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CITY OF LOCKHART Retail Market Analysis. December 11, 2008 Aaron Farmer National Project Director. Lockhart – PRIMARY TRADE AREA MAP / POPULATION. Population:14,433 By Race/Ethnicity (%): White67.76 Black/Afr. Am.11.16 Other21.06 Hispanic Origin46.62 Median Age:34.30

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CITY OF LOCKHART Retail Market Analysis

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CITY OF LOCKHART

Retail Market Analysis

December 11, 2008

Aaron Farmer

National Project Director


Lockhart – PRIMARY TRADE AREA MAP / POPULATION

Population:14,433

By Race/Ethnicity (%):

White67.76

Black/Afr. Am.11.16

Other21.06

Hispanic Origin46.62

Median Age:34.30

Avg HH Income:$52,656

Per Cap. Income$17,770


Lockhart – Primary Trade Area


Lockhart – Secondary/Tertiary Trade Area

SECONDARY TRADE AREA

TERTIARY TRADE AREA

Population:18,189

By Race/Ethnicity (%):

White68.99

Black/Afr. Am.9.49

Other21.51

Hispanic Origin44.80

Median Age:34.68

Avg. HH Income:$54,893

Per Cap. Income$18,457

Population:36,976

By Race/Ethnicity (%):

White69.56

Black/Afr. Am.6.89

Other23.54

Hispanic Origin44.14

Median Age:34.58

Avg. HH Income:$54,131

Per Cap. Income$18,644


Growth Projections 2008-2013

Lockhart: 10.15%

Primary Trade Area: 10.56%

Secondary Trade Area: 11.65%

Tertiary Trade Area: 9.64%


Lockhart – Radials and Drive-Times

5 Mile: 15,983

7 Mile: 18,028

10 Mile: 25,751

5 Minute: 10,822

7 Minute: 15,699

10 Minute: 17,087


Lockhart – Traffic Counts

  • New SH 130 Route to bring a large traffic count.


Retail Leakage “Gap” Analysis

  • Identify specific retail sectors that are underserved

  • Identify which retailers can successfully fill these “gaps”

  • Identify opportunities for product or service expansion

$149 million in potential retail sales in Lockhart’s Primary Trade Area.

$79 million in potential retail sales in Lockhart’s Central Business District.

$68 million leaking out of the Central Business District.


LOCKHART – RETAIL GAP ANALYSIS SUMMARY


LOCKHART – RETAIL GAP ANALYSIS SUMMARY (CONTINUED)


LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY


LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY (CONTINUED)


Psychographics Defined


Psychographics

Your retail trade area’s psychographic profile is a breakdown into one or more of 66 lifestyle segments that identify consumer:

  • Lifestyles

  • Purchasing behaviors

  • Media habits


LOCKHART – PSYCHOGRAPHIC PROFILE


PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area

32 New Homesteaders

Upper-Mid, Younger w/ Kids

Young, upper-middle-class families seeking to escape suburban sprawl find refuge in New Homesteaders, a collection of small rustic townships filled with new ranches and Cape Cods. With decent-paying jobs in blue-collar industries, these dual-income couples have fashioned comfortable, child-centered lifestyles; their driveways are filled with campers and powerboats, their family rooms with PlayStations and Game Boys.

2007 Statistics:

US Households: 2,327,025 (2.05%)

Median HH Income: $57,023

Lifestyle Traits

Go to Chuck E. Cheese

Buy videos online

4-Wheel and Off-Road magazines

Nickelodeon TV

Kia Sedona

Demographics Traits:

Urbanicity: Town/Rural

Income: Lower-Mid

Income Producing Assets: Low

Age Ranges: Age <55

Presence of Kids: HH w/o Kids

Homeownership: Renters

Employment Levels: WC, Service, Mix

Education Levels: High School Grad

Ethnic Diversity: White, Black, Mix


PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area

48 Young & Rustic

Lower-Mid, Middle Age w/o Kids

Young & Rustic is composed of middle age, restless singles. These folks tend to be lower-middle-income, high school-educated, and live in tiny apartments in the nation’s exurban towns. With their service industry jobs and modest incomes, these folks still try to fashion fast-paced lifestyles centered on sports, cars, and dating.

2007 Statistics:

US Households: 2,281,989 (2.01%)

Median HH Income: $32,607

Lifestyle Traits

Go to auto races

Drew Carey Show in syndication

King of the Hill in syndication

WWE Wrestling TV

Dodge Neon

Demographics Traits:

Urbanicity: Town/Rural

Income: Lower-Mid

Income Producing Assets: Low

Age Ranges: Age <55

Presence of Kids: HH w/o Kids

Homeownership: Renters

Employment Levels: WC, Service, Mix

Education Levels: High School Grad

Ethnic Diversity: White, Black, Mix


PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area

50 Kid Country, USA

Lower-Mid, Younger w/ Kids

Widely scattered throughout the nation’s heartland, Kid Country, USA is a segment dominated by large families living in small towns. Predominantly white, with an above-average concentration of Hispanics, these young, working-class households include homeowners, renters, and military personnel living in base housing; about 20 percent of residents own mobile homes

2007 Statistics:

US Households: 1,529,683 (1.35%)

Median HH Income: $42,353

Lifestyle Traits

Buy kids’ bicycles

Buy swingsets

Baby Talk magazine

Toon Disney channel

Mazda Pickup

Buying Habits:

Buy Children’s Cold Medicine,1mo (H) * 299

Buy Baby Furniture/Equipment,6mo (H) 284

Buy Children’s Athletic Shoes,6mo (H) * 284

Buy Children’s Clothes,6mos (H) 260

Buy Children’s Bicycles,1yr (A) 208


PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area

57 Old Milltowns

Downscale, Mature Mostly w/o Kids

America’s once-thriving mining and manufacturing towns have aged--as have the residents in Old Milltowns communities. Today, the majority of residents are retired singles and couples, living on downscale incomes in pre-1960 homes and apartments. For leisure, they enjoy gardening, sewing, socializing at veterans clubs, or eating out at casual restaurants.

Buying Habits

Has Medicare/Medicaid (A) 245

Grocery Shopping,<$60,1wk (H) 191

Use Kelloggs Corn Flakes,1wk (H) * 144

Belong to a Veterans Club (A) 142

Use Spam,1mo (H) * 139

Order from Publishers Clearing House,1yr (A) 129Do Bird Watching,1yr (A) 124

Coupon User,0-3 Times,3mo (H)

2007 Statistics:

US Households: 1,699,060 (1.49%)

Median HH Income: $30,680

Lifestyle Traits

Watch soap operas

Eat at casual/buffet restaurant

Hallmark channel

CBS Evening News TV

Chevy Cobalt


Strengthening Your Business

in Today’s Economy


75% of all retail merchandise transactions take place between 4pm and 11pm and on weekends.


Provide Exceptional Customer Service

  • LISTEN to your customers!

  • Train your staff about customer service.

  • Make the extra effort. (Don’t just point to the aisle, walk them to it.)

  • Give them something extra. (Throw in a coupon for an extra 10% off their next purchase.)


Are You Targeting Your Customers?

  • Survey your customers.

  • Find out what products they buy.

  • Use the Psychographic Analysis to determine your customers lifestyle behaviors and purchasing habits.


Be Seen.

Participate in City Events.


Look to The Internet.

The National Retail Association is forecasting $204 billion in retail sales over the Internet in 2008, while the rest of the retail industry expects sluggish growth.


Find Similar Businesses That our Being Successful.

  • Don’t be afraid to be unique.

  • Cater to your customers.

  • Avoid competing on price, there will always be a larger store with deeper pockets.


Don’t take the kids for granted.

  • Have a “kid friendly” store.

  • By 2010, kids will have around 30 billion in spending power and influence their parents who have some 140 billion in spending power.

  • If kids don’t enjoy shopping at your

  • store, don’t plan on their parents

  • coming back.


Thank you…

CITY OF Lockhart

The Retail Coach, LLCP. O. Box 7272Tupelo, MS 38802662.844.2155 tel662.844.2738 fax

info@theretailcoach.net

www.theretailcoach.net


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