| West Side Market Analysis Complete
West Side Main Street was fortunate to receive assistance from the Main Street West Virginia program and the WV Development Office in conducting a market analysis of the West side of Charleston. The market analysis is a regional and neighborhood study of economic, demographic and other factors used to determine supply and demand, market trends, and other factors in the marketplace.
Dr. Matt Wagner of the University of Wisconsin spent several days on the West Side meeting with West Side staff and volunteers to set up the process for the analysis. Demographic and sales data was collected from West Side businesses and focus groups of residents, business owners, young professionals, and creative groups were held to solicit input.
Among the findings of the market analysis were:
- Over 25,000 cars pass along Washington St. W each day
- The neighborhood population while approximately, 9900, also shows a population of 64,700 within a 7 mile radius of the West Side business district
- There are a number of high traffic anchors in Pile Hardware, Charleston Department Store and Women and Children’s Hospital
- There is easy access to the Interstate
All of these factors are important in demonstrating that the area has the population and exposure to attract shoppers to businesses that meet their needs.
New business targets were identified as: pet store supplies; office supplies; fitness centers;sporting goods; jewelry stores; third space cafes and coffee houses; ethnic restaurants, technology internet based start up firms, creative class industries such as engineers, designers, artists,writers, planners, photographers, and software developers. It was also suggested that the public sector be expanded to include a dog park.
These recommendations are currently being reviewed by the Economic Restructuring Committee with a goal of developing a packet of information that will be used with developers and owners seeking new business opportunities. |