Martin now has economic wish list
Sara McIntosh
Issue date: 1/29/08 Section: Campus News
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Martin Mayor Randy Brundige has said that he is optimistic about the report findings in terms of economic development for the city. The Martin Board of Mayor and Aldermen voted last fall to spend $55,000 to fund the report, which Buxton finished earlier this month.
Both the city of Martin and Buxton identified a prime retail site that would best suit the needs of prospective businesses interested in this area. According to the report, the area where state Highway 431 and state Highway 43 intersect would "attract new retailers and restaurants" because it offers a large number of potential consumers with the traffic that comes directly from the highways as well as the number of homes within the 15-minute driving time requirement established by Buxton.
According to the report, the estimated household count relative to the prime retail site was 15,345 and the traffic count was 10,850 for a total revenue earnings potential of $587,988,210.
The company also divided the community into segments according to their data trail for all purchases and spending habits to better identify the needs, wants and desires for businesses within the community. The most dominant segment locally was called "Young & Rustic" followed by the "Back Country Folks."
The "Young & Rustic" segment as defined by the company is "composed of young, restless singles" who "tend to be lower income, high school-educated and live in tiny apartments" and work in "their service industry jobs" making very little money but maintaining "fast-paced lifestyles centered on sports, cars and dating."
The "Back Country Folks" segment as defined by the company is "strewn among remote farm communities across the nation" and is a "long way away from economic paradise." These individuals "tend to be poor, over 55 years old and living in older, modest-sized homes and manufactured housing."
Of the thousands of businesses that were initially considered, Buxton was able to narrow the search down to 134 prospects that were more geared toward the local psychographic data the company obtained. Spending habits, household incomes and the types of families within a house were just a few of the considerations, and "additional research of each retailer and restaurant" were also helpful in determining the most ideal businesses for Martin, according to the report.
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