C h a p t e r 5 R e ta i l S t r at eg i e s
the specificity and resonance required for effective targeting of downtown Wake Forest’s primary sub-markets. This approach is grounded in a fundamental rule of marketing, that it is almost always easier and less costly to capture more expenditure from existing customers than to create new ones from scratch. Rather than trying to jump on the latest fad or to be “all things to all people”, a given business district should endeavor to understand how it can more fully exploit the sub-markets that it already has.
Street/US 1A) are accounted for. Its best chance for grocery retail lies in some sort of well-differentiated “destination” food concept capable of drawing from beyond its immediate catchment, like a market hall with multiple vendors. Such formats, however, carry considerable risk for the operator. Alternately, Dollar General, as will be discussed later, could be expanded into a Dollar General Market, which offers a larger food selection geared towards a lower- income demographic.
5.2.3 National Chains in Downtown
5.2.2 A Supermarket in Downtown
The 2003 Renaissance Plan also envisioned a number of “junior anchors and specialty retailers” as part of its ambitious Town Center South District scheme, citing Crate & Barrel, Barnes & Noble, Pier 1 Imports, Williams-Sonoma, Pottery Barn, Abercrombie & Fitch, Ann Taylor and Gap in particular. While it is not inconceivable that these retailers would be intrigued by an opportunity to expand to a high-growth sub-market like northern Wake County, they would be more likely to consider some sort of “lifestyle center” project along Capital
In the 2003 Renaissance Plan, the scheme proposed for the “Town Center South District” had included a full-service grocery store. Yet, while such an amenity might have previously existed in downtown Wake Forest, one would be unlikely today, given how little of a customer base remains after the draws of nearby competitors such as Lowes Foods (Gateway Commons, Capital Boulevard), Harris Teeter (Capital Boulevard) and soon, Lidl (South Main
S S Rather than trying to attract new merchants from elsewhere, downtown
S S In order to ensure higher volumes and hedge against over-reliance on any one source of revenue, existing merchants
Wake Forest should first approach ones in downtown Wake Forest who have already developed a local following, like Back Alley Coffee Roasters, to see if they might be interested in expanding with another concept. (Image: www.backalleyroasters. com)
might consider adding new product lines or sub-markets. Page 158 Books, for instance, could conceivably offer textbooks for SEBTS students, now that the on-campus LifeWay Christian Store has closed.
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