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Mr. James E. Norman <br />January 6, 2003 <br />Page 2 <br /> <br />Competitive Shopping Areas <br /> <br />Shopping areas that compete with the TH-47 and Industrial Avenue commercial area will <br />be identified and evaluated. Principal competitors will be identified and evaluated for <br />tenant mix and anchor stores. <br /> <br />Customer Survey <br /> <br />Retail and service businesses in the TH-47 and Industrial Avenue commercial area will <br />be asked to conduct a brief survey as customer pay for their purchases to determine <br />residents' zip codes, work zip codes, and reason for stopping at each business. Survey <br />results will be evaluated to determine the trade area and reasons that customers shop at <br />the various retail and service establishments. The budget assumes that city staff will <br />solicit merchant participation in the study, distribute survey packages, and collect <br />completed surveys under the direction of McComb Group. <br /> <br />Business Interviews <br /> <br />Owners and managers of businesses in the TH-47 and Industrial Avenue commercial area <br />will be interviewed to obtain their observations on retail trends, where their customers <br />live, and other information pertinent to the study~ <br /> <br />Trade Area Analysis <br /> <br />Based on arterial road patterns, drive times, and McComb Group experience, the trade <br />area for the TH-47 and Industrial Avenue c6mmercial area will be delineated. The <br />economy of the trade area will be analyzed to identify and quantify those factors that <br />generate support for retail and service establishments. Factors to be evaluated include, <br />but are not limited to: employment, population, households, building permits, and <br />household income. Trade area growth trends will be evaluated to determine residential <br />growth potential for target years of 2005, 2010, 2015 and 2020. <br /> <br />Commercial Development Potential <br /> <br />Commercial development potential for the commercial area will be estimated taking into <br />consideration competitive impacts, household growth, trade area demographics, <br />purchasing power, and estimated market share. Based on analysis of purchasing power, <br />competitive shopping areas, and current retail trends, future retail, service and office <br />potential for the commercial area will be estimated by business type. Estimates of retail, <br />service and office space supportable by sales potential will be prepared for target years of <br />2005 and 20101 <br /> <br />The results of our work will be documented in a final report designed to meet client needs. The <br />report will contain appropriate graphics and explanations of our principal findings, conclusions <br />and recommendations. <br /> <br /> <br />