Retail Market Analysis ESRI’s Retail MarketPlace data was used to measure retail activity by trade area and to compare retail sales to consumer spending by NAICS industry classification. The retail marketplace analysis is based on three trade areas: 5-minute, 30-minute and 45-minute drive times from the middle of Downtown Independence. The 5-minute travel time encompasses the entire community of Independence, while the 30-minute drive time includes part of the City of Waterloo and other nearby rural communities. The 45-minute travel time reaches two of the region’s larger metros, Cedar Falls/Waterloo and the north part of the Cedar Rapids area. Based on this analysis, there are some areas of the retail market that have a local demand (customers spending money on that type of retail) that is not met in the area and leaking to other areas outside of Independence (customers going to other areas to spend money on retail). There is an estimated $15 Million in retail trade and food & drink that is being spent by area residents outside of the City of Independence. Some examples of retail that is in short supply in the City of Independence are: •Furniture Stores •General Merchandise Stores •Miscellaneous Retail Stores (i.e. florist, office supply etc.)
22 | Independence Downtown Revitalization Plan
