Page 39 - High Knob Master Plan

2018 REGIONAL GAP ANALYSIS
As part of this master plan, a retail gap analysis and online survey were conducted to identify opportunities for new businesses within the High Knob Region. The retail gap study compares expenditures of residents who live in a certain geography to the amount of sales by stores in the same geography. If residents are spending more than stores are selling, then dollars are “leaking” and residents are going to nearby markets for certain goods. The study area looked at the entire LENOWISCO region, including the High Knob area.
> The LENOWISCO area (Lee County, Norton, Wise County, Scott County) is a $1.2 billion retail market.
> Within the entire area there is approximately $29.8 million in demand based off of the needs of the local consumers who live in the region.
$6$8 AVERAGE ON
AVERAGE ON RETAIL
> While this is minimal local demand given the size of the market, there is a case for growing visitor-based retail related to outdoor recreation and tourism. Key opportunities are shown on the 2018 Retail Demand in Lenowisco bar graph of this page.
> The online survey of High Knob visitors conducted as part of the master Plan showed that visitors, on average, spend the following per trip:
» $68 for meals
» $177 on lodging
» $43 on gas
» $88 on retail
» $138 on entertainment
2018 Retail Demand in LENOWISCO Region (selected categories) This chart shows retail leakage in 2018 within the LENOWISCO region (including High Knob). These categories show the highest amount of leakage (demand) in key categories based on existing consumer patterns. For example, in 2018, residents who live in the LENOWISCO region spent $15 million more than what existing restaurants sold that year. In other words, $15 million is “leaking”
outside of the region because current offerings are not meeting demand.
AVERAGE ON GAS
VISITORS SPEND THE FOLLOWING PER TRIP
$177
88
> Survey respondents were also asked what types of visitor services and businesses were needed in the High Knob region. Key needs included:
» Restaurants
» Entertainment
» Retail, particularly outdoor outfitters and specialty » Lodging, including B&Bs, camping, and hotels
» Kid and family-friendly activities
» Locally sourced food and grocers
» Craft brewery or cidery
» Activities for college student-aged people
$43
ON AVERAGE FOR MEALS
AVERAGE ON LODGING
$138
ENTERTAINMENT
2018 RETAIL DEMAND ($) IN LENOWISCO REGION
GIFTS, SOUVENIRS, ETC. DRINKING PLACES (ENTERTAINMENT, BREWERIES, ETC.) ATV, MOTORCYCLE DEALERS SPORTING GOODS WINE/ BEER/ LIQUOR FURNITURE & HOME FURNISHINGS FULL SERVICE RESTAURANTS
$2,931,159 $5,891,101
$8,601,509 $8,981,952
$9,279,322
$9,279,322
$15,190,645
HIGH KNOB REGIONAL INITIATIVE
CHAPTER 6: ECONOMICS 39