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FOR IMMEDIATE RELEASE
October 16, 2013
Contact: Mike Sakal, Public Information Officer
Office: 623-882-7053; email@example.com
Goodyear has room for more retailers, study reveals
Most shoppers in the city live elsewhere, expert says
Almost three fourths of people who shop in Goodyear live elsewhere, according to a retail study commissioned by the City of Goodyear. The study, which was conducted in September, also confirms the existence of a strong retail market for the planned Estrella Falls Regional Mall as the city moves toward expanding its retail presence in the West Valley.
Today, Goodyear has nearly 250,000 consumers spending money within its boundaries at least twice a week, with 70 percent of those shoppers living beyond the city limits, according to the study conducted by Aaron Farmer, vice president of the firm, Retail Coach based in Austin, Texas. That number of shoppers is expected to increase more than 13 percent by 2018, Farmer said during his presentation of the study to City Council during a work session on Monday.
The number of shoppers in Goodyear grows when considering those who visit retailers in the City just once a week. Today, more than 744,000 people spend money in Goodyear once every seven days. Overall, $22 million of the city’s $33 million in annual sales tax revenue comes from outside the City of Goodyear. The study predicts that number will grow to more than 926,000 in the next five years.
“These findings confirm that Goodyear is ready for more retail storefronts and more importantly our long awaited regional mall,” said Goodyear Mayor Georgia Lord.
The number of households in Goodyear also is expected to see a near 14 percent increase from 23,734 to 26,985 in the next five years, according to Farmer’s study.
“Retail expansion is not an event, it’s a process,” Farmer said. “Goodyear has a unique retail atmosphere with its own set of development and redevelopment needs. “Retail is economic development and will continue to be in the future. Retailers are looking for communities that are experiencing growth. The first thing they look at is the quality of life.”
Farmer conducted the study based on restaurant/retailer surveys and point of sale data.
– GOODYEARAZ.GOV –