Retail Gap Analysis
In 2019, Vegreville hired a consulting firm to do a Retail Gap Analysis of the Town. This analysis looked at the current spending of the local trade area (defined as a 45-minute drive to Vegreville from any direction). This trade area has just under 40,000 occupants and an average household income of just under $100,000 per year. This analysis then looked at the spending those occupants did in Vegreville and then estimated the “leakage” of spending in our area. With this, they were able to determine what areas of retail the town should focus on to help fill this leakage gap. Their major findings are summarized as follows:
- The largest need for Vegreville is in the Grocery and Convenience category. This would include grocery stores, dollar stores, convenience stores, etc. It determined that there is a need for an additional 16,500 square feet of space in Vegreville in this area.
- The second largest need was for Clothing & Apparel stores. This would include women’s fashion, men’s fashion, shoe stores, etc. There currently are very few retailers of clothing or shoes in Vegreville, and it was determined that there was a need for an additional 7,000 square feet of retail space in this sector.
- The third largest need in Vegreville is for more restaurant and Food & Beverage locations – especially chains or franchises. This would include restaurants, fast food,pubs and even Brew Pubs. The estimated need was for an additional 6,500 square feet of this type of space.
With several prime locations available for retail at a very reasonable price, Vegreville would be an excellent location for your new business.