“A healthy retail market with room to grow” is how the Town of Sylvan Lake describes the findings of its recently completed 2015 Retail Gap Analysis.
The analysis identifies a number of retailers both regionally and nationally that are considered to be target tenants for the Sylvan Lake market in the areas of groceries, personal services such as phone and Internet, home furnishings and accessories, and clothing.
It also shows that of the retail expenditures in town, 13 per cent comes from visitors, with inflow spending benefitting restaurants, alcohol and tobacco vendors and specialty retail.
The town’s occupied retail space totals around 551,000 square feet, or about 38 square feet per capita. That comparatively high statistic, the analysis states, indicates Sylvan Lake “has become more self sufficient for retail, with less reliance on Red Deer for shopping basics.”
It also states that the majority of retail in Sylvan Lake is situated in the east side of town, noting that more may be needed on the west side in the future to accompany growing residential development.
Mayor Sean McIntyre said he feels the analysis will prove beneficial in attracting new business to town.
“The Retail Gap Analysis helps provide direction and provides assistance to our economic development officer in recruitment efforts in attracting business to the community that will meet short- and long-term needs of residents,” he said.
The first phase of the analysis, conducted for the Town by MXD Development Strategists, can be viewed online at www.sylvanlake.ca/projects.