YEDC News Column
Yoakum Herald Times, May 17 2017
The former president of an East Texas grocery chain once explained how his company chose new store locations. “We looked at the population sign, then we drove around until we found a nice site,” he told me. Sometimes it worked out, sometimes not.
Today there are economic development tools that help increase the chances of success for new business ventures. A Retail Gap Analysis shows where opportunities exist for new retail business development. It compares what a resident population spends versus what local businesses sell. The difference is the “gap”.
The Retail Gap Analysis shows what the resident population buys in most every retail category regardless if the purchases are local, on-line, or in another city. For example, the report shows residents of zip code 77995 spend $7.3 million on clothing and accessories. However, clothing businesses in 77995 sell $1.6 million. The gap, $5.7 million, represents the opportunity to sell more clothing and accessories to local residents. That is like adding three additional Beall’s stores! The Retail Gap Analysis exposes a number of areas that are ripe for retail activity.
The Retail Gap Analysis is available for viewing on YEDC’s new web site, yoakumedc.com. Questions about the report can be directed to firstname.lastname@example.org.