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MySeniorCenter Fun Facts

Wednesday, May 1st, 2024

Over the years, we've explored the concept of Market Reach. It's roughly a combination of wallet share and market penetration rate. We define it as the percentage of available Seniors in any given area who attend their local Center. In April 2023, we reported in Fun Facts that the Network-wide average Market Reach was 12.98%. That means a typical Center reaches 12.98% of the seniors in their community.

In that same issue, we looked at different geographic, population density, and income variables that could have an impact on a Center's expected Market Reach. If you weren't a subscriber in April 2023, you can see that issue here.

This year, we're leveraging the information from the physical attributes survey that many of you completed in December. We've combined it with the Market Reach calculations to learn more about how a Center's age, space, parking, and location can have an impact on Market Reach.

Let's have a look.

Welcome to...Fun Facts - the
Market Reach...with a twist


Let's Do The Twist

Just under 41% of all Centers across the MySeniorCenter network completed the survey. That's information from 860 Centers included in this month's issue! They inhabit structures built in the 1700s, as well as a few that opened this year. There are some with no off-street parking, and others with 400+ dedicated spots. While the average number of square feet per Center was over 13,000, the range was from 1100 to over 65,000. It's safe to say that there is a broad range of Centers represented in the survey results.

Our first analysis looks at Market Reach by year of construction, and, as a bonus, how long the Center has been in the building. Many Centers are in locations that were not specifically constructed for them. In the Market Square Heroes section below, we highlight those differences as well.

The data doesn't always tell an obvious story, and that's the case here. Drilling deeper, we found that Market Reach is highest for a new building, but when the novelty wears off in years 2 and 3, it declines. It takes hard work to build the numbers up - and the data shows that's exactly what happens from years 5 through 14. That's great information for anyone planning on a new building.

The first graph shows that when viewed in large ranges, the age of the building has little impact on Market Reach.

Market Square Heroes

According to the data, both a Center's location within the community and the original purpose of the building have great impacts on Market Reach.

Stand-alone Centers and those in malls or downtown shopping districts exceed the Network average for Market Reach.

If the original purpose of the building was a Senior/Community Center, retail location (including banks), or downtown office space, then the Market Reach is more likely to be higher than the Network average. That seems to indicate that the closer the Center is to the traditional market square, the better.