With technical assistance provided by the University of Minnesota Extension, the Grand Rapid Economic Development Authority, in partnership with the Itasca Economic Development Corporation, the Grand Rapids Area Chamber of Commerce and Visit Grand Rapids, have recently completed an analysis of the Grand Rapids retail market.
The Grand Rapids Market Area Profile report defines the geographic boundary of the Grand Rapids retail trade area, identifies the demographic characteristics of customers in the retail trade area, and estimates their retail product and service purchases based upon predicted buying habits generated by the CommunityTM TapestryTM system. This data is then used to estimate the total trade area business, across various business categories. The average sales per store within those business categories are then compared to average sales per store in the United States to estimate if there is a gap or surplus in the number of businesses within each category.
A tourist and seasonal profile report, which describes the demographic and location characteristics of seasonal residents and tourists is planned for a future release as an addendum to this report.
The organizations and volunteers involved in the preparation of this report intend that existing businesses, potential businesses and economic development organizations use the information to better serve their markets, develop individual businesses, and in the preparation of development strategies.
View or download a copy of the report here: Grand Rapids Retail Market Study