Market Analysis Summary
In the past ten years, the Willow Creek section of Richmond has grown tremendously. The growing student community combined with the customers of the area's arts and craft stores are a perfect support base for the Bronx Bakery.
Currently, the area is served by three small restaurants and two coffee shops. None of these restaurants or shops carry the menu items found at the Bronx Bakery. In addition, the bakery is located on Steward Street which is the area's main street. The foot traffic on Steward Street is very heavy with arts and crafts shoppers and State University students.
4.1 Market Segmentation
The Bronx Deli and Bakery will focus on two significant customer groups:
- Arts and Craft Shoppers: The community is home to a number of artists and craft people that operate the Willow Creek Craft Fair. This creates a festive environment in the Willow Creek central commercial/retail area that attract shoppers each weekend. The Bronx Deli and Bakery is adjacent to the Craft Fair which is one block south of Steward Street. The traffic from the fair to the Steward Street shops goes right past the Bronx Bakery.
- Students: The Bronx Deli and Bakery will be a half block from campus. A significant number of students spend money on food and drink in the Willow Creek area. Last year, it was estimated that students spent $20 million dollars on products, services and entertainment in the Willow Creek area. The bakery's location will be a convenient place to grab a bite or a sweet on the way to or from classes.