[caption id="attachment_88337" align="alignnone" width="500"] Napa Riverfront office and retail center with a promenade along Napa River (courtesy of Strong & Hayden)[/caption]
NAPA -- To better understand both resident and visitor impact on the local Napa economy, a group of regional developers commissioned the Buxton Company, a leading customer analytics firm based in Ft. Worth, Texas, to help identify Napa's major retail and restaurant customers, determine where they come from and the value they deliver to local businesses and the city itself.
The partnering firms, led by the Gasser Foundation, own and develop real estate and want to know that how various demographic categories differ in spending patterns and retail preferences as they plan future projects in three specific locations -- the downtown and Oxbow area, the Trancas Street corridor and areas included in the Gasser Foundation Master Plan.
This information can also help the City of Napa's Economic Development Division understand which areas are prime for new projects, as well as which new and existing retail businesses would be a match for the profiles of dominant psycho-graphic segments of the resident population as well as those from out of town.
There are some 22 significant demographic (and psycho-graphic) segments within the study area. These are groups of residents with different average incomes, discretionary incomes and those in varying age groups.
For example, one of these categories is consumers ages 51--65 known as those with "Full Pockets, Empty Nests" and comprises 54,000 households with average incomes of $87,000 a year and discretionary incomes of $17,500 annually.
"Knowing this information helps planners better identify the types of retail stores and restaurants that are a match for the dominant segments living in the region," said Joe Fischer, principal, with Fischer Financial Partners and a consultant to the Gasser Foundation.
"But resident groups like this are only half of the story. Visitors account for a major share of those contributing to the economic vitality of the Napa area, and their wants and preferences have to be taken into consideration."
The third consideration is how well current retailers capture household purchases, and if there are other retailers that would be an even closer demographic fit who could be enticed to locate in Napa.