WATERTOWN, SOUTH DAKOTA, (January 29, 2015) -- The Watertown Development Company has entered into a partnership with Buxton, a provider of customer analytics for market planning and marketing services, to study retail potential in the City’s trade area. Along with the WDC, the Watertown Area Chamber of Commerce, The Watertown Convention and Visitors Bureau, The Bid Board and the City of Watertown will all utilize Buxton’s advanced customer analytics to identify the specific retailers that match the shopping and dining habits of local consumers, using the same technology that retailers use to evaluate potential locations.
Buxton has traditionally been used by the WDC as a provider of psychographic studies of retail marketing in the Watertown area. The studies provide insight into spending habits and project sectors of future growth and demand based on population demographics. With the study, the Watertown group will choose from a list of retail establishments matching the community psychographics on which they will receive business specific research and present that information to the potential retailers.
Watertown Mayor Steve Thorson is pleased with the cooperative effort. “This is a great move for all four entities to be involved in. There’s value in all of us knowing what our area consumers are requiring and staying on top of what their needs are from a retail perspective is important,” he said. “We are better able to determine what areas of retail development we should be focusing on as a community.”
The information provided from Buxton is also different than what has been used in the past, as it will include visitor insights on consumers visiting the Watertown trade area, providing a more complete picture of retail demand The visitor insights will help to provide customer insights that go beyond demographics, allowing the community to present a convincing case to retailers seeking growth opportunities.
“The Chamber of Commerce is excited to partner in updating Watertown’s retail analytics,” stated Megan Gruman, CEO of Watertown Chamber of Commerce. “Not only is there wonderful potential for new retail recruitment to help Watertown grow with the Buxton study, but this data can be a wonderful tool for our current retail businesses to refine their strategies and keep up to date with our market demand. Information like this is another tool in our tool box for Watertown to keep dollars local.”
The data should be made available to the groups by early this spring.
Buxton is based out of Fort Worth, Texas and has worked with more than 650 cities nationwide to implement retail development strategies. Since 1994, Buxton has helped more than 3,000 clients in retail, healthcare, consumer packaged goods and the public sector. Their clients include Marriott, Sally Beauty Supply, GNC, and Anthropologie.
The Watertown Development Company is a non-profit economic development organization funded by public and private investors with the mission of increasing job opportunity and the property tax base of Watertown.