Market Area Profile
Pine City Economic Development Authority commissioned the University of Minnesota Extension Office to conduct a Market Area Profile of the Pine City Area in 2017. The profile looks at the demographics and retail needs of the convenience trade area (school district), destination trade area (those coming to visit a large retailer) against the state of Minnesota as a whole. This report is helpful to existing businesses, potential businesses, and economic development organizations because it contains information that will better serve their individual market and business strategies.
Highlights from the report include:
- The Pine City area is older than the state of Minnesota, starting with people ages 45+.
- A significant portion of the population lives alone, 25% are in 1 person households.
- Nearly 30% of the housing is seasonal.
- While 19% of households in the school district have less than $15k in net worth, retirees have considerable wealth.
Suggested take-away's from the report:
- Be aware of the goods and services the aging populations need, want and require.
- Be attentive to the needs (later hours) the commuters need
- Locals tend to support American-made, local businesses and services but value price over quality.
To view or download the full 23 page report, click here.
To view or download the presentation, click here.
The report was prepared and presented by:
Liz Templin
Extension Educator, Community Economics in the Center for Community
Extension Educator, Community Economics in the Center for Community
Vitality
UM Extension Regional Office - Andover
UM Extension Regional Office - Andover
Bunker Hills Activity Center L-1