News Flash

Eco Dev

Posted on: July 15, 2021

Property Available to Reduce Market Gaps

buildings

The Pueblo West Metro District continues to see unprecedented population growth, which brings with it increased consumer demand for goods and services and thus, opportunities for new and existing businesses to fill those needs.  As an example, market data shows that clothing and grocery market potentials are particularly high, and developers of these business types could benefit from assets available through the Metro District. 

 

An increasing population base means more demand for basic necessities like groceries, clothing, and gasoline, as well as specialty services like dentists and chiropractors, restaurants, sporting goods, and other recreation amenities. We are fortunate to have many excellent establishments serving existing needs, but the additional demand and current space limitations will reveal quality opportunities to meet the diverse desires and expectations of this ever growing consumer marketplace. 


As an example, recent 2020 figures show the Grocery Store market potential at more than $51 million annually with existing supply at just $27 million, which leaves a market gap of more than $24 million. Granted, many residents purchase groceries outside of the District, while others gather food from gardens or farmer’s markets, but a huge market opportunity remains. The same data source reveals that Clothing and Clothing Accessories Stores have a market potential of $16.4 million with a current supply of just over $615,000 for an enormous 89 percent market leak. Again, many factors are involved in explaining that gap as consumers choose to buy clothing online or in other communities for convenience and/or brand availability or options, but there remains enormous potential for some of those retail services to be located here in Pueblo West. 

PWMD has multiple commercial and industrial sites off of both McCulloch and Purcell near Hwy 50 that are ideally situated for a developer(s) to capitalize on these ever growing market demands. Currently, PWMD staff are assessing the sites and working with industry experts to develop a plan to bring some new and exciting business into the Metro District.

For more information on property availability and/or market potential in other categories, contact PWMD Economic Development Specialist Tyler Purvis at tpurvis@pwmd-co.us

Source: Esri and Infogroup. Esri 2020 Updated Demographics. Esri 2017 Retail MarketPlace. ©2020 Esri. ©2017 Infogroup, Inc. All rights reserved. 

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