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Retail Business Plan Template [2020 Updated]

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IV.Customer Analysis

Demographic Profile of Target Market

[Company Name]will serve the residents of [company location] and the immediately surrounding areas.

The area residents we serve are affluent and are expected spend more on furniture per capita than the national averages.

The precise demographics of the town in which our retail location resides is as follows:

 WilmetteWinnetka
Total Population26,09710,725
Square Miles6.893.96
Population Density3,789.202,710.80
Population Male48.04%48.84%
Population Female51.96%51.16%
Target Population by Age Group
Age 18-243.68%3.52%
Age 25-345.22%4.50%
Age 35-4413.80%13.91%
Age 45-5418.09%18.22%
Target Population by Income
Income $50,000 to $74,99911.16%6.00%
Income $75,000 to $99,99910.91%4.41%
Income $100,000 to $124,9999.07%6.40%
Income $125,000 to $149,9999.95%8.02%
Income $150,000 to $199,99912.20%11.11%
Income $200,000 and Over32.48%54.99%

Customer Segmentation

We will primarily target the following three customer segments:

  1. Couples Residing In Area: The store will attract both young couples decorating and furnishing their first home and older couples replacing furniture items or outfitting a second home.
  1. Women Residing in Area: Home furnishing decisions are primarily made by women, and they are expected to be interested in the high design sense offered with our products.]
  1. Tourists: Tourists visiting the area will be interested in locally made goods rather than looking at furniture they could purchase anywhere. [Company Name] will become a tourist destination due to its large showroom of local furniture.

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Retail Business Plan Template [2020 Updated]
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