Local analysis continues after a study of a proposed retail development at 24th and Industrial showed the so-called Emporia Pavilions project would generate over $20 million in new revenues while transferring better than $40 million from existing area businesses.
An external market analysis was conducted this spring by the consulting firm Development Strategies to determine the possible need for an additional grocery store and home improvement store as anchors along with sit-down restaurants and possibly a gas station. Regional Development Association President Kent Heermann discussed the study and the potential development on KVOE's Talk of Emporia on Friday:
Released in June, the draft document says the home improvement and gas station features of the proposed development would pull business from existing stores, although local shoppers could support sit-down restaurants.
On the flip side, the analysis draft shows Emporia has a current "pull factor" of 1.06, meaning it captures more sales from other communities than it loses, but it's also well behind other larger cities and the pull factor has also been decreasing in recent years. The proposed retail center would increase Emporia's overall pull factor to 1.25, a jump not seen in other cities in Kansas.
The draft says the development would generate almost $23 million in new or recaptured sales to Emporia and transfer over $45 million from existing businesses.
Lead developer Spencer Thomsen is currently unavailable for comment. Additional discussion is likely next month.
Click here for a link to the Emporia Pavilions market analysis.