Jamestown Courting Large Home Improvement Retailer
JAMESTOWN - A real estate development firm is looking to pursue one of the three major home improvement retailers for a possible outlet in Jamestown.
One of the partners in the effort, Drew Snyder, President at Woodsonia Real Estate Group Inc, Omaha, Nebraska, told the Jamestown City Council that under a contract with the city, his firm conducted a "retail leakage study" that showed Jamestown's trade area lacks a proportional amount of sales in the home improvement sector compared to three similar trade areas in Brookings and Mitchell, South Dakota and North Platte, Nebraska.
That "leakage" amounts to approximately $56 million in lost sales and $1.1 million in lost tax revenue per year when calculated based total retail sales and purchases and the estimated consumer spending power within a 50-mile radius of the city (considered a reasonable trade area).
Snyder and his partners presented a proposal to address those shortages, with a 65-acre site lay out for a home improvement store, located on property owned by Liechty Associates, west of the Buffalo Mall and south of I-94. The proposed home improvement store would take up 20 acres near the center of the development.
It's expected that other retailers and ancillary service providers (restarurants, etc.) would be drawn to the area to occupy the remaining acreage.
Architectural plans indicate water and sewer services are already suitable. Traffic flow would have to be improved upon with existing roads extended and some new roadways..
Mayor Katie Andersen said the retail “leakage” data will be presented to officials at Menards, Lowes and Home Depot.
Snyder said the timeline is for an announcement in the first quarter of 2014 and an opening date for the actual retailer in early 2015.
-Lynn Hopewell, News Director