Market Research
Woodhaven Market Study
The Buxton Company, a Fort Worth-based market reserch firm, was commissioned to conduct a market analysis of the Woodhaven Neighborhood. Buxton performed a psychographic analysis, which is defined as, "a way of looking at lifestyle patterns, behavior, and purchasing habits of a particular consumer, as opposed to traditional demographics which provides general information about income, age, and ethnicity." Buxton produced an extensive report with detailed information on demographic data and trends, consumer segments and profiles, and retail matching. The following pages show a synopsis of this report - the full report including demographic data, business listings, methodology, and retailer matches is available in the companion report, Woodhaven Market Study.
Buxton examined two geographic areas. The first area is referred to as the "Custom Trade Area" and is defined by the same boudaries as the Woodhaven planning area. The second area is referred to as the "Ten-Minute Trade Area" and includes the "ten-minute drive time area" from which Woodhaven's retailers and restaurants would draw shoppers. Buxton considered accessibility, geographic barriers, population density, and development patterns in determining the ten-minute drive time area.
Buxton uses TenantID, a nationally based segmentation system, to sort "households" in both areas in to 50 customer segments. A household can be defined as a person or group of people occupying a single dwelling unit. The segments range from "Upper Crust," (number 1) at the highest level of the socioeconomic continuum to "Urban Singles" (number 50) at the lowest level. The following pages define and show the dominant segments in both the Custom Trade Area and the Ten-Minute Trade Area.
The psychographic analysis found that the significant lack of retail in the Woodhaven community causes residents to leave the area to shop in and around Northeast Mall, The Parks at Arlington, and the East Chase and I-30 shopping area. Attracting the right mix of retailers would prevent revenue from leaking out of the area and attract new shoppers to Woodhaven.
Custom Trade Area; click to enlarge
Ten-Minute Trade Area; click to enlarge