LT-SS-2023-002-Ellensburg-Unity-Park-Shade-Tents (4)

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2.0 Market Study This section of the repoft presents the findings of the market research for Ellensburg and sets the stage for further analysis that can be used to recruil business, enhance the housing market, help existing rctailers target customers, and implement the accompanying marketing and recruitment strategy in a later section of this report. The goal of this market shrdy is to show commr"rnity stakeholders and potential investors how to capitalize on potential residential, retail, and office market cppcrtunities anC to leverage investments that will sustain the Ellensburg cornmrinity while preserving the charccter that the community values. rl1^^-!^- a :^ A:-,:)^) i.-r^ f,^--- ^^^ei^.--\-[.rt[rt('r z rs ulvruitu urLU luul sEul-tulls Section 2.1 describes the market definition based on zip code suvey work completed by businesses in the community, it also provides insight into Ellensburg's trade area demographics and presents inzu'ket daia iclatcd to Ellensbiirg's primarl and secondar.v ilade areas. Secfion 2.2 pro',rides demographic profiles cf Ellensb..ug's prirnarS, and secondary trade areas. This section aiso presents a more detailed market segmentation using PRIZM@ Lifestage characteristics. (PRIZM@ is a product of Nielsen Claritas.) Section 2.3 presents the retail market anaiysis that shows the amount of retail sales "leaking" from Ellcnsburg's primary and sccondary tradc aleas. This information is based on the most recent data alrailable and is a reliable source for understanding o.",erall market patterns. This section conciudes with some key opportunities for retaii that couid be useci to both enhance existing businesses and recnrit additional businesses to the Ellensburg community. This section also leverages Eilensburg's retail aird demographic data to evaluate other market segments such as residential and office uses. Section 2.4 provides a concise conclusion to the overall market analysis. 5