Retail Pull Factor
According to a Retail Trade Summary report prepared by the Illinois Institute for Rural Affairs (IIRA), Salem’s retail market supports much more than just Salem residents.
In 2013, the IIRA reports that Salem had per-capita retail sales totaling $29,063 ($213,613,404 all retail sales). When compared to per capita retail sales reported for Downstate Illinois ($12,915 per capita), Salem had a pull factor of 2.25. Extrapolating IIRA’s conclusions, Salem would need to have a population of 16,319 in order to generate the same total retail sales in 2013.
We think IIRA’s conclusions are based upon: (1) the importance of Salem’s retail market to residents outside of Salem’s corporate limits; and (2) Salem’s draw to motorists on both Interstate 57 and US Highway 50. In other words, retailers considering Salem for location of their business should consider more than just the rooftops located in Salem.
2013 IL Dept. of Revenue Muni Tax | 2013 IIRA Report | 2014 IL Dept. of Revenue Muni Tax | 2014 (using IIRA calculations) | |
---|---|---|---|---|
General Merch | $555,648.82 | $5,536,488 | ||
Food | $213,910.56 | $21,391,056 | $219,960.79 | $2,199,608 |
Eating & Drinking Places | $203,757.98 | $20,375,798 | $208,285.61 | $2,082,856 |
Apparel | $14,410.51 | $1,441,051 | $14,891.10 | $148,911 |
Furniture, Household | $11,166.5 | $111,665 | ||
Lumber, Building | $20,400.63 | $2,040,063 | $ | |
Automotive & Filling Stations | ||||
Drugs & Misc. | ||||
Manufacturers | ||||
Agriculture & All other |