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Downtown and Business District Market Analysis: Using Market Data and Geographic Information Systems to Identify Economic Opportunities in Small Cities

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Contents

Introduction / Getting Started

Part I: Understanding Market Conditions

  1. Creating a Building and Business Inventory
  2. Surveying Business Operators
  3. Analyzing Your Business Mix
  4. Analyzing Your Trade Area
  5. Analyzing Local Economics
  6. Analyzing Customer Demographics and Lifestyles
  7. Focus Groups
  8. Conducting Consumer Surveys

Part II: Identifying Market Opportunities by Sector

  1. Evaluating Retail Opportunities
  2. Evaluating Service Business Opportunities
  3. Evaluating Restaurant Opportunities
  4. Evaluating Theater Opportunities
  5. Evaluating Residential Opportunities
  6. Evaluating Office Market Opportunities
  7. Evaluating Lodging Opportunities

Part III: Drawing Conclusions and Developing Recommendations

  1. Business Retention and Expansion
  2. Niche Recommendations
  3. Space Utilization
  4. Marketing Plan
  5. Business Recruitment Recommendations

Data Links

Industry Links

Market Analysis Examples

First Impressions Program

 

 

Wisconsin MainsStreet
This toolbox was developed as a cooperative effort between the Wisconsin Main Street Program and the University of Wisconsin-Extension

UW-Extension

Main Street National Trust for Historic Preservation logo
This toolbox is based on and supportive of the economic restructuring principles of the National Trust for Historic Preservation's National Main Street Center

 

Market Analysis Data Links

The following are external sites that provide data relevant to the Downtown and Business District Market Analysis toolbox. Each link will open in a new browser window. The University of Wisconsin – Extension is not responsible for their content.

Section 4. Analyzing Your Business Mix

U.S. Census Bureau, Zip Code and County Business Patterns – number of establishments and employment by NAICS category for U.S. counties and zip codes.

Section 5. Analyzing Your Trade Area

U.S. Postal Service - City and zip code queries and information.

U.S. Census Bureau Reference Maps – Interactive mapping service for creating reference maps and exploring zip codes and census geographic units (counties, tracts, block groups, etc.)

Langenberg.com - Additional zip code area queries and maps

Section 6. Analyzing Local Economics

U.S. Department of Commerce, Bureau of Economic Analysis (BEA) Regional Accounts Data – Provides current and historical data sets about income, income sources, employment and earnings by industry, and wages at the national, state and county levels.

Wisconsin Department of Workforce Development Labor Market Information – Contains Wisconsin specific information on major employers, unemployment data, county workforce profiles, plant closings and employment projections.

U.S. Department of Labor. Bureau of Labor Statistics – Employment and Unemployment Data by state and local areas.

U.S. Census Bureau Building Permits – Monthly information on new residential construction reported by county and place. .

Wisconsin Department of Revenue, County Sales Tax Data – Annual taxable sales receipts by general business category for Wisconsin counties that have a county sales tax.

Wisconsin Department of Tourism, Economic Impact Reports – Economic impact analyses and market research specific to Wisconsin.

Section 7. Analyzing Customer Demographics and Lifestyles

U.S. Census Bureau and American Factfinder – Primary source for current and historical data on demographic characteristics.

Wisconsin Department of Administration, Census and Population Information. - Wisconsin specific estimates and projections of population.

Sections 9, 10, 11. Evaluating Retail, Service and Restaurant Opportunities

U.S Census Bureau, Economic Census - Business sales and employment by NAICS code updated every five years (including 1997 data applicable to these sections).

U.S. Department of Labor, Bureau of Labor Statistics - Consumer Expenditure Survey (CEX) provides information on the buying habits of American consumers at the product level, including data on their expenditures, income, and consumer unit (families and single consumers) characteristics. This data is useful in adjusting state per capita spending for local trade area demographic differences.

Section 12. Evaluating Entertainment and Theater Opportunities

Section 13. Evaluating Residential Opportunities

Section 14. Evaluating Office Market Opportunities

Section 15. Evaluating Lodging Opportunities