Wondering about economic development in Oswego?
So is the Village.
Oswego has been learning about its demographics and market study through a CMAP grant and findings are starting to be released as information becomes available.
At the committee of the whole meeting on Oct. 1, the Village’s Economic Development Director Vijay Gadde reported that Oswego has been ranked 7th in both median household income and median housing values within a 15-mile trade area that includes 23 other communities.
“These are some of the criteria that businesses look for,” said Gadde, when choosing where to set up shop. Other factors include consumer lifestyles and retail analysis.
The data was provided from a 2007-2011 American Community Survey for the year of 2011.
Gadde said that Oswego ranks significantly higher in income level than 17 of the 24 communities listed (see above chart).
He writes in Village documents, “Oswego has an optimal combination of economic strength, job growth, affordability, good schools, some diversity and a strong sense of community which made it one of CNNMoney.com’s best places to live in 2011.”
However, Oswego does have some “retail leakage.”
Retail leakage means that residents are spending more for products than local businesses capture. Retail sales leakage suggests that there is unmet demand in the trade area and that the community can support additional store space for that type of business.
But as Village documents note, it’s important to remember that retail leakage doesn’t necessarily mean an opportunity as a neighboring area could dominate that particular market.
Oswego is shown to have a leakage in the following areas:
- Motor vehicle parts and dealers
- Furniture and home furnishing stores
- Electronics and appliance stores
- Clothing and clothing accessories stores
- Sport goods, hobby, book and music stores
- And miscellaneous store retailers
Oswego is listed as having a surplus, meaning the area is capturing local and non-local shoppers, in the following areas:
- Building material and garden equipment and supply dealers
- Food and beverage stores
- General merchandise stores
- Foodservice and drinking places
A full look at the retail leakage/surplus analysis can be seen here, starting on page 34.
Currently there is no recommendation regarding the informational material, although Village documents note that under strategic planning objectives they would like to “aggressively market available properties, the Orchard Road corridor and future rail service opportunities.”