Greater Dubuque Development Corporation - Retail Strategies Findings and RecommendationsCopyrighted
December 16, 2024
City of Dubuque WORK SESSION #
City Council
ITEM TITLE: 5:15 P.M. - Greater Dubuque Development Corporation -
Retail Strategies Findings and Recommendations
SUMMARY: Greater Dubuque Development Corporation will be
presenting along with Retail Strategies their findings and
recommendations for opportunities to enhance the retail and
hospitality sectors in the community.
SUGGUESTED
DISPOSITION:
ATTACHMENTS:
1. MVM Memo
2. 2024_12_16_City Work Session —With Retail Strategies -Final
Page 12 of 1050
THE CITY OF
Dubuque
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Masterpiece on the Mississippi
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2017202019
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Work Session - Greater Dubuque Development Corporation - Retail
Strategies Findings and Recommendations
DATE: December 11, 2024
Greater Dubuque Development Corporation President and CEO Rick Dickinson is
sharing information on the December 16, 2024, 5:15 p.m. Work Session.
Greater Dubuque Development Corporation will be presenting along with Retail
Strategies their findings and recommendations for opportunities to enhance the retail
and hospitality sectors in the community.
1�,A� k�4
Mic ael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Rick Dickinson, Greater Dubuque Development Corporation President and CEO
Page 13 of 1050
Greater Dubuque
DEVELOPMENT CORP.
City of Dubuque Work Session
December 16, 2024 at 5:15 p.m.
Introduction & Background
of Retail Strategies
Rick Dickinson
President &CEO
Retail Strategies
Michael Warsaw
Portfolio Director
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retail strategies
Dubuque, IA
Partnership Overview
WHO WE ARE
Our Partnership
Retail Strategies is very pleased to partner with Greater
Dubuque Development Corp. We share a common goal
to generate new retail communication that would not
otherwise happen, and to tell your story in a way that
matters to retailers.
We act as an extension of your economic development
arm, and we surround your community with the
resources and actions needed to create the desired
results. Although we cannot guarantee success, we do
guarantee you will be better off with us than without us.
WHO WE ARE
Relationship
RETAIL AS A CATALYST
Retail Empowers Economic
Development
Standing as the largest private -sector employer in
the country and with a remarkable contribution of
$3.9 trillion to the annual GDP, retail is the
backbone of the nation's financial well-being and
plays a pivotal role in driving economic prosperity.
What truly distinguishes retail is its ability to
support a workforce of 52 million Americans,
equivalent to one in every four American jobs. It's
a dynamic industry that fosters career growth,
offers well -compensated positions and acts as a
launchpad for aspiring professionals.
Page 20 of 1050
RETAIL PROGRESSION CREATES COMMUNITY GROWTH
Why Should a Municipality Invest Resources in Retail?
Retail builds on retail. Retail economic impact adds up quickly. Retail attracts the workforce that attracts the
primary jobs. Retail influences executives looking to locate their company in your community. Retail enhances the
quality of life. Quality of life encourages the future growth of your community.
retail recruitment
ladder
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DATA
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DISCOVER
Research
You have at your disposal thousands of
variables from population and household
incomes to spending patterns by retail
category.
The information covered in this document
represents the key highlights for your
community. Retail Strategies has provided
Dubuque's primary point of contact an
electronic copy of each of these reports from
multiple geographic parameters.
The following are the highlights from a data
and analytic perspective.
uffs'n- Demographic
°Overview
zoomooe
Mobile Data
2
Collections
Customized Trade
3 AreaAnalysis
O Lifestyle
Segmentation
O Retail
Gap Analysis
O Peer
Analysis
olviTATIO
•
**1
DISCOVER
How retailers see it
Residential Population
Density
-1dot = 100
Daytime Employee
Population Density
1 dot = 100
Median Household Income
$0-S25.000
❑ $25.000-550.000
❑ $50.000.$75.000
❑ $75.000-$100.000
$100.000- S 150.000
> $150.000
Study
Area
Q
3.00 mi
Q
5.00 m,
Q0.5
min
0
0.10 min
D-
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cl
Your Demographic Playbook
Current Year Estimated Population
37,119
72,903
4,686
45,957
Number of Households
14,712
28,770
2,107
18,126
Average Home Value
$258, 538
$246,585
$245,167
$263,382
Population Growth % ('23-28)
-1.9%
-2.8%
1.5%
-2.1%
Current Year Average Age
41.5
41.0
41.8
40.9
Current Year Median Household Income
$76,753
$66,614
$63,898
$74,389
Current Year % Bachelor's Degree
40.2%
35.0%
35.5%
38.9%
Total Number of Employees
21,780
45,533
6,538
31,941
Daytime Population
49,953
91,922
11,195
64,936
Page 26 of 1050
DISCOVER
Mobile Data
Collection
This mobile tracking service uses data
collected from mobile phone users who
have agreed within their apps and phone
settings to enable location information. By
drawing a geofence around a specific
business or location, we are able to gather
valuable data about the customer base
that has actively used their mobile device
while in the identified location. This tool
allows us to see where customers are
coming from to shop in your market using
actual data. This information is used to
optimize your trade area, analyze business
locations, compare the frequency of
visitors, and assist retailers in site
selection. This is intended to support the
trade area but does not solely define the
trade area.
% Home Distribution
< .5%
.5-1%
1-2%
2-3%
3-4%
> 4%
CTA
OCTA
'•r,
DISCOVER
Customized Trade Area
Each retailer has a specific set of site selection criteria
they use to determine if they will have a profitable
store. Municipal boundaries, radius rings and drive
times are a start to evaluating the information sought
by these decision makers. A customized trade area is
the next step to analyzing a market. A trade area
defines a core customer base of consumers highly
likely to shop and eat in the market at least once a
month. Your trade area has been created by
combining the mobile tracking data with drive times,
geographic boundaries, and proximity to neighboring
shopping destinations. Each retailer will analyze their
own trade area based on their existing stores, their
competition and site selection criteria.
Retail Strategies has created the customized core
trade area shown in the map here which is focused on
a consumer who might travel to the market to shop
or dine.
Petersburg
N V I ,rl,f
Baton
Pwas,
Durango
Sage. r
Bankston Asbury
_ EaDubulxra st xr .
Centralia
Farley Epwonh Key West
Rockvdir
Worthingtu
on
Monticello
Langworthy
Scotch Grove
Z6071
Temple Hill
Canton
IraMJls
Amber Center
a Junction Onslow
MonrrKXAh
I 10 La More
.r+
149
&gpatch Elk Grove
Cuba City
Benton
Hazel Green New D
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Council
Galena
SI
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War
DISCOVER
Customized Trade
Area
104,920
projected 2028 population
-2,234
Projected 5yr Change
10711154
2023 estimated population
$701465
Median household income
$71,351
(United States)
DISCOVER
Customized Trade
Area
92%
CURRENT YEAR ESTIMATED
POPULATION BY RACE
Race
- Asian
■ Black
44 ■ Latino
■ White
Other
6,030
5,235
1-person 2-person 3-person 4-person 5-person 6-person
household household household household household household
MW
7 or more person
household
CURRENT YEAR ESTIMATED HOUSEHOLDS BY HOUSEHOLD SIZE
DISCOVER
Customized Trade
Area
45,000
40,000
35,000
30,000
25,000
20,OOC
15,000
10,00C
5,000 2,718
0
Vacant Housing Units
42,034
Occupied Housing Units
31,156
Owner -Occupied
10,879
Renter -Occupied
2023 ESTIMATED HOUSING
UNITS BY TENURE
$262,570
average housing unit value
$523,956
(United States)
DISCOVER
Custom Trade Area
1 Person Households
Family Households
Married -couple family
With own children under 18 years
No own children under 18 years
Male Householder: no wife present:
11,631
27,50
W,331P
13,666
1,906
With own children under 18 years 1,445
No own children under 18 years 742
Female Householder: no husband... W
With own children under 18 years 2.31
No own children under 18 years 1,283
Nonfamily Households 2.897
CURRENT YEAR ESTIMATED
HOUSEHOLD BY TYPE
2e45
people per household
2.58
(United States)
DISCOVER
Customized Trade
Area
Children at home
■ Workat Home
_ Student Populations
4% 17% 6% 4%
DAYTIME POPULATION
Retired/Disable persons
Emaloyed
47%
Homemakers
Unemployed
1%
11804771
daytime population
DISCOVER
Customized Trade
Area
Military Unclassified
0% 0%
:)Ilar
White Collar
33%
$50,835
average
salary
$59,428
(United States)
employee
DISCOVER
Lifestyle Reports
Lifestyle reports allow BIG DATAto be summed up into a simple narrative on the
personality of most households.
When asked "Who is Dubuque?", often the community leadership
describes themselves rather than the dominant personality of the
area. Understanding consumer spending behavior based on
personality allows Retail Strategies to better align the retail prospects
with the purchasing patterns of the consumers in your market.
ESRI Tapestry Segmentation is a geodemographic segmentation
distinct, behavioral market segments.
Selection of the variables used to identify consumer markets begins
with data that includes household characteristics such as single
person or family, income, relationships (married or
multigenerational), and tenure; personal traits such as age, sex,
education, employment, and marital status; and housing
system that integrates consumer traits with residential characteristics characteristics like home value or rent, type of housing (single-family,
to identify markets and classify US neighborhoods. apartment, townhouse, or mobile home), seasonal status, and owner
Neighborhoods with the most similar characteristics are grouped
together, while neighborhoods with divergent characteristics are
separated. Internally homogenous, externally heterogeneous market
segments depict consumers' lifestyles and life stages. Tapestry
Segmentation combines the "who" of lifestyle demography with the
"where" of local geography to create a classification model with 67
costs relative to income. In essence, any characteristic that is likely to
differentiate consumer spending and preferences is assessed for use
in identifying consumer markets.
Page 36 of 1050
DISCOVER
Research & Analytics
Page 37 of 1050
DISCOVER
ESRI Tapestry Segmentation (2014)
Whily�.
10.00%
ige 38 of 1050
LifeMode Group, GenXurban
Midlife Constants
RI Tapestry
_
zt
Households: 3,068,400
+
Average Household Size: 2.31
gmentation
Lei La
Median Age: 47.0
i14)
■ -�l 1 _ �' !-
Median Household Income: $53,200
•e
Cozy Country Living
a
c
Green Acres
Households: 3,923,00
Average Household Size:
IMedian
Median Age: 4-9
Household Income: $76,800
Cozy Country Living
Salt of the Earth
Households: 3,545,800
AOJ L' ' =
Average Household Size: 2.59
f
r
Median Age: L4.1
Median Household Income: $56,300
DISCOVER
ESRI Tapestry Segmentation (2024)
12.40%
12.70%
ige 40 of 1050
•fr .
.Mi
•
•
IFZA
LifeMode Groin. Middle Ground . LifeMode Group: GenXurbanY
Old and Newcomers a Nz In Style 0
I
Households: 2,859,2nC Households: 2,764,500
Average Household Size: 2.12 Average Household Size: 2.35
Median Age: 39.4 - f Median Age: 42.0
Median Household Income: `4 9'�0 " p Median Household Income: $73,000
LifeMode Group: GenXurban+ Cozy Country Living
Rustbelt Traditions Green Acres
�. Households:2,716,800 Households:3,923,400
Average Household Size: 2 47 + Average Household Size: 2.70
Median Age: 39 0 _ Median Age: 43.9
ML
Median Household Income: $51,800 Median Household Income: $76,800
connect
FOCUS gets RESULTS
do[
After discovering your community's data and interpreting it into zones for recruitment we need to focus on
which retailers and retail categories have the highest odds of success.
CONNECT
Retail Real Estate Process: Terms
Retailers
Corporate Real Estate Directors
Tenant Representatives
Franchisees
Franchisee brokers
CONNECT
Retail Timeline
Wall Street
1
I Tenant Rep
I
• Retailer Drives the Decision
• Small percentage of proposed sites equal new openings
• Long Process
• It's all about PROFIT
Identify Sites
MI
Proforn
-ommittee
Developer
3 months
rl
Full -Service
4x
Quick Service
Fmmm
General
Restaurants Restaurants Merchandise
CONNECT
Top Categories
and Examples
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OUTBACK BEEFOUBRADY'S
S T E A K H O USE GOOD FOOD, GOOD SPORTS'
LONGHORN
STEAKHOUSE
Top Categories
and Examples t
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Page 47 of 1050
Top Categories
and Examples
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THANK YOU
Dubuqu(
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F
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Q&A on Retail and Demographics
Rick Dickinson
President &CEO
Thank You
Greater Dubuque
DEVELOPMENT CORP.
access
dubuque
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