CITY OF LOCKHART
Retail Market Analysis
December 11, 2008
Aaron Farmer
National Project Director
Lockhart – PRIMARY TRADE AREA MAP / POPULATION
Population:
14,433
By Race/Ethnicity (%):
White
67.76
Black/Afr. Am.
11.16
Other
21.06
Hispanic Origin
46.62
Median Age:
34.30
Avg HH Income:
$52,656
Per Cap. Income $17,770
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Lockhart – Primary Trade Area
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Lockhart – Secondary/Tertiary Trade Area
SECONDARY TRADE AREA
TERTIARY TRADE AREA
Population:
18,189
By Race/Ethnicity (%):
White
68.99
Black/Afr. Am.
9.49
Other
21.51
Hispanic Origin
44.80
Median Age:
34.68
Avg. HH Income: $54,893
Per Cap. Income $18,457
Population:
36,976
By Race/Ethnicity (%):
White
69.56
Black/Afr. Am.
6.89
Other
23.54
Hispanic Origin
44.14
Median Age:
34.58
Avg. HH Income: $54,131
Per Cap. Income $18,644
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Growth Projections 2008-2013
Lockhart: 10.15%
Primary Trade Area: 10.56%
Secondary Trade Area: 11.65%
Tertiary Trade Area: 9.64%
Lockhart – Radials and Drive-Times
5 Mile: 15,983
7 Mile: 18,028
10 Mile: 25,751
5 Minute: 10,822
7 Minute: 15,699
10 Minute: 17,087
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Lockhart – Traffic Counts
•New SH 130 Route to bring a large traffic count.
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Retail Leakage “Gap” Analysis
• Identify specific retail sectors that are underserved
• Identify which retailers can successfully fill these “gaps”
• Identify opportunities for product or service expansion
$149 million in potential retail sales in Lockhart’s Primary Trade Area.
$79 million in potential retail sales in Lockhart’s Central Business
District.
$68 million leaking out of the Central Business District.
LOCKHART – RETAIL GAP ANALYSIS SUMMARY
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LOCKHART – RETAIL GAP ANALYSIS SUMMARY (CONTINUED)
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LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY
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LOCKHART – CBD RETAIL GAP ANALYSIS SUMMARY (CONTINUED)
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Psychographics Defined
Psychographics
Your retail trade area’s psychographic profile is a breakdown into
one or more of 66 lifestyle segments that identify consumer:
• Lifestyles
• Purchasing behaviors
• Media habits
LOCKHART – PSYCHOGRAPHIC PROFILE
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PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area
32 New Homesteaders
Upper-Mid, Younger w/ Kids
Young, upper-middle-class families seeking to escape suburban sprawl
find refuge in New Homesteaders, a collection of small rustic townships
filled with new ranches and Cape Cods. With decent-paying jobs in bluecollar industries, these dual-income couples have fashioned comfortable,
child-centered lifestyles; their driveways are filled with campers and
powerboats, their family rooms with PlayStations and Game Boys.
2007 Statistics:
US Households: 2,327,025 (2.05%)
Median HH Income: $57,023
Lifestyle Traits
Go to Chuck E. Cheese
Buy videos online
4-Wheel and Off-Road magazines
Nickelodeon TV
Kia Sedona
Demographics Traits:
Urbanicity: Town/Rural
Income: Lower-Mid
Income Producing Assets: Low
Age Ranges: Age <55
Presence of Kids: HH w/o Kids
Homeownership: Renters
Employment Levels: WC, Service, Mix
Education Levels: High School Grad
Ethnic Diversity: White, Black, Mix 16
PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area
48 Young & Rustic
Lower-Mid, Middle Age w/o Kids
Young & Rustic is composed of middle age, restless singles. These folks
tend to be lower-middle-income, high school-educated, and live in tiny
apartments in the nation’s exurban towns. With their service industry jobs
and modest incomes, these folks still try to fashion fast-paced lifestyles
centered on sports, cars, and dating.
2007 Statistics:
US Households: 2,281,989 (2.01%)
Median HH Income: $32,607
Lifestyle Traits
Go to auto races
Drew Carey Show in syndication
King of the Hill in syndication
WWE Wrestling TV
Dodge Neon
Demographics Traits:
Urbanicity: Town/Rural
Income: Lower-Mid
Income Producing Assets: Low
Age Ranges: Age <55
Presence of Kids: HH w/o Kids
Homeownership: Renters
Employment Levels: WC, Service, Mix
Education Levels: High School Grad
Ethnic Diversity: White, Black, Mix
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PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area
50 Kid Country, USA
Lower-Mid, Younger w/ Kids
Widely scattered throughout the nation’s heartland, Kid Country, USA is a
segment dominated by large families living in small towns. Predominantly
white, with an above-average concentration of Hispanics, these young,
working-class households include homeowners, renters, and military
personnel living in base housing; about 20 percent of residents own mobile
homes
2007 Statistics:
US Households: 1,529,683 (1.35%)
Median HH Income: $42,353
Lifestyle Traits
Buy kids’ bicycles
Buy swingsets
Baby Talk magazine
Toon Disney channel
Mazda Pickup
Buying Habits:
Buy Children’s Cold Medicine,1mo (H) *
299
Buy Baby Furniture/Equipment,6mo (H)
284
Buy Children’s Athletic Shoes,6mo (H) *
284
Buy Children’s Clothes,6mos (H) 260
Buy Children’s Bicycles,1yr (A) 208
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PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area
57 Old Milltowns
Downscale, Mature Mostly w/o Kids
America’s once-thriving mining and manufacturing towns have aged--as
have the residents in Old Milltowns communities. Today, the majority of
residents are retired singles and couples, living on downscale incomes in
pre-1960 homes and apartments. For leisure, they enjoy gardening,
sewing, socializing at veterans clubs, or eating out at casual restaurants.
2007 Statistics:
US Households: 1,699,060 (1.49%)
Median HH Income: $30,680
Lifestyle Traits
Watch soap operas
Eat at casual/buffet restaurant
Hallmark channel
CBS Evening News TV
Chevy Cobalt
Buying Habits
Has Medicare/Medicaid (A) 245
Grocery Shopping,<$60,1wk (H) 191
Use Kelloggs Corn Flakes,1wk (H) * 144
Belong to a Veterans Club (A) 142
Use Spam,1mo (H) * 139
Order from Publishers Clearing House,1yr
(A) 129Do Bird Watching,1yr (A) 124
Coupon User,0-3 Times,3mo (H)
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Strengthening Your Business
in Today’s Economy
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75% of all retail merchandise transactions take place
between 4pm and 11pm and on weekends.
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Provide Exceptional Customer Service
•LISTEN to your customers!
•Train your staff about customer service.
•Make the extra effort. (Don’t just point to the
aisle, walk them to it.)
•Give them something extra. (Throw in a coupon
for an extra 10% off their next purchase.)
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Are You Targeting Your Customers?
•Survey your customers.
•Find out what products they buy.
•Use the Psychographic Analysis to determine
your customers lifestyle behaviors and
purchasing habits.
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Be Seen.
Participate in City Events.
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Look to The Internet.
The National Retail Association is forecasting $204 billion
in retail sales over the Internet in 2008, while the rest of
the retail industry expects sluggish growth.
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Find Similar Businesses That our Being Successful.
•Don’t be afraid to be unique.
•Cater to your customers.
•Avoid competing on price, there will always be a
larger store with deeper pockets.
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Don’t take the kids for granted.
•Have a “kid friendly” store.
•By 2010, kids will have around 30 billion in
spending power and influence their parents who
have some 140 billion in spending power.
•If kids don’t enjoy shopping at your
store, don’t plan on their parents
coming back.
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Thank you…
CITY OF Lockhart
The Retail Coach, LLC
P. O. Box 7272
Tupelo, MS 38802
662.844.2155 tel
662.844.2738 fax
info@theretailcoach.net
www.theretailcoach.net