Anticipating more than 6 percent population growth in the Mid-Valley’s primary retail trade area, the Weslaco Economic Development Corp. has agreed to a three-year study aimed at identifying the city’s strengths and implementing a plan to spur additional growth.
EDC Executive Director Joey Treviño said the corporation, in partnership with the City of Weslaco, has contracted The Retail Coach, a market research and retail recruitment firm, to conduct the study. At a cost of about $40,000, Treviño said the firm will provide retail trade area determination, a retail gap analysis, demographic and psychographic reports and a workplace population study.
The purpose is to identify a “broader region from which the city is attracting consumers,” the retail goods and services that consumers are finding outside of Weslaco and to differentiate between those who live and work in the city.
On the psychographics analysis, Treviño said trends in formal wear, electronics and furniture will be considered.
“They get a little more specific,” Treviño said of The Retail Coach’s approach. “The idea is we have pretty much a retail trade area that encompasses the Mid-Valley, and it looks like we have 182,000 people in that primary retail trade area. It was mapped out as far as what we’re looking at, and what we’re looking at is 6.4 percent growth in the next five years.”
The director said such growth may bring the Mid-Valley’s population to about 200,000 by 2020.
With regard to the scope of the studies, Treviño said the firm will also examine potential sales in several areas, and will determine whether the gap analysis — the study that identifies the products consumers are leaving Weslaco for — will show a surplus or leakage in those shopping in…
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