7 Lockhart – Traffic Counts New SH 130 Route to bring a large traffic count.
Identify specific retail sectors that are underserved Identify which retailers can successfully fill these gaps Identify opportunities for product or service expansion Retail Leakage Gap Analysis $149 million in potential retail sales in Lockharts Primary Trade Area. $79 million in potential retail sales in Lockharts Central Business District. $68 million leaking out of the Central Business District.
16 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 blue- collar 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
17 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 nations 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
18 PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area 50 Kid Country, USA Lower-Mid, Younger w/ Kids Widely scattered throughout the nations 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 Childrens Cold Medicine,1mo (H) * 299 Buy Baby Furniture/Equipment,6mo (H) 284 Buy Childrens Athletic Shoes,6mo (H) * 284 Buy Childrens Clothes,6mos (H) 260 Buy Childrens Bicycles,1yr (A) 208
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) 19 PSYCHOGRAPHICS – Top Lifestyle Segments of Lockhart Trade Area 57 Old Milltowns Downscale, Mature Mostly w/o Kids Americas 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
20 Strengthening Your Business in Todays Economy
21 75% of all retail merchandise transactions take place between 4pm and 11pm and on weekends.
22 Provide Exceptional Customer Service LISTEN to your customers! Train your staff about customer service. Make the extra effort. (Dont 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.)
23 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.
25 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.National Retail Association
26 Find Similar Businesses That our Being Successful. Dont be afraid to be unique. Cater to your customers. Avoid competing on price, there will always be a larger store with deeper pockets.
27 Dont 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 dont enjoy shopping at your store, dont plan on their parents coming back.
Thank you… CITY OF Lockhart The Retail Coach, LLC P. O. Box 7272 Tupelo, MS 38802 662.844.2155 tel 662.844.2738 fax firstname.lastname@example.org www.theretailcoach.net