Economic Development: Lovingston Market Analysis

Lovingston Market Analysis

Lovingston is an Affiliate Virginia Main Street Community. As an affiliate, Nelson County qualified for a reduced rate to work with Kennedy Smith, former Director of the National Trust for Historic Preservation's National Main Street Center. A contract with The CLUE Group, Kennedy's consulting firm, has been issued. The deliverables of the contract include a sales gap analysis.

The CLUE Group will calculate the "buying power" of Lovingston and area residents and will compare this information to current retail sales information, identifying retail categories in which downtown is likely losing sales to other shopping areas and in which it appears to be exceeding likely local market demand. The analyses of these retail sales voids and surpluses will help the CLUE Group calculate the quantity of new retail sales the downtown can likely support over the next five to ten years (both by helping existing businesses increase sales and also by developing new businesses) and estimate the amount of new retail space these increased sales can likely support.

Kennedy Smith will be on site June 9, 2005 for her field visit. The CLUE Group will prepare a brief report, outlining findings and recommendations, and will present these findings and recommendations in a community presentation.