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The Leakage Report

Uncovering Retail Opportunities in Patterson: A Buxton Analysis

In the heart of Patterson, an exciting story of potential and opportunity unfolds. Buxton, a leading firm in retail analytics and market research, has conducted an in-depth Retail Leakage and Surplus Analysis for the area within a 2-mile radius of Patterson. This analysis offers a detailed look at the current retail landscape, highlighting where the community’s needs are not being met and where there is room for growth.

Buxton’s analysis is designed to help businesses understand consumer behavior and market potential by identifying areas of unmet demand (leakage) and over-served areas (surplus). This information is crucial for businesses looking to expand or establish a presence in Patterson.

Unmet Demand: The Retail Gaps in Patterson

The analysis reveals several key areas where Patterson’s retail market is experiencing significant leakage. This means local residents are spending more on these goods and services outside the area, indicating a strong demand that local businesses are not currently meeting.

  1. Foodservice & Drinking Places:
  • Special Food Services: With potential sales estimated at $3,580,883 but only $31,919 in actual sales, there is a significant gap of $3,548,964. This indicates a strong demand for unique dining experiences and special food services that are not currently available locally.
  • Drinking Places (Alcoholic Beverages): Potential sales are estimated at $1,357,582, yet actual sales are only $176,795, leaving a gap of $1,180,787. This suggests a need for more venues where residents can enjoy alcoholic beverages.
  • Restaurants and Other Eating Places: There is a potential for $32,548,589 in sales, but current sales are only $19,889,487, creating a gap of $12,659,102. This points to a high demand for more restaurant options.
  1. Miscellaneous Store Retailers:
  • Office Supplies and Stationery Stores: There is a complete lack of these stores in Patterson, with potential sales of $572,526 but no actual sales. This unmet demand represents a significant opportunity for office supply retailers.
  • Gift, Novelty, and Souvenir Stores: Potential sales of $664,633 are not being fully met, with actual sales at $262,343, leaving a gap of $402,290.
  • Used Merchandise Stores: Another complete gap is seen here, with potential sales of $656,141 but no current sales, indicating a strong demand for thrift and second-hand stores.
  1. Electronics & Appliance Stores:
  • Household Appliance Stores: Potential sales are estimated at $1,061,092, but actual sales are only $78,052, leaving a gap of $983,040. There is a clear demand for more household appliance retailers.
  • Electronics Stores: With potential sales of $4,498,505 but actual sales of $1,586,772, there is a gap of $2,911,733, highlighting a need for more electronics stores.
  1. Furniture & Home Furnishing Stores:
  • Furniture Stores: Potential sales of $3,240,658 are not being fully realized, with actual sales at $758,361, indicating a gap of $2,482,297.
  • Home Furnishing Stores: Similarly, potential sales of $2,842,769 are not met, with actual sales of $857,211, leaving a gap of $1,985,558.

Meeting the Demand: The Best Retail Matches for Patterson

To address these gaps, targeted recruitment of specific retailers can meet the unmet demand and boost local economic growth.

  1. Foodservice & Drinking Places:
  • Special Food Services and Restaurants: National chains like Chipotle and Panera Bread, along with high-quality local dining options, can fill the significant gap in special food services and restaurants.
  1. Miscellaneous Store Retailers:
  • Office Supplies: Retailers such as Staples or Office Depot can meet the demand for office supplies and stationery.
  • Gift, Novelty, and Souvenir Stores: Small specialty retailers or national chains like Hallmark can address the demand for gift and novelty items.
  • Used Merchandise Stores: Stores like Goodwill or other thrift store chains can fill the gap in used merchandise retailing.
  1. Electronics & Appliance Stores:
  • Household Appliances: Retailers such as Best Buy or regional appliance stores can cater to the demand for household appliances.
  • Electronics Stores: Stores like Best Buy, Fry’s Electronics (if they still operate in certain areas), or a new market entry could meet the electronics demand.
  1. Furniture & Home Furnishing Stores:
  • Furniture and Home Furnishings: Stores like IKEA, Ashley HomeStore, or high-quality local furniture stores can fulfill the demand for furniture and home furnishings.

An Exciting Future for Patterson

Buxton’s Retail Leakage and Surplus Analysis identifies significant gaps in Patterson’s retail market. The findings reveal substantial opportunities in food services, office supplies, electronics, and more. By attracting the right mix of national chains and local businesses to fill these gaps, Patterson can address unmet demand, foster economic growth, and enhance consumer satisfaction. This is an exciting moment for Patterson, as the potential for retail development is both vast and promising.