and values held by shoppers. Extension organizes this data into understandable reports and rich community discussions. Ultimately, this information can strengthen a business community's vision by meeting the needs of their customers and tapping available oppornuuties. IVhat information does a community learn in a Trade Area Analysis ? `The report includes a breadth of information of interest to local retailers and community leaders, including • The geographic reach of the community's trade area • Types of customers in the trade area • Demographics and income levels of households in the trade area • Potential spending in the trade area across multiple retail categories, with comparisons to the state • Types of media and leisure activites used by the vazieties of households in the trade area How cae~ Trade Area Analysis be used by businesses and communities ? ~ Chambers, economic development professionals, local businesses, tourism organizations and elected officials can tap this information to answer key questions such as • What other businesses might fit in our community ? • How can we effectively use media to market our community or business? • Do I have a viable business plan for this market ? • How can we change our inventory or expand our product lines to increase profits ? ® What community events or festivals would attract our trade area's audiences ? • What main street strategies would work for our market ? What wiU our community receive with our Trade Area Analysis 7 Communities can choose to receive a simple Trade Area Analysis summary, or a customized report Sim le Re ort Customized Re ort • Works well for traditional main-street markets • Works well for larger markets or those with with a small customer base seasonal or tourism business • The report will describe customers in your zip • The report is customized from addresses of code customers on local business lists • A two-hour workshop will engage community • A two-hour workshop will engage community discussion about results and future plans discussion about results and future plans • Cost : $750 • Two consultations with a local study group will guide the analysis • Cost: To be determined What else does Extension offer retailers ? • Retail Trade Analysis reports describe a town or county's retail strengths, weaknesses and patterns. • Small Stores Success Strategies Workshops help small stores survive in a big box economy. • Business Retention and Expansion programs get citiznes engaged in meeting the needs of local business. more can [ee[p your