The Greater Killeen Chamber of Commerce commissions a Retail Gap Analysis of the Killeen trade area every two years. The report helps determine what products and services are needed in the Killeen trade area to minimize the sales lost when residents make these purchases outside the trade area. The trade area covers cities as far west as Lampasas, south of Gatesville, north of Youngsport and west of Belton. Economic Development efforts focus on targeting specific retailers to come to Killeen to fill the gap in lost sales.
The 2014 Retail Gap Analysis indicates there are $160 million in General Department Store merchandise and $46 million in restaurant sales leaving the area since 2012. Grocery store sales show a loss of $3 million or three percent in sales. One of the largest retail gaps is in gasoline sales. According to the report, there has been a loss of $300 million in gasoline sales leaving the area to other communities. With the opening of new gas stations, this sales loss should be recaptured soon. A positive surge in sales with some categories can be viewed as part of the economic recovery because shoppers are buying more products.
When someone refers to, “Location, Location, Location,” as a driving factor to success, it’s not the only criteria used by retailers. Demographic data such as household income, population, age, education level and drive time are also important when sites are considered for store locations.
The Greater Killeen Chamber of Commerce will continue to market the unique aspects of the area. Unofficially, retailers have commented that grand opening sales in the greater Killeen market set new corporate records.
View a retail gap analysis comparison by retail sector from 2012 to 2014 below. For the complete report, contact Phyllis Gogue via email at phyllis@killeenchamber.com.
