Longmont, CO
City of Longmont has four large format retail projects, including two Super Wal-Marts, Lowe’s, and a Super Target, as well as a range of associated mid-box stores, that are expected to add over 800,000 square feet of space over the next two years. There are also several new regional retail shopping centers under development or construction just outside the City’s trade area that will have impacts on the ability to attract future development projects. Longmont Area Economic Council, in conjunction with City of Longmont and Longmont Area Visitors Association, engaged EPS to conduct a retail opportunities analysis to quantify the potential for additional regional level development, opportunities to attract specific stores to the City, and redevelopment and reinvestment strategies for existing retail areas.
EPS first conducted a comprehensive market analysis for regional retail stores within the City and the larger trade area. EPS analyzed and compiled individual store sales tax records to quantify actual retail sales by specific store categories. The study also inventoried the existing commercial space by district and compared the space to the sales tax records to measure existing retail performance by store category and location. Existing trade area expenditure patterns were estimated utilizing a household survey. The information on existing sales and expenditures were then analyzed to quantify retail sales inflows and outflows (leakage) and to identify opportunities for new stores by category. Finally, the study translated the quantitative and qualitative analysis into a series of prudent and effective public and private actions and investments that enable the City to maximize the capture of retail development opportunities.