04-21-2015 EDC Agenda - Laserfiche WebLink

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Retail Trade Analysis (Continued) • One tool you may want to check out early in the free online Toolbox is Retail Gap Analysis. Very easy to collect and enter the data. The tool compares the demand for stores based on the spending potential of your trade area's residents to the supply of stores actually in your trade area. The output generated estimates trade area demand, supply and any gap (demand less supply) by business category in terms of number of businesses and square footage. Not super accurate, but gets a good thought and action process started. You can run this analysis, or we can work with you to run these numbers. http://fyi.uwex.edu/downtown-market- analysis/analysis-of-opportunities-by-sector/retail-service-businesses/#Tool2 (NOTE: This tool provides a view from up in the air. Potential market demand for a given good or product must be analyzed in much more detail with a good business feasibility analysis and plan.) • Market Area Profile A Market Area Profile (MAP) organizes data from multiple sources into a comprehensive description of those who shop in and visit your community—their demographics, purchasing power, lifestyles, information sources and values. Extension organizes this data into an easy-to-understand report and leads discussions about the data. Other Resources • Build off the rd Homeowners Survey Report recently completed by Extension (Full Study: http://z.umn.edu/2ndhomeowners) to develop outreach and engagement strategies with seasonal residents who have business experience. We surveyed seasonal residents in 8 lakes distgrict counties, including Crow Wing County. More than half of second homeowners responding to the survey have owned, operated or played a signficant management role in a business, and a fair number of these respondents were open to the idea of opening, moving, or starting another branch of their business in their second home community. as well as the 2009 Market Area Profiles (MAPs). 2nd homes make up 30% of all housing units in Crow Wing County, 47% in Cass County. • Customer Service Training Working with our partners at Extension's Tourism Center, we'll provide training for private and public sector employees. At Your Service addresses the nature of customer service and provides practical ideas and exercises to help service providers create win-win experiences in dealing with all sorts of customers. The curriculum includes Awareness, Attitude, Attention, Appearance and Action. • If we're not the best shop to respond to your particular research or education need, we'll do our best to connect you with the right folks at the University of Minnesota or elsewhere. 2