A Market Area Profile study was completed for the community of Cold Spring, Minnesota in the spring of 2020. The Market Area Profile uses primary and secondary data about a defined trade area to provide insights into opportunities for retail and service development. Data sources include resources like the U.S. Census, Minnesota Department of Revenue.
Below is the final report from the Cold Spring Market Area Profile 2020. You can view this on this webpage or download it.
University of Minnesota Extension has worked with our colleagues across the country to assemble a toolkit to support downtown market analysis projects. This tool kit is free and easily accessed here: https://extension.umn.edu/knowing-and-growing-retail-trade/downtown-market-analysis-toolbox
The Cold Spring project drew from section II of the toolkit which focuses on evaluating retail and service business opportunities.
The completed Retail Gap Calculator used in this project is available for you download by clicking here. Feel free to update the Gap Calculator to fit your needs and test different assumptions.
The following recommendations are offered based upon on the data collected, analysis, and insights provided by the local team.
1. Explore opportunities to expand offerings in clothing, accommodations, and restaurant categories.
Based on the primary and secondary data, there appears to be some demand that is not being met locally in these categories. To garner additional local dollars, existing firms may consider expanding their offerings, a local entrepreneur might consider starting a business, or the community could work to attract an investor from outside of town to establish a business to serve the needs identified in these categories.
2. Coordinate efforts among existing businesses to address barriers for those interested in shopping locally.
Shoppers often prioritize shopping locally. However, there are often some challenges that, if addressed, would incent them to do more business locally. For example, coordinating consistent hours of operation and extending hours for citizens who may work out of town. This may include modifying hours to be open later during the week or adding weekend hours. This may also include a buy local campaign to reward shoppers for local purchases.
There are a wealth of resources to support you efforts to improve local retail conditions. Here are a few of our favorites:
Report on Creative Uses for Downtown Buildings by University of Wisconsin Extension: https://fyi.extension.wisc.edu/innovativedowntownbusinesses/files/2017/03/Creative-Uses-for-Downtown-Buildings-030317.pdf
Additional research and resources related to supporting retail in communities: https://extension.umn.edu/economic-development/knowing-and-growing-retail-trade
Information and resources about small business succession: https://extension.umn.edu/community-development/supporting-rural-business-succession