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- This is a prime location for a family entertainment center with a twist. With daily average traffic counts of around 60,000, this location is the second busiest corridor in the Lynchburg area.
- The microbrewery market continues to grow at a steady rate of about 4% nationally.
- In Virginia, the average is 3 breweries per 100,000 people. Statewide, you have a 4:1 opening to closing rate and a very high business retention rate of 90%, compared to restaurants at 40%.
- Region 2000 MSA defined as Lynchburg City and the four surrounding counties contains approximately 300,000 people and skews younger due to the large number of students at the many universities in the area.
- Currently there are three microbreweries to serve the MSA, allowing for an approximate $5.5 million market opportunity at 5 miles for brewery or similar establishments. (Environics Analytics).
We have yet to find an analyst to assess demand of family entertainment centers, but our own personal experience and anecdotal data from friends and family indicate a strong opportunity for this niche. A cost effective approach to combine the two opportunities seems to create a high likelihood for success.