One of the roles of economic development is to attract new retail development. Retail has proven to create jobs, increase tax revenue, and provide greater selection for residents. A town filled with retail is considered thriving and therefore attractive to other, unrelated businesses. But before those efforts begin the pieces must be in place: understanding community demographics, the size and boundaries of the trade area, available real estate, community preferences, and gaps in retail spending. A gap is the difference between what the community buys ($$$) and what the existing retailers sell ($$).
Recently the YEDC invested in a professionally produced Market Guide for retail attraction. Through the use of UberRetail (data collected from mobile phones) the retail trade area was determined. Yoakum's trade area has a daytime population of over 13,000 and a median household income of $55,000. The Market Guide reliably identified four areas under served by Yoakum: restaurants, grocery, health and wellness, and general merchandise. Each of the four retail areas show that residents of the trade area spend as much (or more) away from home as near home. The guide helps focus attraction efforts on the categories most likely to expand in Yoakum. To view the Market Guide, go to Yoakumedc.com and select Doing Business.
Special thanks to Tommy Linn for allowing use of his beautiful Super Moon photo!