Richmond Metro Area Economic Overview Retail Merchants Association Ann Battle Macheras
Presented by: Retail Market Analysis Richmond, Texas.
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Transcript of Presented by: Retail Market Analysis Richmond, Texas.
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Retail Market AnalysisRichmond, Texas
April 21, 202308:31 AM
We develop and execute high-impact retail retention,recruitment and development strategies:• Corporate site selection with national retailer• Retail real estate brokerage• Retail leasing • Development/Redevelopment• Land development with investment firm • Market analysis & land strategy
About The Retail CoachRetail Analytics & Locational Intelligence
From start to finish: retail retention and recruitment is The Retail Coach’s only focus.
The Retail Coach - experience, strategy, technology and creative expertise.
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About The Retail CoachWe Know Texas
Worked over 150 Retail Projects in Texas
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Our Process
1. Market Analysis & Locational Intelligence
2. Community Analytics
3. Consumer Analytics
4. Community Marketing
5. Retailer Matching
6. Retail Retention/Expansion/Recruitment
7. Retail Coaching
Retail360Approach to Successful Retail Recruitment and Retention
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Retail Trade Area
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Richmond Retail Trade Area
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Richmond Secondary Retail Trade Area
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Retail Leakage
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Goal: Keep residents shopping in Richmond to help reduce this leakage.
• Identify specific retail sectors that are underserved
• Identify opportunities for product or service expansion
• Identify which retailers can successfully fill these “gaps”
Retail Leakage “Gap” Analysis
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Psychographics
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Community AnalyticsPsychographics
We use our demographic findings to study and measure consumers.
• Attitudes• Values• Preferences• Lifestyles• Buying habits
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Community AnalyticsPsychographics
Lifestyle Segmentation
We divide your market into groups of consumers with similar demographic characteristics, lifestyles, purchase behaviors and work patterns.
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Small business accounts for 54% of GDP
Provide 40.9% of private sales in the U.S.
Provide approximately 75% of the net new jobs added to the economy.
Contributes a higher percentage of sales back into their local economies
75% of all retail merchandise transactions in the U.S.A. are conducted between 4:00 p.m. and 11:00 p.m. and on weekends
Source: Texas Historic Commission
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20Source: Texas Historic Commission
How much of the shopping dollar is retained in your community? 6 cents6 cents of every dollar spent with a Big Box retailer is retained/recirculated in a community.Source: Rocky Mountain Institute 20 cents20 cents of every dollar spent with a chain store is retained/recirculated in a community.Source: Small Business Administration 60 cents60 cents of every dollar spent with a sole proprietorship is retained/recirculated in a community.Source: Small Business Administration
Now is also the time to take customer service to a new level. Get in touch and stay in touch with your active customers. Take nothing for granted. Make sure your pricing is competitive, your service is exceptional and your attitude reflects how much you value their business. Revisit dormant customers and see what you can do to bring them back into the fold. Sometimes it takes as little as just asking to restart a relationship. Other times it can take some imagination and insight, but resurrecting a past customer can still be easier and less expensive than finding and breaking in a new one. Ask your customers for referrals. While this is a good practice at any time, it is particularly important in a down economy.
Recession Proof Your Business
Keep up marketing.
Many companies cannot afford to stop marketing, regardless of economic conditions. New products are always certain revenue generators if marketed properly. Determine what sets your business apart from the competition and market it like crazy. Attend networking functions, spruce up your Web site, send out post cards, put out a new sign in front of your office.
New business, however, doesn't have to come from new customers. Many small-business owners can find that their best prospects for new revenue are their existing customers and clients -- established relationships mean an owner doesn't have to spend time, energy and money trying to make a good impression, and knowledge of customers' needs makes it easier to come up with new products or services they'll want to buy. Whether it involves prospecting for new business or working with a long-standing customer, success can turn on making a valid case that your product or service will benefit the buyer, even if the economic times are uncertain.
Recession Proof Your Business
Recession Proof Your Business
Sales have reached $200 billion. Sales have reached $200 billion.
The Internet Keeps the customer attached to your business.The Internet Keeps the customer attached to your business.
You need a website!You need a website!
www.joesbarbequecompany.com
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www.theretailcoach.net
Moving Beyond Data
