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14 <br />This report assesses the market and regulatory feasibility and barriers affecting Ramsey's ability <br />to attract retail developments for the COR and other retail nodes. Ramsey's regulatory practices <br />are flexible and inclusionary, proving to be non-restrictive to potential retail clients. We identify <br />key assets that Ramsey can leverage to encourage the growth of targeted industries and small <br />businesses, while considering related challenges that the city will need to address. The report <br />includes an analysis of past market feasibility studies and provides a new analysis of market <br />feasibility based on Claritas data, which shows both consumer and retail trends within a <br />designated area. From this data, we identify current and future demand for specific retail uses in <br />the COR and other retail nodes within Ramsey. Finally, the report contains a section of general <br />considerations and recommendations centered around how Ramsey can attract commercial and <br />retail to the COR and the city as a whole by developing a unique character. <br />Demographic Profile <br />The key demographic trend of note for Ramsey is the continuing population growth expected <br />over the next several decades. By 2040, the population in Ramsey is expected to reach 34,700 <br />people, with 13,000 households. Looking at Census data for 2015 through MN Compass, the <br />population of Ramsey shows a fairly typical breakdown according to age, with the largest age <br />group falling between ages 45 and 54 (17.4%). Over 92% of Ramsey residents lived in the <br />same residence last year, which shows a highly stable residential base. Ramsey is primarily <br />White, and relatively well-off with 41.7% of Ramsey residents earning $100,000 or more in <br />2015. The median household income (in 2015 dollars, averaged) was $86,794. Only 4.5% of <br />Ramsey residents are Foreign Born. More interesting for a retail analysis, 54.4% of Ramsey <br />residents travel 30 minutes or more to get to work, which likely contributes to the outflow of <br />money to other commercial markets. For a brief summary of these demographic trends, see <br />Appendix 1: Key Demographics Summary Page. <br />Retail Market Competition2 <br />In order to gain a robust understanding of the barriers affecting the market feasibility of <br />Ramsey's future retail development, it is important to assess the retail competition that <br />surrounds the community and impacts the ability to capture retailers attraction. <br />Ramsey sits between many retail nodes including big box stores and clusters of shops and <br />popular restaurants. The maps below represent regional competition near the City of Ramsey. <br />All retail nodes highlighted are within 12 miles of the city. Each map describes these nodes and <br />how they might impact retail in Ramsey. <br />2 Information gathered and maps created by HHH MURP Candidate Joshua Pansch, October 2017 <br />