Retail and Gap Analysis Services

The Vendor is required to provide for a detailed retail and services gap analysis (the “services”) for the town.
- Market analysis
• Conduct a thorough assessment of existing retail and product offerings in river.
• This should include all categories mapped out (e.g. grocery, convenience, apparel, electronics, etc.).
• Analyze consumer demand and competitor presence.
• Provide an inventory of vacant retail space available for sale or lease.
• Identify average sale and lease rates of existing retail market.
• Determine the current vacancy rate percentage and historic rates if possible.
• Identify gaps in product categories, services, and market segments.
• Evaluate potential opportunities for retail and service expansion for local businesses.
• Assess current land use/zoning to see if it is complementary to retail growth for the next 5 years.
- Consumer demand, demographics, behavior and competitor analysis
• Compare consumer demand with the current supply of retail offerings.
• Determine whether existing retail offerings meet the town’s demographic needs.
• Identify opportunities for targeted services or products.
• Assess resident behavior, in terms of where they shop, how much they spend on each category, purchase leakage lost to other regions, and so on.
• Identify inflow volume of consumers from nearby rural communities.
• Assess resident demographics, such as household income, age and gender, household composition, education, etc.
• Identify consumer sentiment about current retail availability.
- Gap identification
• Identify retail and service categories experiencing "leakage" and "surplus".
• Highlight keys areas of underserved consumer needs in town and surrounding immediate communities.
- Recommendations
• Provide clear, actionable recommendations to improve the retail and service mix.
• Suggest possible new store types and recommend ideal locations for them.
• Suggest new or additional services that may be needed in the town.
• Recommend strategies to reduce retail leakage, increase foot traffic, and foster a vibrant local economy. - Strategic planning
• Work with the town's economic development team to identify new businesses to pursue as investment opportunities.
• Compare river market to similar-sized and slightly larger towns.
• Identify the types of commercial spaces that will attract and support new businesses.
- Reporting
• Prepare a comprehensive report detailing the findings and recommendations.
• Present the final report to the town’s economic development team and stakeholders.
- Questions/Inquires Deadline: May 21, 2025