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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

CITY OF LOCKHART

Retail Market Analysis

December 11, 2008

Aaron Farmer

National Project Director


City of lockhart retail market analysis

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


City of lockhart retail market analysis

Lockhart – Primary Trade Area


City of lockhart retail market analysis

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

Growth Projections 2008-2013

Lockhart: 10.15%

Primary Trade Area: 10.56%

Secondary Trade Area: 11.65%

Tertiary Trade Area: 9.64%


City of lockhart retail market analysis

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


City of lockhart retail market analysis

Lockhart – Traffic Counts

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


Retail leakage gap analysis

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.


City of lockhart retail market analysis

LOCKHART – RETAIL GAP ANALYSIS SUMMARY


City of lockhart retail market analysis

LOCKHART – RETAIL GAP ANALYSIS SUMMARY (CONTINUED)


City of lockhart retail market analysis

LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY


City of lockhart retail market analysis

LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY (CONTINUED)


Psychographics defined

Psychographics Defined


Psychographics

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


City of lockhart retail market analysis

LOCKHART – PSYCHOGRAPHIC PROFILE


City of lockhart retail market analysis

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


City of lockhart retail market analysis

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


City of lockhart retail market analysis

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


City of lockhart retail market analysis

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


City of lockhart retail market analysis

Strengthening Your Business

in Today’s Economy


City of lockhart retail market analysis

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


City of lockhart retail market analysis

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.)


City of lockhart retail market analysis

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.


City of lockhart retail market analysis

Be Seen.

Participate in City Events.


City of lockhart retail market analysis

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.


City of lockhart retail market analysis

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.


City of lockhart retail market analysis

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.


City of lockhart retail market analysis

Thank you…

CITY OF Lockhart

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

[email protected]

www.theretailcoach.net


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