THE BROOKFIELD INDUSTRIAL DEVELOPMENT AUTHORITY COMMISSIONS FEASIBILITY STUDY AND MARKET ANALYSIS
Brookfield, Missouri – The Brookfield IDA, with the support and endorsement the City of Brookfield and the Linn County Commission, has retained the Growth Services Group (GSG), a national workforce intelligence and consulting firm, to conduct a Feasibility Study and Retail Market Analysis. One of the primary objectives of this work will be to identify sites and opportunities for new development in and around the Highway 36 and 11 corridor and intersections. In addition, the analysis will provide a demographic and economic overview of the subject area to determine the overall feasibility for mixed use development. Information and findings will be delivered via a professionally designed multi-page marketing flyer, ready for use by the Brookfield IDA and other economic development entities in their attraction efforts.
GSG will conduct an analysis of the subject area including the 15 minute and 20 minute drive times. The analysis will include a Housing Summary, Traffic Count Profile, Retail Market Profile, Retail Market Potential, Retail Marketplace Profile (Leakage/Surplus), Population Summary and Household Income Profile. The analysis will also include Retail Goods and Services Expenditures for various retail sectors. In addition, a lodging assessment and feasibility study will be included.
According to Becky Cleveland, Community/Economic Development Coordinator for Brookfield, “As traffic counts continue to increase on 4-lane Highway 36, we want to insure that our community and county are properly positioned for future development along this important North Missouri corridor. In addition, we want to ascertain the needs of our local citizens and visitors are being met by determining if existing services are providing the products, lodging and hospitality necessary to meet the local and regional demand.” Cleveland added that, in some cases where retail leakage is occurring, people are leaving the county to purchase products in other counties due to the lack of local availability. This practice leads to lost sales revenue for our local merchants as well as reduced tax revenues for the community and county.
GSG CEO Corey Mehaffy added, “The goal of a project like this is to identify the areas where communities have additional unmet demand and bring those revenues that are currently leaking to other communities back home. Once these areas are identified, the community/county can employ several potential strategies to shore up this demand.”
Once completed, this study will be used to evaluate market demand and attract new investments, as necessary.
The Brookfield IDA, Area Growth Partnership and Chamber of Commerce work jointly to promote new investment in the Brookfield and Linn County area in an effort to enhance business development and the quality of life for citizens. This new investment leads to the creation of new jobs, an increased tax base and diversification of the local economy.