Filling The Gap!
A retail gap analysis helps economic developers create stronger local economies. It does that by comparing local demand (consumers’ spending power) with local supply (local stores). When local consumers spend more than local stores sell, there is a “gap” that is both a curse and an opportunity. In 2017, consumers in the 10 mile radius around Yoakum spent $231 million while local stores sold $178 million. The gap analysis identifies $54 million in product lines that could be filled by new or expanding stores. The information, usually reported from two years prior, is collected primarily from credit cards.
Two years ago the Yoakum EDC invested in its first retail gap analysis. New businesses opened since 2017 will help reduce the gap: Automotive Parts & Tires - $4.9M (O’Reilly’s). Lumber & Building Materials - $2.3M (Yoakum General Store “YGS”, Ace). Lawn & Garden Equipment - $1.2M (YGS, Ace). Hardware, Plumbing & Electrical - $1.1M (YGS, Ace). Full Service Restaurant - $1M (Vallarta).
The following gaps represent opportunities for future businesses: Furniture & home furnishings - $3.3M. Electronics and appliances - $2.7M. Computer hardware & software - $2.4M. The most noticeable gap is where Yoakum area residents buy groceries – a whopping $20M gap. See the complete retail gap analysis by product line