Downtown Demographics and Marketing Study
The Potential Market
Urban area located directly on Interstate 94 and US 127 highways, strategically positioned to cater to commuters, shoppers, and workers. The following household groups comprise the potential market for housing in Downtown Jackson: younger singles & couples (54%); empty nesters & retirees (41%); and a range of urban families (5%).
Downtown Jackson should be able to support nearly 60 new housing units per year over the next 5 years. The following housing types for rental and/or sale should be encouraged: # hard lofts (e.g., high ceilings and commercial windows and are either minimally or unfinished with no interior partitions except those for bathrooms), with a monthly rent of $475-$1,350/month or a price of $70,000-$195,000; # soft lofts (e.g., may or may not have high ceilings and often include full or partial interior partitions), with a monthly rent of $725-$1,500/month or a price of $145,000-$275,000; and # townhouses, with a price of $165,000-$250,000.
Increasing the Consumer Base
The consumer base for Downtown Jackson’s entertainment offerings can be expanded by attracting the region’s estimated 750,000 to 1,000,000 annual tourists and daytrip visitors. Jackson County residents should also be targeted; especially 18-44 year olds, which comprise 35% of the adult population of the County. This can be done by increasing the percentage of the population that visits Downtown; increasing the average number of visits the average County resident makes to Downtown; and increasing spending per trip by adding retail merchandise and food/beverage alternatives that will appeal to 18-44 year old consumer segment.
Retailers to Recruit
New retailers recruited for Downtown Jackson must be capable of being “destination” merchants as well as serving the needs of the key user segments. Independent merchants in the following prioritycategories are needed: gifts; upscale consignments; antiques; art; new and used books; music; and handcrafted items (e.g., jewelry, clothing, furniture, and home furnishings).