The Town of Spencer is located in Rowan County, North Carolina just north of Charlotte along the I-85 corridor. The town lies right in the heart of the Piedmont-Triad Region, approximately two-hours from the Appalachian mountains and a four-hour drive from North Carolina’s extensive coastline. The Town utilizes two main transportation corridors, Salisbury Ave (US Highway 29 N) and Long Ferry Road. The road serves drivers daily for business, regional travel to Royal Giants Park, Stanback Educational Forest and Park, Eighth Street Ballpark, Spencer Library, the three schools located in Spencer, and accesses the many residential and commercial areas of the downtown area. The North Carolina Transportation Museum, formerly Southern Railroad Company, salutes Spencer's heritage of a railroad town. The Museum was a major economic driver from the early 1900's to 1960's serving to repair trains and providing jobs and continues to impact the Town tremendously within the downtown district generating tourism of over 150,000 visitors each year.
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Marketing Analysis Information
2016 Retail Market Place - Rowan County
FDIC Profile - North Carolina
General household information observations are used in determining target retail markets. Based on the ESRI report and 2010 US Census data (unless otherwise noted) a synopsis of the household information for Spencer (within the 1 and 5-mile radius) is as follows:
- Population within 5-mile radius 44,167; number of households 17,404
- Population within 1-mile radius 4,562; number of households 1,791
- Median age: 39.1
- Ethnicity: 58.2% white; 32.8% African American or black; Hispanic or Latino 9.2%
- Average family size is 3.15
- Average household size is 2.5
- Median household income is $39,063
- Median family income is $43,968
- Per capita income $18,994
- 61% homes owner occupied
- 39% homes renter occupied
- Total vacancy rate: 13%
- Median house or condo value: $116.489
The ESRI data suggests that within a five-mile radius of downtown Spencer there is more retail supply or surplus than retail demand or leakage. This means that Spencer’s current retail demand (retail potential/leakage) is less than what is being supplied. The demand for retail goods is $346,100,344 and the supply for these (or retail sales) is $523,626,806. This leaves a retail gap (or surplus) of over $177,526,462.
There is fairly significant traffic within the downtown district. 70 East at N. Salisbury Ave (North of the Transportation Museum) DOT Traffic count is 7300 per day. 70 West at N. Salisbury Ave (South of the Transportation Museum) DOT Traffic count is 8300 per day. These counts do not extend out to the Interstate, but we do know according to the NCDOT information that 64,000 vehicles on a daily basis are passing along I-85 and the exit to Spencer and the NC Transportation Museum, 62,000 are passing the I-85 Spencer exit at highway 52.
LOCATION - LOCATION - LOCATION
Spencer is located:
- In the exact center between Washington, D.C. and Atlanta, GA;
- 49 minutes from two Major International Airports, Charlotte Douglas International Airport and Piedmont Triad International Airport.
- Two active Railways with a 60 acre railway yard and an Am-Track Depot nearby.
- Interstate 85 - 1-mile away with multiple accesses
- Interstate 40 - Less than 20 miles
- Interstate 77 - Less than 25 miles