Retail Market Analysis Program
In the United States, over 10 percent of all employed persons (more than 15 million people) are employed in the retail sector. In Ohio alone, over one million. While these employees provide a valuable service in retailing (who doesn’t like the hardware, bakery or jewelry stores?), the effects that a healthy retail sector can have on a community are immeasurable. So, what makes them work? We can learn more about this sector of a community’s economy via a Retail Market Analysis study.
What is Retail Market Analysis Program?
Retail market analysis is a tool for identifying retail market trends within a local community. While the analysis focuses specifically on the performance of local retail markets, information on the broader demographic and economic trends within the region is critical to understanding current and future changes in these retail markets. Changes in population, the age and income distributions of the population and the number of people employed by different industrial sectors affect the demand for retail goods within a local community. They are critical factors to be considered in such analyses.
- Lancaster City RMA - October 2016
Read more about Retail Market Analysis on our blog:
- Retail Market Analysis Program: Community assessment and considerations (March 10, 2016)
- Retail Market Analysis: A key tool in the economic development toolbox (January 22, 2015)