Regional Retail Study
The Economic Development Council for Central Illinois (EDC) has recently hired the consulting firm of Teska and Associates, Inc., to perform a retail study of several sites throughout the central Illinois region. Two sites in West Peoria—Western Avenue and Farmington Road— will be included in the study.
The study, the first in this region involving participants from multiple municipal governments, will include information regarding the retail potential for each targeted development/redevelopment site, provide customer profiles, and then make recommendations as to specific retailers that meet local customers’ demand.
Furthermore, the retail study—which will provide the information needed to attract successful retail efforts—will provide leakage analyses and prepare custom marketing packages for targeted retailers.
The study will develop focused strategies tailored to the unique circumstances of the sites and their respective communities. The consulting firm will accomplish these goals by working with communities to help to devise strategies to attract and retain retail businesses. The firm will work to understand the needs of both residents and businesses to provide economic development opportunities for the communities involved.
A panel of West Peoria residents, business owners, community leaders, and staff participated in the kick-off meeting. The second phase will include interviews with key people and identification of trade areas for each site. The study is scheduled to be completed by May.