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Demographic Analysis Sample

Decent Essays

Introduction and Purpose

The purpose of this memo is to summarize and prepare a market / demographic analysis of the building on 664 North Wells Street in Chicago. Our focus will mainly be on the basic demographics and income, expenditure data, tapestry report, supply and demand informations as well as some analysis and recommendations. Our purpose is to investigate how the demographics affect the location and what type of retail, restaurant, or entertainment is prevalent near the building. The radius we are using is 0.2, 0.5 and 0.8 miles from the address of the building. We chose that radius because it gives us data on our relevant customer and it is just at the limit with the lake. We understand that some potential customers might come to the neighborhood from further than 0.8 miles, but after researching the overall market, we believe that it is not our primary focus.

River North is an upper middle class neighborhood. The residential area consists of old Chicago style houses, old industrial buildings, that were converted into loft style apartments, and more modern high rise constructions. The business sector is a mixture of …show more content…

For the tapestry LifeMode groups, we can see that at a 0.8 miles radius, 82.4% of the 2015 Households were composed of Uptown Individuals, 8.8% of Senior Styles and 2.1% of Middle Ground. On the other hand, the Urbanization Groups report reveals that the Principal Urban Center contains 35,606 households or 84.3% of the total number. Out of those 35,606 households, the category that interests us the most are the Metro Renters (3B), prevailing with 69.3% and the Laptops and Lattes (3A) with 12%. The 0.8 miles radius also indicates that 7.8% of the total households is part of the Suburban Periphery and displayed as Golden Years (9B). The category that appears to have the most potential is the Metro Renters

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