Retail Coach Reports Reveal Surprising Phelps County Stats
17 Aug 2023
Did you know that Phelps County’s population consists of more Germans than Swedes, the average household income is more than $80,000, and that the demand for paint and wallpaper supplies is expected to grow by nearly 5 percent in the next five years in the local trade area?
These are just a few of the interesting statistics provided by The Retail Coach, Phelps County Development Corporation’s new retail and restaurant recruitment partner. For business owners looking to expand their current offerings or entrepreneurs seeking information about opening a new business, The Retail’s Coach’s in-depth research provides vital information on potential future growth and sales opportunities.
For the past few weeks, The Retail Coach has been collecting data on the market. That information will be translated into marketing materials to be shared with targeted retailers. It will also be posted to PCDC’s website, where there will soon be a more prominent retail section.
So far, The Retail Coach has provided PCDC with a Retail Market Profile of existing business franchises, a Retail Demand Outlook report of the Primary Retail Trade Area, demographic reports for Holdrege, Phelps County and the Primary Retail Trade Area, and a psychographics report.
According to the psychographics report, Phelps County’s Retail Trade Area consists of 50 percent of people in the “Prairie Living” segmentation. Those are households mainly located in the Midwest, with a predominance of self-employed farmers. “These agricultural communities are not diverse, dominated by married-couple families that own single-family dwellings and many vehicles. Median household income is similar to the US, and labor force participation is slightly higher. Faith is important to this hardworking market. When they find time to relax, they favor outdoor activities.”
According to The Retail Coach, “understanding a consumer’s propensity to purchase certain retail goods and services—as well as specific retail brands—is valuable to national, regional, and independent retailers.”
Primary Retail Trade Area
Holdrege’s Primary Retail Trade Area extends to Elwood, Arapahoe and Beaver City to the west, Minden and Franklin to the east and Alma, Republican City, Orleans and Stamford to the south for a total population of 21,532. This retail trade area was determined by using cell phone data to track where consumers who shop in Phelps County originate.
In this retail trade area, the population with Swedish ancestry is 1,897, while the population with German ancestry is 6,151. In Holdrege, those with Swedish ancestry comprise 11 percent of the population, while those with German ancestry comprise 23 percent of the population.
The Phelps County demographic report also shows the following stats:
- Average household income: $82,221
- Average age: 41.5
- Average household size: 2.4
- Medium owner-occupies housing value: $184,301.
The Trade Area Retail Demand Outlook report shows the actual demand for retail and restaurant products and services in 2023 and the projected growth in demand in five years. Demand denotes actual sales generated by shoppers in the Holdrege Primary Retail Trade Area but does not measure how much was actually spent in the market. A significant portion of Holdrege demand is spent in neighboring markets. But, what the report does indicate is sales potential by people living in the trade area.
The highest retail demand in the trade area is for automobile and parts sales with $48 million demand in 2023. That is expected to grow by another $4 million by 2028. Other retail demands show:
- $28.6 million demand for grocery stores, growing 2 percent over 5 years.
- $7.2 million demand for clothing stores
- $3.6 million demand for sporting goods
- $24.6 million demand for general merchandise
- $24.6 million demand for food and beverages
The highest percentage of growth is expected in the paint and wallpaper stores, which is expected to grow from $595,953 to $757,976, (a near 5 percent growth in five years), and in pet food and pet supplies, which is expected to grow by 3 percent from $1,073,033 to $1,243,689.
Total demand in the retail trade area in 2023 is $228 million and is expected to grow to $247 million by 2028.
Local Retailer Benefits
Another interesting feature of The Retail Coach partnership is the ability to track customers and visitors via their cell phones. This is called geofencing.
“The geofencing data allows us to track movement in the market,” PCDC Executive Director Ron Tillery said. “It’s especially helpful to see how commuters spend their time before and after work and where they shop. The data helps us understand where to target our relocation efforts, and it helps local businesses understand from where their customers originate.”
Tillery said with The Retail Coach, PCDC can run custom reports for any business or location. The Retail Coach is planning a Phelps County site visit, and Tillery said he would like to include local retailers in that visit. Any local retailers who want geofencing reports and would like more information or statistics from The Retail Coach are encouraged to contact Tillery at Ron@PhelpsCountyNE.com.
For the full retail demand report, visit https://retail360.us/dashboard/PhelpsCountyNE/2023/PhelpsCountyNE_Holdrege_PrimRTA_RDO_2023.pdf
For all other reports, visit https://retail360.us/phelps-county-nebraska/#Overview