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The City of Grande Prairie has released an updated Retail Market Analysis that identifies the retail market's current state, including demand, spending, and opportunities for business retention and expansion activities.
The study is conducted every 3 to 4 years to help guide retail development and support strategy development.
FBM was contracted to complete the study, who undertook the following steps to understand the local retail market:
· A detailed tabulation of the city’s existing retail inventory further allocated into retail categories and sensitized by sector and estimated retail sales performance.
· A Consumer Intercept Survey of residents (local and regional) of Grande Prairie to understand their origins, spending habits and preferences.
· A methodical and rationalized market area penetration resulting in a validated Retail Trade Area with population and detailed retail spending on a category-by-category basis.
· A quantification of the city’s current supply versus demand in terms of supportable retail floorspace and resulting sales inflow and outflow estimates.
The report finds that:
· The city’s total trade area has increased to 295,079 and with a total retail spending of $5.1 billion.
· The city has a net inflow of $374 million in retail sales.
· The city has 4.15 million sq ft of retail space and could support an additional 500,000 sq. ft. of new retail space by 2032.
Additionally, the report finds that Consumer Survey Respondents want full-service restaurants, clothing and footwear, sporting goods and toys, and entertainment at a value-to-mid price-point.
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