Community Economic Development
Division of Extension
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 […]
March 2022 — Housing is an essential element in the revitalization of downtown districts. Demographic and lifestyle changes create new opportunities for specific residential segments and housing categories. This section provides an abbreviated method for assessing general market opportunities using a simple demand and supply analysis for a community. A more focused assessment of downtown […]
Art and Entertainment events can draw people downtown and increase economic activity in a variety of business categories. These events can attract people downtown who normally would not visit.
This section explains how demographic data can be used to better understand the current and potential residents of your downtown. Demographic and lifestyle data can give you a starting point for an in-depth analysis of specific business and real estate development opportunities. This data also can help the broader community understand how it is changing.
