Information is power.
In 2010, Red Wing Downtown Main Street conducted a thorough retail market profile from the ESRI Corporation. ESRI is a leading geographical information systems company that uses geographic information, coupled with demographic information to provide detailed reports.
A retail market profile is very useful because it helps identify both under-served and over-served business opportunities. In other words, if Downtown Red Wing had 10 luxury jewelry businesses (an exaggeration to make a point), this would be over-saturated for the community and it would not be healthy for any of the jewelry businesses.
This is a fascinating report. It helps identify needed businesses based on the immediate local demographics and the other established businesses.
Unfortunately it is a perishable report because demographics change over time and businesses come and go, so for it to be constantly useful, it needs to be constantly updated.
Download the report for yourself right here.