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is Kamsey's target retail market
<br />ilyze Ramsey's opportunities, demographic data should be examined to as questic
<br />residents, the surrounding area, and consumer habits. Current and projected
<br />graphic data, which shapes consumer spending information provides crucial insigh
<br />Ramsey's potential to successfully attract and retain retailers.
<br />$ as - 5t Francis
<br />Elk River Oak G . e
<br />Nowthen
<br />11 -
<br />Otsego a. -
<br />lots Ha Lake
<br />'ille Andover
<br />heel
<br />Rogge
<br />Coon Ra 9 d
<br />yn Park
<br />retail markets are often analyzed by milage or drive time from
<br />3 specific commerical node. Ramsey has had multiple market
<br />analyses completed previously, and has not found these
<br />_ments to be effective for understanding the market in regards to
<br />:ruitment. Recently, emphasis has been placed on average daily
<br />bunts, something Ramsey is striving to increase. Measuring or
<br />ig traffic counts was not within the scope of this project, however
<br />]pact the ability to attract retail, alongside Ramsey's increasing
<br />ion, housing density and maintaining an above average median
<br />DISTANCE FROM COR 1 mile 3 miles 5 miles 10 miles
<br />2016 Population
<br />2,493
<br />23,953
<br />50,866
<br />252,652
<br />1 2021 Projected Population
<br />2,697
<br />25,575
<br />53,433
<br />265,483
<br />% Change: 2016 to 2021
<br />7.50%
<br />6.80%
<br />5.10%
<br />5.10%
<br />2016 Households
<br />891
<br />8,094
<br />18,110
<br />90,502
<br />2021 Households
<br />969
<br />8,687
<br />19,114
<br />95,240
<br />% Change: 2016 to 2021
<br />8.80%
<br />7.30%
<br />5.50%
<br />5.20%
<br />n 2016 Median Household Income
<br />$78,781.00
<br />$83,624.00
<br />$79,169.00
<br />$78,267.00
<br />i 2016 Per Capita Income
<br />$31,224.00
<br />$32,251.00
<br />$32,494.00
<br />$33,079.00
<br />2016 Housing Units
<br />915
<br />8,341
<br />18,757
<br />94,083
<br />2016 Percent Owner occupied Units
<br />92%
<br />89%
<br />83%
<br />81%
<br />Ramsey's Retail Demographics
<br />Age- The majority of Ramsey's population is between tl
<br />of 25-65. This highlights the stability of the city's populat
<br />for potential retailers. However, the largest concentrati,
<br />population is between 40-55 years old, emphasizing thl
<br />population and anticipated shift in spending habits. Spl
<br />momentum starts to decrease dramatically after age 5
<br />to that individuals and households peak in spending wl
<br />buying homes, cars, and having children.
<br />75-84 years -
<br />65-74 years
<br />55-64 years
<br />45-54 years
<br />35-44 years
<br />25-34 years
<br />18-24 years
<br />15-17 years
<br />10-14 years
<br />5-9 years
<br />Under 5 years
<br />Age of Ramsey Residents
<br />0 500 1,000 1,500 2,000 2,500 3,000 3,500 sour4,00i
<br />Housing Units & Households - Ramsey's population and
<br />household projected growth shows a steadily growing
<br />consumer market. A notably high percentage of homE
<br />ownership indicates stability and consistency in consur
<br />spending. As Ramsey continues to construct more hour
<br />the number of households within the market area will ir
<br />making Ramsey more attractive to potential retailers.
<br />Owned and Rental Housing
<br />Twin Cities
<br />ow-
<br />Region
<br />City of
<br />Ramsey
<br />0% 10% 20°% 30°% 40% 50% 60°% 70% 80°% 90
<br />• Owner -Occupied Units ■ Renter -Occupied Units
<br />Income - 40% of Ramsey residents have a household ir
<br />over $100,000 and average household income nearly
<br />greater than the average for the Twin Cities Metro. Wh(
<br />evaluating a market, retailers seek a minimum number
<br />households within a certain income range before estak
<br />a business. Ramsey's high median income means lowe
<br />incoming retailers.
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