Chamber reviews data, looks at economic development opportunites – News – Hot Springs Village Voice – Arkansas News

Chamber reviews data, looks at economic development opportunites – News – Hot Springs Village Voice – Arkansas News

Hot Springs Village Area Chamber of Commerce executive director Michael Dollar told the Voice in a recent interview that the Chamber and the CORE Council, an arm of the Community Revitalization & Visitor Council, continues to follow their mission: to assist the local community in organizing, defining and implementing projects that advance and protect the region’s quality of life, and create individual and business opportunities for the future.
Secondly, to create avenues to showcase and share our local hospitality, our active community, our state and cultural pride.
A database has been developed that focuses on community strengths and provides a foundation for building assets. This database covers the area of North Garland County from the Ouachita National Forest border, south to include Fountain Lake High School, and east to the Crows community in Saline County.
According to a Buxton Retail Leakage and Surplus analysis that Dollar has received (which is based on people’s credit card data), opportunities for retail stores abound in the HSV area. Why? The data states only 16 percent of a $230 million potential in retail sales is being captured. That means area residents are spending approximately $194 million in retail sales outside their own community. “This means people are spending their money, but not spending it here,” Dollar said.
Only approximately 20 percent of a $24.6 million potential is being captured by local restaurants and less than one percent of the $27.5 million potential is being spent by residents at supermarkets and grocery stores located within their area. More on that below.
But Dollar sees…

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