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|Monmouth Retail Trade Areas Going Strong
|The Monmouth retail base has what an in-depth study identifies as primary and secondary trade areas, and shoppers are spending big bucks.
Monmouth City Administrator Eric Hanson presented the city council earlier this month the results of the lengthy Buxton retail study; which looks at things like what people spend their money on and how much they spend. Hanson says the city is also using the information in the report to retain and attract multiple businesses.
The primary trade area is a ten mile radius around the center of Monmouth, and Hanson says $192-million a year is being spent in that area. Hanson tells WGIL nearly twice that amount of retail spending is going on in Monmouth's secondary trade area.
"$336-million is being spent in our trade area, and none of Galesburg is included in that trade area. So that's a lot of dollars that are being generated on retail sales on an annualized basis, and even in our primary trade area $192-million in retail being spent is an indication that there's opportunity here in the economy to capture some of that business, and that's what we hope to do."
Hanson says Monmouth has a strong agriculture market, while food and automotive are healthy as well. He told the city council recently during the quarterly budget update that sales tax dollars remain very strong, and it can get better.
The report also indicates, like Galesburg, Monmouth is losing retail dollars to other markets. Hanson says one way to combat that is to identify business opportunities.
|09 22 08 by Newsroom
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