Published in the December 1, 2015 edition.
WAKEFIELD — Those interested in the future of Wakefield’s downtown will be meeting tonight in the lower-level conference room at The Savings Bank to review the draft of a “Market Assessment and Business Composition Analysis” prepared by FinePoint Associates, LLC.
In September, the Board of Selectmen approved Town Administrator Stephen P. Maio’s recommendation that the town retain FinePoint to work with him, the Town Planner, the Economic Development Committee and the Wakefield Main Streets Program to conduct an initial market assessment and business district composition analysis for the downtown area.
The purpose of the study was to provide research and data that will help the town in its economic revitalization efforts in the downtown. For purposes of the study, the “downtown” included businesses along Main Street, Albion Street and North Avenue.
Peg Barringer of FinePoint prepared the study and will present a draft of her findings tonight.
The study looked at various areas and populations that make up the customer base for the downtown area and analyzed demographics and lifestyle characteristics that could provide insight for understanding the needs and wants of these consumers.
The study also analyzed at spending habits within the trade area population and estimated the amount and types of purchases that residents are making outside of trade area.
Barringer also looked at the composition of the downtown business district and the types of retail, restaurant, cultural and service establishments within the district.
Beginning at 6:30 p.m. at The Savings Bank, Barringer will discuss the various aspects and results of her study and will also talk about a number of key “take-aways” and recommendations that the town may want to consider in its effort to attract the right mix of businesses to bring more vibrancy and economic vitality to the downtown area.
Anyone interested in the economic development the downtown in welcome to attend.