Market analysis to identify downtown Bismarck business gaps
BISMARCK, N.D. (AP) — A business association in downtown Bismarck is seeking a neighborhood market analysis to identify business gaps and provide insight into how to better utilize the area.
The Downtowners are contracting with Stantec on the analysis, which will catalog how downtown buildings are being used and what new endeavors might flourish in the area. The findings could help existing businesses adjust their marketing strategies to increase sales and expand their customer base, The Bismarck Tribune reported .
“We’ll get a better picture of just what’s happening in the downtown,” said Kate Herzog, COO of the Downtowners.
Developers can use the information on what’s already offered downtown to target certain types of businesses for their space.
The analysis can also offer insight on whether the business district is losing out on a market share, such as the grocery market, Herzog said.
“I think it will be nice to know where gaps are,” said Jason Tomanek, assistant city administrator.
The findings could also give new business proprietors enough confidence in their ideas to make them a reality, Tomanek said.
The Downtowners wants to attract more of a college town feel to Bismarck, Herzog added. The group estimates that there are about 7,000 students in the area, coming from Bismarck State College, University of Mary and United Tribes Technical College.
Bismarck will work with international organization Towns and Gowns this year to help build partnerships between colleges and the town, she said. The partnerships can help universities market a more exciting town to recruit potential students, or help businesses recruit future employees from those schools, Herzog said.
Information from: Bismarck Tribune, http://www.bismarcktribune.com