At the leading edge of retailing…. An opportunity to capture, sustain, and evolve.
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Transcript of At the leading edge of retailing…. An opportunity to capture, sustain, and evolve.
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At the leading edge of retailing…
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An opportunity to capture, sustain,and evolve.
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In Oklahoma City, Ok.
Presented By:
The Legaspi CompanyMarketing/Realty Services
The Hispanic Market
José de Jesús Legaspi
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Domestic Emerging MarketDomestic Emerging MarketOver the past 50 years, the U.S. Hispanic population
has grown significantly faster than the overall U.S. population…
CAGR
4.4%U.S. Pop.CAGR1.2%
Source: Strategy Research Corporation, 2002 U.S. Hispanic Market, Claritas, and The Selig Center for Economic Growth, 2009
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Better Business Through UnderstandingBetter Business Through Understanding
• 80% of Latinos feel that businesses sell better to the Latino market when they make an effort to learn about Latino culture. About 75% of non-Latinos also agree that knowledge of culture is important for businesses, but about 10% of these groups say they “don’t know” about this topic.
American DreamMakers. United Way of Greater LA. 2000
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Generational Language Preferences
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CULTURACULTURA““The three main building The three main building
blocks of culture and blocks of culture and patterns of behavior, patterns of behavior, emotion and knowledge. emotion and knowledge. None of them are created None of them are created afresh with each new afresh with each new generation. Instead, these generation. Instead, these patterns have histories, very patterns have histories, very lengthy in the case of lengthy in the case of Latinos.”Latinos.”
Source: David E. Hayes-BautistaThe Center for the Study of Latino Health/UCLA
CULTURECULTURE
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What ties it all--
Language Religion Family (extended)
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The generational difference is but one aspect of the diversity of the Hispanic population.
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First Spanish language book on bothBest seller lists of the LA Times and New York Times…
Movies and TV shows testing the market…
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Music is part of theLanguage factor…
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Domestic Emerging MarketDomestic Emerging MarketYouthful Hispanic Population
Source: US Census Bureau, 2007
• 36.6% of the U.S. population was under 18 years of 36.6% of the U.S. population was under 18 years of age in 2007.age in 2007.• 27.6% of Hispanics were less than age 18.27.6% of Hispanics were less than age 18.• The median age for the U.S. population was 36.6 The median age for the U.S. population was 36.6 years.years.• The median age for Hispanics was 27.6 years.The median age for Hispanics was 27.6 years.
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The leading edge in retailing…
for the largest domestic emerging market…
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Comparative Market ProfileComparative Market Profile
The U.S. Hispanic population:◦ Ranks 2nd compared with other
Spanish speaking countries just behind, Mexico, and above Colombia, and Spain.
◦ Surpassed the total population of Canada.
◦ It is the nation’s biggest minority.
◦ Growing 7 times faster than Non-Hispanics.
◦ Largest proportion lives in the Southwest.
◦ 58.8% is of Mexican descent.◦ It is the largest Spanish
Speaking economy in the World.
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Hispanic Market*Hispanic Market*
Population Total Hispanic % of Total
HispanicPurchasing
PowerBillions
US 306,624,699 47,540,993 15.5% ~$1,200.0
Oklahoma 3,837,963 375,484 9.78% $6.2+
Oklahoma City 1,091,108 150,790 13.82% $2.5+
Source: University of Georgia, Selig Center for Economic Growth and Claritas, 2009
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Oaklahoma City Hispanic Population
Over 93% of the Hispanic population in the Oaklahoma City area is of Mexican descent.
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There are many needs:
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Hispanic consumer patterns:
Source: Selig 2003
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Children’s everything
Everything for the home
Soft goods
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Financial services
Electronics, furniture,…
Entertainment and everything else…
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Binational and multinational trade…
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The growth of the Hispanic population
• Reached critical size• Complex and diverse• Full of opportunities• True domestic emerging market• Point of no return• Its only constant is the changes and the
evolution that it will experience• No borders• Loyal and conservative in nature• Los Angeles ADI reflects the future of the USA
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Place to Gather
• Invite not promote
• Respect through cleanliness and special cultural home away from home
• Will travel far to be at home with all
• Communal rather than individualistic
• Pride
• Aspirational
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The Hispanic oriented mall is within a purchasing power base of over $20 Billion dollars.
•Re-development
•Marketing/event promotions
•Leasing
Next steps:
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Mercado◦ 70,500 sf micro-business
incubator. ◦ Anchor
200 retailers. Restaurants Food/grocery stalls.
◦ Source of specialty tenants◦ Customer acceptance◦ Lends uniqueness to the Mall◦ Potential income of $1.7 million
before debt and occupancy costs.
REDEVELOPMENT:
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Lienzo Charro◦ Entertainment Anchor
Fits right into the Event centers surrounding the mall.
Increases distance draw.◦ Culturally relevant and customer
sensitive. Mexican Western Horse Culture Provides for additional retail
tenancy◦ Versatile Event Venue.
Mexican Rodeo Events Carnival, circuses, concerts.
REDEVELOPMENT:
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Lienzo Charro
Mexican Rodeo Arena
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Public Areas
◦ Central court and other secondary areas available for events and special promotions.
◦ Design stage and gathering places◦ Family lounge◦ Infrastructure for banners, signs, decorations, promotional
materials.
REDEVELOPMENT:
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Marketing/Events/Promotions◦ Customer attraction and Mall sustainability◦ Increases market reach for a larger customer
base◦ 3-4 Large events within the mall
Christmas: Posadas, Virgen De Guadalupe. Springtime: Mother’s Day. Summer/Fall: Talent Show and Mexican
Independence Day.◦ Weekend Events
Sunday concerts Weekday Children’s Day.
◦ Sponsorship opportunities Revenue potential
PROMOTIONS:
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The Legaspi CompanyThe Legaspi Company
Especially suited for the task at hand…