“Airport upgrade ‘The federal Ministry of Transport has advised Terrace city council that expansion for the Terrace air terminal is now in § _the planning stage. “A letter from the. ministry states that 7 ‘departmental officials in the Pacific region are currently working with representatives from the various airlines involv- ed in order to finalize preliminary design and cost estimates. « |. Airport manager Darryl Laurent says the project. isn’t ', developing as fast as he would like but says it looks as though the expansion will go ahead — “It’s just a matter of when’’. -. His best guess is next spring. The expansion will provide more terminal space as well as more up-to-date baggage handling 1 ‘facilities. Paving and lighting improvements were completed - earlier this-year at a cost of $985, 000: . Business Beat . Anew retail business: — market and location For the owner of a new retail establish- ment, market research will both deter- mine and justify the choice of a product . or product line since it will estimate de- mand. The important question to be answered is: How many people want to buy what will be sold? To find that out, research must be.done into who potential customers are, their lifestyles, their buy- ing habits, where they are, and how they , can be reached. The first step is to categorize the new _-by Phil Hartl Manager, Terrace | Federal Business aeeeenen Bank retail business in terms of goods to be sold, and then. determine the total market in the area through such figures as total current sales of similar items, significant trends, projections, and number of other : ‘businesses engaged in the same line... . The second step is to identify and analyze the geographic area to be served. Since customers usually go to the most convenient _ and closest store, travel distance and time may determine the size of market area which could be town, city, locality or even a pro- vince. - The third step is to find out as much as possible about the peo- ple in the geographic area defined as the market for the new business. This information should include present market size and number of residents, family size, age distribution, money available to spend, special buying attitudes and comparison to other areas. In conjunction with those three steps, a listing should be made of all competitors in the geographic area and an estimate sought ° ‘-of their share in relation to total sales. The initial listing of com- _ petitors can come from the yellow pages of a telephone directory. A careful analysis of all of this information will go far in ~ -enabling the new retail operator to determine if there is a market : for the product lines involved; what realistically ‘can be expected as a share of market; and what sort of sales can be forecast. Now comes the choice of the actual location of the new retail venture, which requires the same amount of consideration as did ‘choosing the geographic area to be served, ‘The location for a new business should not be determined only by such factors as price, proximity to the owner’s home, or: "readiness to begin operations. The most important considerations usually will be accessibility, visibility and exposure to potential customers. Theré usually are three general areas from which to choose a location: Downtown business district: The advantage is immediate availability of potential customers; initial exposure to a greater number of people than normally could be acquired in the same ‘ period of time through building up goodwill. Disadvantages _ could be parking and traffic problems; stiffer competition; higher rentals and operating cost; and urban trends in the city involved. ' Shopping centers: These offer the same advantages as a downtown location plus accessibility and parking facilities. In ad- . _ dition, major shopping centers have done extensive market research and pooled advertising of ‘various shops can be of" benefit to all. “Neighborhood: This location means limiting business to a - specific area of people, and it must be ascertained that there is a market for the product. Light customer drawing power may not be offset by low rentals and operating costs. . To summarize, the following factors must be considered in evaluating the location for a new retail venturé: accessibility and convenience to customers; compatability of the business with the | - surrounding area; occupancy costs (including alterations); visibili- _ty (frontage) of the business and goods sold; store exterior that - projects the desired image; and store interior that is functional for the business and products involved. . Terrace Review — Weilnesday, August 3. 1988 | 7 _ The Terrace Jaycees made donations totalling $1,000 to the Salvation Army and the Terrace ~ Child Development: Centre last week. Jaycee president Jim Beli has high praise for the - Lucky Dollar:Bingo. Palace, which provided the medium to raise the money. Bell says that 3 because of the service provided by the Bingo Palace, Terrace service clubs are better off _. than they ever were — they don’t need to set up or rent space, they don’t need to invest in ' cards or equipment, and they have more room for bingo enthusiasts. Above, Jaycees bingo Bingo Fe sto Johnston accepts the two cheques from Jim Bell during a game at the Bingo Palace. Another beer and wine store TERRACE — With city ap- -proval, the Skeena Hotel will soon open the area’s third cold beer and wine store. A spokesman for the hotel says that all licenses and permits have © been approved by the provincial government.and it is now only a matter of meeting city regula- tions, Construction details are only ‘in the preliminary stage, but plans call for the new outlet to. be in operation sometime next spring. One cold beer and wine store is currently operating at ‘ the Northern Motor Inn and: another is due to open in the Inn of the West later this month. The matter is now in the hands of the Planning and Public Works Committee. = MALL _ RETAIL/ OFFICE SPACE FOR LEASE 14,000 SQ. FT. _SERVICE/COMMERCIAL | Uses Permitted Retail sales, Barber, Beauty Salon, Cafe, Restaurant, Delicatessen, Florist, Tailor, Photographer, Li- quor store, Auto accessory, Private art galley, Pharmacy, Retail bakery, Banks, Trust companies & ‘similar financial institutions, Utilities office, Post office, Travel agent, Shoe repairs, Upholsters, Ap- ~ pliance service, Bicycle sales and service, Laundry & laundromat. INQUIRIES:- Horst Godlinski 638-0371 office 635-5399 home TERRACE REALTY LTD. 4635 Lazelle Ave. 638-0371