2017 Spencer Comprehensive Land Use Plan

Spencer, Iowa  2017  Comprehensive Plan

Table 17 - Trade Area Capture analysis for Spencer

TRADE AREA CAPTURE FORMULA A / [ B x (C / D) ] A = Total Retail Sales for Spencer B = Per Capita Sales for the State of Iowa C = Spencer Per Capita Income D = State of Iowa Per Capita Income

Spencer’s trade area capture for the year 2016 is as follows:

A (Spencer Total Retail Sales) B (State Per Capita Sales)

= $284,922,973

= $12,281 = $26,479 = $28,628

C (Spencer Per Capita Income, 2015) D (State Per Capita Income, 2015)

2016 Trade Area Capture for Spencer = 24,947 customers 2016 Estimated Population = 11,138 residents

The figures above indicate that businesses in Spencer captured the retail sales of 24,947 customers from its 2016 estimated population base of 11,138 residents. This results in the City of Spencer capturing retail sales from 224% of its expected customers. In this calculation, the city is gaining an additional 124% of its retail sales from residents outside of Spencer. SPENCER CHAMBER OF COMMERCE The Spencer Chamber of Commerce was founded in 1890. Spencer was among one of the first cities in the entire nation to use the Chamber of Commerce “bureau plan” according to the Spencer Chamber of Commerce’s website, found at http://www.spenceriowachamber.org. The main goal of

the Chamber is to promote civic, economic, industrial, and agricultural development throughout the Spencer area. The main goal for the Spencer Chamber of Commerce is to create an environment which creates jobs, improves the quality of life, along with enhancing the economic opportunities. Membership types and fees vary from industry type, and size of operation that is being represented. There are currently 12 different membership types all with varying membership dues based on type of operation and number of employees.

The Spencer Chamber offers several committees for members to join and participate in, including: Agriculture Committee – responsible for overseeing the annual Ag Outlook event each February Spencer Ambassadors – a group of Spencer business and industry leaders wearing their red plaid jackets with a primary responsibility of welcoming new businesses to the community, and recognizing special events or new employees in existing businesses.

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NW Iowa Planning & Development