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In the News

Elgin Retail Trade Analysis helps local businesses

Wednesday, December 14, 2016

The CAPCOG Planning and Economic Development Division recently completed a retail trade analysis for the Elgin Economic Development Corporation (EDC) that will help the city identify business opportunities for local entrepreneurs and national corporations to meet residents’ retail needs.

At its core, the analysis studies Elgin’s retail trade supply and demand by evaluating where people who live in and around the city purchase their goods and services. The study also includes customer segmentation demographics for the same population as well as provides an economic overview, a general population demographic overview and a population growth forecast.

Municipalities such as Elgin can use a retail trade analysis to market commercial growth potential to local entrepreneurs and national big box stores by letting them know if their product or service is absent or in abundance in the area. This information is critically valuable for prospective retailers, as it helps to estimate potential market size for a new business. In particular, local and small businesses — those businesses without the resources to conduct market assessments on their own — stand to gain from community sponsored retail analyses like this one.

> Contact Chris Schreck, CAPCOG Planning and Economic Development director, about partnering with CAPCOG for a similar study or related economic development services.
> Read more about the CAPCOG Planning and Economic Development Division.

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