Buena Vista Business Targets
The City of Buena Vista has identified several business types through market analysis, demographic study, and community surveys that represent a need in the community. Most business types identified seem to fall within a discount model with a focus on wholesale, overstock, damaged, outlet, or salvaged goods. This model fits well demographically, both with the resident and university student populations, and offers tremendous opportunity to capture a portion of more than 100,000 visitors from the Blue Ridge Parkway to historic Lexington.
Affordable business costs and property costs lend themselves to this model. The following businesses represent the top identified needs within the City of Buena Vista.
Food at Home (Grocery)
Food Away From Home (Restaurant)
Retail Goods (Discount Apparel)
Retail Goods (Footwear)
Entertainment
| Food at Home (Grocery) |
| # of Establishments within 10 miles: |
4 (1 Buena Vista) |
| Consumer Demand within 5 miles |
$21,032,000 |
| Consumer Demand within 15 miles |
$80,071,000 |
| % Market Gap, 5 miles |
26% |
| % Market Gap, 15 miles |
30% |
| $ Market Gap, 5 miles |
($5,387,000) |
| $ Market Gap, 15 miles |
($23,986,000) |
| Community Demand, 5 miles |
67% |
| Market Potential Index |
94 |
|
Notes:
- A wholesale discount model similar to Sharp Shopper likely has the best opportunity for success.
- A Wal-Mart Super Center is located within approximately 8 miles.
- 5 secondary grocery/convenience stores are located in Buena Vista.
- Grocery has the high community demand and a downtown grocery is highly desired by residents.
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| Food Away From Home (Restaurant) |
| # of Establishments within 10 miles: |
53 (13 Buena Vista) |
| Consumer Demand within 10 miles |
$39,383,000 |
| % Market Gap, 10 miles |
13% |
| $ Market Gap, 10 miles |
(11,894,000) |
| Community Demand, 5 miles |
52% |
| Market Potential Index |
95 |
|
Notes:
- Market Potential Index increases substantially for specific restaurants.
- Highest demand for discount family style restaurants
- High demand for fast food restaurants
- High MPI for ice cream and baked goods
- Low to moderate price point indicated for all.
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| Retail Goods (Discount Apparel) |
| # of Establishments within 10 miles: |
12 (2 Buena Vista) |
| Consumer Demand within 5 miles |
$8,354,000 |
| Consumer Demand within 15 miles |
$34,819,000 |
| % Market Gap, 5 miles |
95% |
| % Market Gap, 15 miles |
33% |
| $ Market Gap, 5 miles |
(7,893,000) |
| $ Market Gap, 15 miles |
(11,332,412) |
| Community Demand, 5 miles |
50% |
| Market Potential Index |
78 |
|
Notes:
- Peebles, Wal-Mart located within approximately 8 miles.
- Discount, overstock similar to Gabriel Brothers or Rugged Warehouse most desirable.
- Smaller scaled store would be appropriate.
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| Retail Goods (Footwear) |
| # of Establishments within 10 miles: |
3 (0 Buena Vista) |
| Consumer Demand within 5 miles |
$1,970,000 |
| Consumer Demand within 15 miles |
$8,062,000 |
| % Market Gap, 5 miles |
79% |
| % Market Gap, 15 miles |
46% |
| $ Market Gap, 5 miles |
($1,153,000) |
| $ Market Gap, 15 miles |
($3,656,000) |
| Community Demand, 5 miles |
50% |
| Market Potential Index |
81 |
|
Notes:
- Primary demand exists for work related footwear
- Best opportunity for success likely incorporates footwear into apparel store.
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| Entertainment |
| # of Establishments within 10 miles: |
19 (3 Buena Vista) |
| Consumer Demand |
Leisure Market Study |
|
Notes:
- Area lacks indoor entertainment venues
- Bowling alley identified as top desire
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Additional Information:
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 INFORMATION
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