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Last Frontier Market

Market Analysis Summary

In the past ten years, the Willow Creek section of Richmond has grown tremendously. The growing student community combined with the new families in the area are a perfect customer support base for the Last Frontier Market.

Currently, the area is served by two major supermarkets that do not carry any of the product lines available at the Last Frontier Market. The closest natural food store is a twenty minute drive.

Josh Wingard and Mary Stevens believe that a local natural food store in the Willow Creek area would be competitive and offer customers a product selection that will assure repeat business.

4.1 Market Segmentation

The Last Frontier Market will focus two significant customer groups:

  • Families:  Many of the young families moving into the Willow Creek area are doing so because of its unique community environment. 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. Its close proximity to the university also attracts young families where one or both parents are students or employees of the university.  These families are a strong customer base for the Last Frontier Market.
  • Students: A significant number of students prefer to shop at a natural food store. The Last Frontier Market will be within walking distance for most area residents.  Our location will make our store a convenient place to shop on the way home from classes.
Organic food store business plan, market analysis summary chart image

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Family Members 15% 9,000 10,350 11,903 13,688 15,741 15.00%
Students 10% 16,000 17,600 19,360 21,296 23,426 10.00%
Other 0% 0 0 0 0 0 0.00%
Total 11.88% 25,000 27,950 31,263 34,984 39,167 11.88%