J. Milton & Assoc. - Laserfiche WebLink

Home Browse Search

.. e e Section V MARKET ANALYSIS This section of the report presents an analysis of those factors that can be expected to have an impact on the marketability of the proposed aquarium. These include market area demographics, competition and the school year schedule. MARKET AREA DEMOGRAPHICS We have defined the residential market area to be a 100-mile radius from Sunny Isles Beach Aquarium. Typically, we define an aquarium's market area as a 70-mile radius, since market penetration beyond 70 miles is extremely low. However, the population beyond 70 miles of Sunny Isles Beach Aquarium is so immense that even a miniscule rate of market penetration is significant to the attendance potential of the proposed aquarium. The four categories of demographics to be considered are as follows: . Population levels and trends . Per capita incomes . Ethnic composition . Age distribution These will be discussed, in turn, below. Population Table #2 presents a summary of population levels and trends for the market area from which the proposed aquarium is expected to derive substantial support. Shown in the table are population data for 2009. These data items are shown for distance bands extending out to 75 miles. As reported, the population of the market stood at nearly 5.6 million. As shown in Table #2, population data is presented in four segments or distance bands. At present, the area immediately around the proposed site - the area out to fifteen miles - accounts for 2,498,285 people. By comparison, the area within 16 to 45 miles of the proposed site has an estimated population of 1,787,636. As distance from the site increases, so does population. Feasibility Study for a Proposed Aquarium at Sunny Isles, Florida Page 10