Retail leakage study presented at Intermodal
Published 7:00 am Saturday, March 8, 2014
Earlier this year, the Buxton Company was brought in by Mississippi Power Company in a joint effort with Picayune Main Street, Inc. to conduct a retail attraction/retention/leakage study for Picayune. Buxton, a well-respected name in the field of analytics, works with major companies across the United States.
The company conducted what they termed “snapshots” based on data collected on random dates and information collected from 260 consumer data agencies and credit reporting companies.
Picayune Main Street, Inc. Manager Reba Beebe said the Picayune Main Street Board of Directors requested the Buxton Study from D.C. Stuart, who is the Commercial Development Representative with MS Power.
The Buxton Study Report allowed the organization to gain insight on the dollars leaving the community and being spent in nearby markets for certain products and also answered questions regarding market strengths and weaknesses; potential markets to target or expand; what resources and infrastructure are lacking in the community.
Beebe said the study gives insight to opportunities for business recruitment and expansion. Local retailers can use leakage analysis to reposition their businesses by offering better merchandise selections; identifying new markets for existing product lines; expanding or reallocating existing space; as well as improving advertising, promotions and customer service.
The report covered a geographical area that could be reached within a five-minute-driving time, a 10-minute-driving time and a 15-minute driving time and gave statistics for major store types in the area.
The report showed that while Picayune is meeting consumer demands in health and personal care stores, motor vehicles and parts dealers, building equipment and garden supply, it needs improvement in the areas of sporting goods, general merchandise and clothing and accessory offerings.
Picayune Mayor Ed Pinero said the program offered an excellent overview of detailed information to share with our retail businesses to improve sales and share potential sales segments.
“I think an important take away from this report is where it shows voids in retail business segments,” Pinero said. “These offer opportunities for entrepreneurs.��