Earlier this spring, the City worked with Cushing Terrell Architecture Inc., a business consultant, to find out how much more retail business Chestermere could support.
The astonishing results were presented at the July 4 Council meeting and indicate that Chestermere’s total retail trade area represents a $581 Million retail market. According to the report, Chestermere is ‘one of the best untapped retail opportunities in the Calgary region.’
“Business is better at the Lake,” said Jean-Marc Lacasse, Chestermere’s Economic Development Manager. “These results validate that there is unmatched potential for businesses to thrive here in Alberta’s newest City.”
The study took into account a variety of information sources including Statistics Canada, Local Commercial Developers (Melcor, Truman), the International Council of Shopping Centers, and a local consumer intercept survey.
The results explain that residents have a very strong demand for more businesses and that the above average household income is able to support a growing local retail sector.
The report also indicates that as much as $138 Million (including auto sales and parts) is spent outside of Chestermere by its residents each year. This represents a significant shopping gap locally and presents a fantastic opportunity for businesses considering Chestermere, where a high income and growing catchment is minutes away.
“The first thing interested business owners want to know about Chestermere is whether they can be successful here,” said Lacasse. “With this report, we can clearly point to data that shows our advantages and sectors where there are extraordinary opportunities for businesses to thrive.”
In particular, categories of grocery, automotive/RV, restaurants and home furnishings & appliances represent significant spending segments among trade area residents. Residents who participated in the consumer intercept survey (of which 67% were City of Chestermere residents) confirmed a desire for more full service restaurants, entertainment & recreation, home improvement & garden and clothing & apparel offerings in the community.
As investors often require a third party assessment of a community’s potential, this report will better equip the Economic Development team to aggressively endorse Chestermere’s advantages to target industries over the next few years. In particular, they will be reaching out to businesses and store types specifically mentioned by residents in the spending survey to solicit interest in coming to Chestermere.
“We are already experiencing a significant increase in interest in our community,” said Lacasse. “This information will add to our ability to promote Chestermere as a primary candidate for retail growth and development.”
For more information, contact the Economic Development team at (403) 207-7093