|City of Martin ‘hot spot’ for new retailers |
|Retailers such as American Eagle, Shoe Show, Hobby Lobby and Steak ‘N Shake share a common bond for Martin residents. With the final results of the Buxton Group report official, these retailers are described as a 100 percent match for the City of Martin. |
As a representative with Buxton explained Monday night to board members, the next step is to reach out to those candidates found to be good matches through the company’s results and build relationships with them.
“A lot of times they are expecting and anticipating your call,” Chas Stoker, Buxton representative explained to the board. He also placed emphasis on a presence form the community at the International Council of Shopping Center’s annual meeting in Las Vegas in the spring.
“You need someone there who is excited about the community and willing to sell the community,” Stoker added.
As highlighted in the Buxton final report, aggressive marketing is a secret for success as the competitive retail atmosphere is too intense for a slow-paced, hope and cope process.
“The annual ICSC spring convention in Las Vegas brings together retail and restaurant concepts of all types and sizes. Executives from most major companies attend … they are there to talk about where to locate their next store, restaurant or development,” the report reads.
The CommunityID report is a development of information such as characteristics of customer’s buying habits and preferences in a retail trade area and pinpointing customers to determine the best retailers for the Martin area and areas within a 15-minute drive time of the city.
“High performance cities understand that it takes a partnership of the public and private sectors to attract and keep businesses … The information in CommunityID can help existing retailers to better understand the customers in the trade area and adopt new techniques to reach them or add new product offerings,” the report suggests.
The Buxton Group determined the retail potential demand for goods and services to narrow down the selection of best-matched retailers to 10.
It suggests the most important factor for a store is securing the right location as retailers may live or die by their location decision.
Stoker told the city board and Martin Community Development Director Kimberly Craddock, while the ICSC is a great tool for meeting potential retailers, site selection decisions are made at the conference and it’s best to have appointments in advance as well as marketing concepts “hashed out” before the conference.
Buxton will send out letters introducing the City of Martin to the matched retailers that inform the companies that Martin meets the psychographics needed for the retailer to succeed.
The 10 recommended retailers for this trade area include:
1. American Eagle — Clothing store that prefers fashion-oriented co-tenants. Its customer base is made up of mid-income adults and teens.
2. Chili’s Bar and Grille — Restaurant that prefers entertainment co-tenants. Its customer base is made up of mid-income adults and teens.
3. Damon’s Grille — Restaurant that prefers all types of co-tenants and college campus locations. Its customer base is made up of mid-income adults.
4. Hobby Lobby — Department store that prefers all types of co-tenants. Its customer base is made up of mid-income adult females.
5. Home Depot — Department store that prefers all types of co-tenants. Its customer base is made up of mid to high-income level adults.
6. Logan’s Roadhouse — Restaurant that prefers all types of co-tenants. Its customer base is made up of mid-income adults.
7. Peebles — Department store that prefers discount, fashion-oriented, grocery and upscale tenants. Its customer base is made up of mid to high-income senior adults, teens.
8. Ruby Tuesday — Restaurant that prefers fashion-oriented and upscale co-tenants. Its customer base is made up of mid to high-income adults and teens.
9. Shoe Show — Shoe store that prefers discount, fashion-oriented and upscale co-tenants. Its customer base is made up of low to mid-income adults and teens.
10. Steak ‘N Shake — Restaurant that prefers all types of co-tenants. Its customer base is made up of mid-income adults.
The City of Martin’s trade area exceeded the number of dominant segment households needed for each of the listed retailers to succeed in a location. Demographic information in the report showed the information about the local retail trade area was taken with a total population of 37,458.
Of that, people 25-34 years of age dominated the population followed by people 35 to 44 years old and those who are 65 to 74 years old as the third dominant segment of the population.
The Buxton report showed 15,345 households ranked by income in the retail trade area. More than 3,400 of those households showed an income of less than $15,000.
Households with income levels between $50,000 to $74,999 made up the next dominant segment, according to the report, which listed $46, 807 as the average household income for the trade area. More than 58 percent of the housing units occupied in the trade are owner-occupied with 31 percent renter-occupied and 10 percent as vacant.
The CommunityID report listed property values between $100-$150 thousand dominating the segment and property values between $60-$80 thousand a close second. The median property value reported for the trade area is $92,572.
As the clock winds down to the spring ISCS conference, contacts must be established and appointments made to open up the doors of retail possibilities in Martin.