MARKET POSITION
MARKET ANALYSIS - AT THREE SCALES This market analysis identifies what is currently PEDESTRIAN MARKET known about the market conditions of the study • Pedestrian market, or ½ -mile radius. Whether area and the opportunities for future growth. residents or employees, these customers can Most important for the future of the area, this walk to area businesses and typically are the analysis directly addresses the challenges and most frequent visitors to the study area. Their uncertainties that will affect it as new behaviors appearance and behaviors create the image emerge in response to the pandemic permanently of the area. For example, many residents changing how offices, restaurants, manufacturing, walking dogs and pushing strollers create a distribution, and services operate. The Covid-19 different image than office workers driving to pandemic and Illinois’ mitigation orders presented work sites. Because missing amenities such a series of economic uncertainties. In early 2020, as landscaped sidewalks and cross walks the economy was strong. Within a few months, cause the population to feel unsafe when businesses were closed, and many operated with walking, this market can be hidden until that significantly restricted hours and occupancy, infrastructure and those amenities are added. leading to large levels of unemployment. As the Village recovers from the Covid-19 CONVENIENCE MARKET Pandemic, an opportunity presents itself for the • Convenience market, or 5-minute drive / study area to emerge stronger and better as a 10-minute bike ride (figure 10). This geography transit oriented district. Barrington Road continues presents residents and employees who should as a major commercial cluster with a variety of be routine users of the nearby businesses office and retail uses as well as a hospital, AMITA and provides the largest sales volume for Health St. Alexius Medical Center. Businesses enterprises. Businesses such as convenience have and will again succeed in the study area, stores and quick service restaurants often and nearby residents who stayed at home have a influence how well an area attracts this new appreciation for the possibilities to create a market. Bicycle infrastructure such as racks stronger pedestrian and bicycle-oriented district. and path marking as well as sufficient parking are essential to maximizing this market. This analysis addresses both the study area’s current market conditions and the implications of broader market trends and market uncertainties. DESTINATION MARKET The current market conditions of the study area present unique opportunities to attract customers that access the area by different modes and with different purposes. These following three markets describe those various types of customers:
• Destination market, a 30-minute drive time (figure 11). This market is a reasonable delivery area for Internet purchases and a sensible travel distance for customers seeking medical, financial, and personal services. With the pandemic increasingly driving higher Internet purchasing and especially Buy Online Pickup in Store (BOPIS), this market is the fastest growing source of customers for businesses. Short term parking and regional visibility are key to maximizing sales. Table 1 that follows reports data on these markets:
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BARRINGTON ROAD I-90 SUB AREA PLAN
