The Town of Poolesville’s Community and Economic Development Committee (CEDC) has released its findings of a market study of the Town’s economic climate and commercial opportunities.  An independent research company, Thomas Point Associates, performed the research.

The research data indicates that the top uses for open commercial space in the Poolesville market area, considering demographic data, are restaurants, certain specialty retail shops, and business services.  This matches what the residents and businesses desire according to surveys conducted by the CEDC last year, especially regarding restaurants.

“We have commercial space available for interested businesses,” said Wade Yost, Town Manager.  The vacancy rate as of March, 2007 was 9.7%.

The study also indicated that the Poolesville market area has several attractions worth promoting, including its many historic sites and the proximity to the Potomac River and Sugarloaf Mountain.  Hikers, bikers, equestrians, families, and senior citizens are frequent visitors.  Poolesville is quite accessible within a 1.5 hour drive to a metro population of five million people.

The Poolesville “market area” is described as being the geographic area within a 15 minute drive from the center of town.  Within that area, the population is 9,815 and expected to grow to 10,608 over the next five years, a growth rate higher than the average for Montgomery County.  The population is considered affluent, with a median household income of $87,500 compared to $72,138 for the rest of the county. Nearly three-fourths of the employed population holds white collar jobs.  Traffic counts on the major roads have slightly increased but are not enough for most major retail chains to open a location.

The study recommended that the town improve its marketing to attract more visitors and create a central place that is attractive to residential foot traffic.  Today, the town has four separate shopping areas plus Whalen Park loosely connected by sidewalk.

Overall, the study sees a bright future for the town as a close-in get away, especially as the region grows and the town remains rural.

The Community and Economic Development Committee was commissioned by the town of Poolesville government and consists of representatives from business, government, and residents. The CEDC is planning a summer concert and theater series in Whalen Commons. Other CEDC projects include branding and logo design, website development and the Holiday Lighting Ceremony.