This section outlines ways to use your market analysis to support entrepreneurship in your downtown or business district. Entrepreneurship represents the capacity and willingness of an individual(s) to undertake a venture, with its risks, in an effort to achieve a profit. Entrepreneurship has always been important to downtowns and business districts, serving as a catalyst for business formation and its positive ripple-effect in the local economy.
April 2022 — Downtown office space is connected to the success of service businesses, housing, entertainment, and plays an important role in promoting a healthy community where people can live, work, and play. Office space is a significant component of a healthy downtown because it generates employment and daytime activity, which supports other downtown businesses […]
April 2022 — This section provides techniques for identifying market opportunities for selected retail and service retail business categories. It examines business opportunities in terms of number of businesses the market could bear, total sales, and square feet of occupied business space. Other more qualitative and equally important market considerations are also discussed in this […]
April 2022 — Connecting with different communities is a unique opportunity to build networks, celebrate downtown successes, and exchange relevant and effective ideas learned from other places. Peer Community Comparisons are an opportunity to discuss the hopes and needs of each community and learn what was, or will be needed to implement change. These discussions […]
April 2022 — A market analysis should include local survey research to fully understand the uniqueness of your particular market and its consumers. Consumer surveys can provide information on when, where, why, how, and for what people shop, dine, live, work, and recreate. They can reveal attitudes toward your downtown and how those attitudes affect […]
April 2022 — A business owner survey is an important means to engage the business community in the market analysis process. It invites business owners to share their perspectives regarding the current and future economic health of a downtown or other business district. A survey also yields essential information on individual business needs and opportunities–information […]
March 2022 — A niche is a specialization that allows a downtown to gain dominance in certain categories of retail and service businesses. Market analysis recommendations should include possible niche opportunities based on the data collected and analyzed throughout this study. Successful communities often have two or three successful niches. These communities also benefit from an […]
March 2022 — This section of the toolbox uses market information gathered in Part I, “Understanding the Market,” to learn about your downtown’s key consumer groups and how to reach and serve them better. This includes understanding their perceptions of downtown as a place to live, work, shop and play. With knowledge of these consumer […]
Organizing business retention and expansion (BRE) activities is a common application of or prelude to market analysis findings. These activities include mobilizing a BRE team, identifying issues, and helping existing businesses expand or, if they are at risk of closing or relocating, stay open and stay downtown.
March 2022 — Statistical data assembled in your market analysis can be used to establish goals and measure progress (benchmarking) related to the downtown economy. The data can be used to create a statistical snapshot or profile to help inform prospective business operators and investors about the market as well as demonstrate downtown’s importance in […]
National Restaurant Association Downtown Restaurants by N. David Milder, DANTH, Inc. March 2022 — Restaurants and culinary experiences can be extremely valuable additions to a downtown area. They serve downtown workers and residents as well as attract visitors to the center of the community. They serve both an economic and social role in the community, […]
2022 State of the Hotel Industry Report March 2022 — This section explores market opportunities for new lodging accommodations in the downtown area. It will help you understand travel and visitation trends, existing competition, traveler market segments in the area, and projected room night demand. This section will help you project the occupancy and average room […]
