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HomeMy WebLinkAboutDowntown Market Study PPTDowntown Market Niche Analysis Downtown Market Niche Analysis Collaboration Collaboration Iowa City City of Area Iowa City Chamber Downtown Association Who shops, works and plays in Who shops, works and plays in Iowa City and what do they think Iowa City and what do they think about it? about it? Retail Target Markets Retail Target Markets Opinion Research Opinion Research What do the numbers say? What do the numbers say? Market Analyses on Market Analyses on •Retail •Retail •Housing •Housing •Office •Office •Lodging •Lodging Target Markets Target Markets Who shops and where do they come from? Who shops and where do they come from? Target Markets Target Markets Strengths Strengths Opportunities Opportunities Challenges Challenges Opinion Research Opinion Research Public Meetings Public Meetings Focus Groups Focus Groups Resident Surveys Resident Surveys Business Owner Business Owner Surveys Surveys Retail Market Retail Market Opportunities Opportunities Today’s Retail Today’s Retail Mix Mix Demand in Demand in Coming Decade Coming Decade Downtown Downtown Iowa City’s Iowa City’s Potential Potential Housing Market Housing Market Opportunities Opportunities Today’s Housing Today’s Housing Mix Mix Demand in Coming Demand in Coming Decade Decade Downtown Iowa Downtown Iowa City’s Potential City’s Potential •Affordability for Area •Affordability for Area Workforce Workforce •Affordability for Young •Affordability for Young Professionals Professionals Office Market Office Market Opportunities Opportunities Today’s Office Mix Today’s Office Mix Demand in Coming Demand in Coming Decade Decade Downtown Iowa City’s Downtown Iowa City’s Potential Potential Young Professionals & the Young Professionals & the Creative Culture Creative Culture Goal to attract and Goal to attract and keep young and keep young and creative creative Key elements exist, Key elements exist, but need but need strengthening strengthening •Jobs •Jobs •Lively downtown •Lively downtown •Cost of living •Cost of living •Transportation •Transportation options options •Cultural capital •Cultural capital Recommendations Recommendations Retail Strategy and Business Mix Retail Strategy and Business Mix Build on the strong foundation we have Build on the strong foundation we have Develop guiding principles Develop guiding principles Influence the business mix Influence the business mix Target desired businesses Target desired businesses Guiding Principles Guiding Principles Be different Be different Pay attention to aesthetics Pay attention to aesthetics Create cluster and focus Create cluster and focus Walkability Walkability •Keep clean and safe •Keep clean and safe Take inventory of downtown space Take inventory of downtown space Promote downtown to business Promote downtown to business Allow for proper housing mix Allow for proper housing mix Influence the Business Mix Influence the Business Mix Target 3-6 business priorities – Target 3-6 business priorities – niche examples niche examples •Small apparel shops •Small apparel shops •Home accessories/art •Home accessories/art •Home furnishings •Home furnishings Develop recruitment materials Develop recruitment materials •Student & visitor spending VERY appealing to •Student & visitor spending VERY appealing to retailers retailers Promote to complement existing clusters Promote to complement existing clusters Toot horn to businesses considering relocation Toot horn to businesses considering relocation Marketing and Communication Marketing and Communication Develop brand identity/consistent theme Develop brand identity/consistent theme All downtown businesses could adopt and use All downtown businesses could adopt and use in marketing in marketing Expand website presence for shoppers AND Expand website presence for shoppers AND business development business development Business Development Partnership Business Development Partnership Steering Committee Steering Committee Develops and promotes vision, guiding Develops and promotes vision, guiding principles principles Key stakeholders –public and private Key stakeholders –public and private Downtown Business Downtown Business Development Manager Development Manager Using study, identify and target Using study, identify and target business development prospects business development prospects Maintain inventory of downtown Maintain inventory of downtown properties properties Build relationships with entire Build relationships with entire Property commercial community commercial community Development Serve as liaison for downtown Serve as liaison for downtown business community business community Business Business Retention & Attraction Expansion Example Measures of Success Example Measures of Success Number of businesses recruited/retained Number of businesses recruited/retained Dollars invested or reinvested in downtown Dollars invested or reinvested in downtown Jobs generated downtown Jobs generated downtown