In November 2003, the Community Planning and Resource Committee, an ad-hoc committee of the New Richmond Area Chamber of Commerce & Visitors Bureau, published this analysis in an effort to encourage new business development. For two years they had studied the issues facing the existing retail and service business community. Some of the population numbers were updated in March, 2005.
>Introduction
>Index
>Section 1
- Current Situation
Includes: General conditions, Business Districts
and Map, Summary of Downtown Report Card, Summary
of meeting with the Wisconsin Downtown Action
Council, National Trends.
>Section 2
- Business Mix Comparison
Analyzes the mix of retail and service businesses
in New Richmond and provides a comparison with
seven other similar communities in Wisconsin,
Minnesota, Illinois, and Missouri. The analysis
will be used later in this study as part of
the determination of business expansion and
recruitment opportunities.
>Section 3
- Size and Shape of Trade Area
Describes the size and shape of the trade area
for New Richmond businesses. It defines the
boundaries that will serve as the basis for
further analysis in this report.
>Section 4
- Demographic and Customer Characteristics
Provides key economic, demographic and lifestyle
data for the primary and secondary trade areas
as defined in Section 3. This data and the trends
they reveal are important as they have a direct
impact on the measurement of potential sales
of retail goods and services.
>Section 5
- Economic Characteristics
Summarizes key economic data about New Richmond
and its business districts. This data is presented
to provide background data on the health of
the local and regional economy.
>Section 6
- Local Consumer Attitudes
Summarizes focus group findings from sessions
conducted in the community in 2003. Four groups
of consumers were studied to assess opinions
and emerging trends related to the business
community.
>Section 7
- Analysis of Retail Opportunities
Provides detailed information on consumer demand
and supply (competition) for specific retail
business categories. The purpose is to identify
potential market opportunities for business
expansion or recruitment.
>Section 8
- Analysis of Restaurant Opportunities
Provides detailed information on consumer demand
and supply (competition) for specific restaurant
business categories. The purpose is to identify
potential market opportunities for business
expansion or recruitment.
>Section 9
- Conclusions and Recommendations
A compilation of conclusions and recommendations
from this report, as well as suggestions from
additional pertinent studies.
