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JANUARY 2021TRADE AREA CHARACTERISTIC S WA S H BUR N , W ISCO N SIN Rachel Ramthun, MS, MPA Kristin Runge, Ph.D. corresponding author) kristin.runge@wisc.eduAC KN OW L E D G M E N TS This work was

How to fill out trade area characteristics

How to fill out trade area characteristics

1. Determine the area you want to analyze for trade characteristics.
2. Gather demographic data such as population size, age distribution, household income, and education level for the chosen area.
3. Collect information on competition in the area, including the number of similar businesses and their locations.
4. Consider factors like traffic patterns, accessibility, and proximity to other key locations.
5. Analyze the data collected to identify trends and opportunities for your business.

Who needs trade area characteristics?

1. Business owners looking to expand or open a new location.
2. Real estate developers assessing the potential of a certain area.
3. Retailers evaluating the feasibility of a new store location.

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What is trade area characteristics?

Trade area characteristics refer to the demographic, economic, and geographic attributes of a specific area where a business operates or targets its goods and services. This includes factors such as population density, income levels, competitor presence, and consumer behavior.

Who is required to file trade area characteristics?

Businesses that operate in specific sectors or have certain regulatory requirements are typically required to file trade area characteristics. This often includes businesses involved in retail, real estate, and services that need to comply with local zoning or economic development policies.

How to fill out trade area characteristics?

To fill out trade area characteristics, businesses should gather relevant data about their operating area, such as demographic statistics, economic indicators, and physical location details. This information is then organized into the required format provided by the governing body requiring the filing.

What is the purpose of trade area characteristics?

The purpose of trade area characteristics is to provide insights into the market environment that a business operates in. This information helps in strategic planning, resource allocation, and compliance with regulatory requirements.

What information must be reported on trade area characteristics?

Information that must be reported typically includes demographic data (age, gender, income), economic factors (employment rates, local business types), geographic information (location maps, boundaries of the trade area), and consumer behavior insights.