Roswell Inc Launches Retail Study & Analysis Project
Roswell Inc has launched a three-year study that will provide research and analysis of the city’s retail market on both a macro and micro level, with a specific focus on six main corridors that were identified as the largest shopping areas in the community.
Through a partnership with Georgia Power, Roswell Inc has contracted with NextSite for the study, a leading retail consulting firm that provides in-depth research, analysis, marketing and consulting services. NextSite has worked with multiple communities throughout the Southeast, including Tuscaloosa, AL; Oxford, AL; Augusta, GA; and Kingsport, TN.
“The retail industry is changing rapidly across the country, and with retail being our second biggest industry in Roswell, it’s important that we invest in projects like this that will help our community adapt,” said Steve Stroud, executive director of Roswell Inc. “Being able to gather and analyze this depth of data about our local retail market will guide us in making strategic decisions when it comes to business recruitment and retention, allowing us to both help the shopping centers in our city that are struggling while ensuring that our healthy shopping centers remain healthy.”
The six focus sites in Roswell are 1) Holcomb Bridge Road and Highway 9 Interchange; 2) Highway 92 from Woodstock to Mountain Park; 3) Highway 9 from Mansell Road north; 4) Holcomb Bridge Road and GA-400 Interchange, east through Martin Landing Drive; 5) Holcomb Bridge Road east from Scott Road; and 6) Historic District from Woodstock Road to the Chattahoochee River. The project kicks off with an initial 60-day research and analysis period that will provide baseline data and key findings about the current state of the city’s retail market. From there, fresh data will be sourced and gathered by NextSite on a regular basis.
Data collected and analyzed will include, but is not limited to, the following areas: retail gap and leakage, peer identification and analysis, consumer attitudes and behavior, market segmentation, thematic mapping, mobile mapping, competitor analysis, and identification of retail prospects.
This data, along with the analytical tools and reporting functionality available through NextSite, will assist Roswell Inc in advising stakeholders, developers, property owners, local business owners, site selectors, and city leadership on key retail decisions.
“We know how important quality retail is to a community’s quality of place, which is why we’re excited about supporting this effort and helping Roswell and communities across the region adapt to the changing retail landscape,” said Lauren Lambiase, senior community and economic development manager at Georgia Power.
Three years is a best practice for this type of study, as it allows time for patterns and trends in the market to emerge and change. It also provides ample time to apply research and analysis to business deals, many of which take months or years to complete.