Study Shows Financial Potential Of Underserved Areas
Retailers could be missing out on $1.1 billion in potential sales in South and West Louisville. That’s according to a study from the Social Compact group of Washington D.C.Most of the money is believed to be in the form of cash spending, which isn’t always tracked by retail analysts. Social Compact came up with the figure by combining census data with residents’ spending, bill paying and other life habits.The report also shows a higher population and median income in areas such as Shively, Newburg and downtown. Social Compact President John Talmage says the data can lure retail businesses closer to urban areas.“The fact of the matter is that the suburbs are saturated," he says. "There’s been a tremendous overbuild of retail in suburban neighborhoods. They’ve got to find their way back to these neighborhoods. Many of them are trying to get here, they just need the information to try and get here faster.”Mayor Jerry Abramson says the data will be given to national retailers and financial groups in hopes of spurring economic activity in West Louisville and along Dixie Highway.