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An updated Market Study is happening in March
Now that our Letter of Intent has been accepted and we're entering negotiations on our preferred site, we're on to the next step in the process: getting an updated Market Study.
A Market Study was previously completed in 2017 by G2G Research Group - a nationally recognized group and a top pick for food co-op market studies. The first study looked at area demographics, competition, and sales potential and determined that the Grand Rapids community could support a food co-op of around 6,000 square feet. G2G updated that original study in 2021 and the result was that it was still feasible to build a co-op here.
Fast forward to early 2024 and now that we are negotiating on a specific site, we need a new full market study analysis done on the exact location where our store will be built. The study will assess everything from the larger trade area demographics all the way down to specific considerations of the site. Having a recent market study is required by lenders and investors, helping us estimate our future sales volume to inform our financial projections and guide planning for our Community Investment Campaign.
The cost for this required market study is around $15,000. As we move forward in development, costs will continue to increase, even before we launch our Community Investment Campaign later in 2024 to begin raising the funds we'll need to build our store. The Community Investment Campaign will require the participation of all FRFC owners to make it successful.
Participation takes many forms! You can help through:
- Donations or other early investments
- Party planning assistance for public and/or owner-only events
- Volunteer time before or during the campaign
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Any other ideas for a fun and successful campaign!
Contact us now to learn more or to volunteer.
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