7.1 EDSR 06-17-2024The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
Economic Development Authority
Item Number
7.1
Meeting Date
June 17, 2024
Prepared By
Joshua Mollan, Economic Development Specialist
Item Description
Placer.ai Presentation
Reviewed by
Brent O'Neil
Cal Portner
Action Requested
Item presented for information and discussion purposes.
Background/Discussion
Staff will use this time to share a presentation of relevant reports and features from Placer.ai which include:
leakage report, downtown visitation trends, and 169 Redefine impacts, among others.
Financial Impact
N/A
Mission/Policy/Goal
Support Elk River’s existing businesses through relationship building, programmatic offerings, and high-quality
city services. Attract new business development to Elk River to build the City’s economic vibrancy, job
offerings and tax base.
Attachments
1. EDA Placer Presentation 06-2024
Page 65 of 104
Placer.ai Update
Joshua Mollan
June 2024
Page 66 of 104
Leakage Report
Page 67 of 104
Leakage Report
Page 68 of 104
Leakage Report
Store 2021 2022 2023
Target –Otsego 304,000 291,000 309,000
Costco –Coon Rapids 68,000 63,000 52,000
Kohl’s –Rogers 43,000 33,000 27,000
Target –Rogers 36,000 34,000 34,000
Costco –Maple Grove 31,000 32,000 31,000
Page 69 of 104
Leakage Report
2021 2022 2023
Chick-fil-A –CR 14 Chick-fil-A –CR 14 McDonald’s –R 24
Raising Cane’s –CR 13 Chick-fil-A –MG 12 Chick-fil-A –CR 21
Chick-fil-A –MG 9 Raising Cane’s –CR 11 McDonald’s –BL 19
Raising Cane’s –MG 9 Raising Cane’s –MG 10 Wendy’s –R 17
Freddy’s –R 8 Noodle’s –R 9 Raising Cane’s –CR 16
Page 70 of 104
Downtown Analysis
Page 71 of 104
Downtown Analysis
0
10000
20000
30000
40000
50000
60000
70000
80000
January February March April May June July August September October November December
Downtown Visitation
2019 2020 2021 2022 2023 2024
Page 72 of 104
Downtown Analysis
Annual visitation trends
2019 2020 2021 2022 2023 2024
Total 695,000 564,000 705,000 717,000 813,000 846,000 est.
YTD (5/1)222,000 182,000 223,000 212,000 255,000 266,000
Page 73 of 104
Downtown Analysis
Top 5 zip code visitation by home location
Elk River 337,000 +23.3K 41.4% +7.4%
Zimmerman 68,400 +4.2K 8.4% +6.5%
Anoka 53,600 +4.1K 6.6% +8.4%
Big Lake 39,000 +10K 4.8% +34.5%
Princeton 23,500 +4.3K 2.9% +22.2%
813,200 total visits
Page 74 of 104
FT Center Analysis
Page 75 of 104
FT Center Analysis
0
10000
20000
30000
40000
50000
60000
70000
80000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
FT Center Monthly Visits
2021 2022 2023 2024
Page 76 of 104
FT Center Analysis
Visitor Journey - 2023
Page 77 of 104
169 Redefine Analysis
Page 78 of 104
169 Redefine Analysis
100000
150000
200000
250000
300000
350000
1/1 1/15 1/29 2/12 2/26 3/11 3/25 4/8 4/22 5/6 5/20 6/3 6/17 7/1 7/15 7/29 8/12 8/26 9/9 9/23 10/7 10/21 11/4 11/18 12/2 12/16 12/30
NB Highway 169 Weekly Traffic Counts
2019 2020 2021 2022 2023 2024
Page 79 of 104
Retail District Analysis
Page 80 of 104
Retail District Analysis
400000
450000
500000
550000
600000
650000
700000
750000
800000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
169 Retail District Monthly Visitation
2019 2020 2021 2022 2023 2024
Page 81 of 104
Carson Business Analysis
Page 82 of 104
Carson Business Analysis
60000
70000
80000
90000
100000
110000
120000
130000
140000
150000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Carson Business District Monthly Visitation
2019 2020 2021 2022 2023 2024
Page 83 of 104
Carson Business Analysis
Visits Variance YOY YTD
Page 84 of 104
Carson Business Analysis
Top Six Tenant Trends YOY YTD
Page 85 of 104
Carson Business Analysis
Hourly Visits Trends YOY YTD
Page 86 of 104
Thank you!
Questions?
Requests?
Page 87 of 104