News : Retail expert lists strengths of Vinton economy; urges recruitment, housing

Megan O'Brien discussed trade areas and other retail issues during meeting in Vinton Friday.

Vinton is doing better from a retail perspective than most communities of similar size in Iowa, and much better than some. And the best way to improve on those strengths is to actively recruit new families to move to Vinton, and to make sure there is enough housing to accommodate them.

That is the overview presented by retail expert Megan O'Brien during a meeting Friday in Vinton.

The Benton County Extension Office and Vinton Unlimited sponsored the brown bag lunch meeting at the US Bank Community Room. O'Brien is now in business for herself as a business consultant. She formerly worked for Extension, assessing the economic strengths and weaknesses of Iowa's communities.

More than 35 local leaders and business operators attended the event.

O'Brien's presented included many statistics comparing Vinton, Benton County and the rest of Iowa.

Concerning distribution of household income, 28 percent of Vinton households make less than $20,000 per year, 22 percent between $20,000 and $35,000, 19 percent between $35,000 and $50,000 and 31 percent above $50,000.

Vinton has a significantly higher percentage of households with incomes lower than $20,000 than the rest of the county and the state, and a lower percentage of households in the highest income category.

But the fact that Vinton can support three furniture stores shows that Vinton has unique strengths as a retail community, O'Brien said. Also, the vitality of the downtown area sets Vinton apart from many other communities of similar size.

O'Brien told the crowd that her drive around Vinton indicated that the city is doing well from a retail perspective. The statistics, she said, confirm that.

One way that retail analysts measure a community's success is its "pull factor," or the ratio of actual sales to potential sales. Vinton's pull factor is nearly 1, which is higher than many other regions in Iowa.