How Kingsport, TN, has successfully used analytics and SCOUT, Buxton’s web-based analytics portal, to recruit retail development.
Here’s the Situation
Every city’s economic development department knows it can’t wait for new retail businesses to come to them. You need to be out there, proactively recruiting the businesses and developers that match your parameters. Most important, you need to be fully outfitted with the data they need.
The City of Kingsport, TN, discovered just how challenging that can be. Amassing and organizing the information required to convince a retailer or developer that their investment in Kingsport would be prudent was more than the city was able to handle. Repeated failures led them to contact Buxton for answers.
Using our unique approach to household-level data and powerful analytics tools, we helped Kingsport understand which types of retailers would best fulfill the needs of its citizens. And which specific retailers offered the best fit for the city’s planned developments.
With granular data, we predicted local consumers’ buying patterns and determined how far they’d travel for shopping and dining, as well as a host of other services. All of which helped Kingsport identify successful sites for retail and restaurants.
We also introduced Kingsport to SCOUT, our web-based tool that allows clients to track data sets themselves. Whether they’re interested in the latest input from their own customized data, or want to expand their research to other data sets, SCOUT allows them to access it anywhere, anytime — then use the information to inform decision making, or to create and update presentations.
In addition, Kingsport is using the Leakage/Surplus Analysis report SCOUT provides, to show potential retailers and developers which retail sectors are being underserved in the trade area.
Check Out These Results
With our involvement, the community experienced great success in acquiring new retailers for Kingsport Pavilion and East Stone Commons, the city’s newest developments. A national furniture retailer was one of the missing pieces from Kingsport. Even in a down economy for new home construction – with our help, Kingsport was able to attract power brand Ashley Furniture to its new home in Kingsport Pavilion. Other retailers the city has been able to recruit include Old Navy, Hobby Lobby, Panera Bread, Starbucks, and Kohl’s. City management credits Buxton’s data for convincing many other national and regional retailers the area was the right fit for them. Sales tax revenues in FY 2014 are at a six-year high and the indicators point to a bright future ahead.
We Can Do It for You Too
Since 1994, Buxton has provided big answers for retailers and communities. Our insights go beyond broad demographics, drilling down to the household level to give you the clearest picture of your community. We’ve helped 650 communities recruit over 35 million square feet of retail space.