According to a JGSC Market Analysis, there is $990 million of uncaptured retail opportunity
in a 3 mile radius around Boonton.
And the best part is that local Boonton shopping destinations along with our historic Main Street are the default downtown for a 3 Mile Radius: Boonton Townshp, Montville, and Mountain Lakes.
About Boonton's Esri Tapestry Segmentation Model
What kinds of people live and shop in and near Boonton that could benefit your business? We used Esri Segmentation to detail populations that Boonton's economy serves as well as what they are looking for. Tapestry classifies US residential neighborhoods into 67 unique segments based on demographic and socioeconomic characteristics. That's how you'll get more insights into Boonton's local economy so you can identify your best customers and the underserved markets.
Q: Who are the people (what market segments) live in / near Boonton that make it a great place to open a business and what are their general demographic characteristics?
Population Type 1: Click the image to learn more about these people:
Population Type 2: Click the image to learn more about these people:
Population Type 3: Click the image to learn more about these people:
Population Type 4: Click the image to learn more about these people:
Population Type 5: Click the image to learn more about these people:
Population Type 6: Click the image to learn more about these people:
Q: Who has the buying power in the 3 mile radius area?
The age distribution in the 3 mile radius is generally older than in the 1 Mile radius (those ages 45-54 reaches 16% of the population in the 3 Mile):
Population by age - 1 Mile:
Population by age - 3 Mile:
The 3 Mile Radius is more racially diverse, but not by much. There is a significantly higher Asian population in the 3 Mile Radius .
Population by Race: 1 Mile
Population by Race: 3 Mile
Median Household Income: $78,360 in the 1 mile vs. $87,032 in the 3 Mile
There is a marked increase in those households making greater than $150k per year in the 3 mile radius. Those in the 3 mile radius are considerably wealthier.
1 Mile Income Distribution:
3 Mile Income Distribution:
Demographics Comparison of 1 Mile vs. 3 Mile Radius
Population for 1 mile radius is 8,659 vs. 49,248 within a 3 mile radius
Population has remained relatively stable for both areas (slight loss over last decade)
Male to female ratio is about even for both
Median age for 1 mile is 40.5 vs. 41.9 for 3 mile
31% for 1 mile vs. 32.7% for 3 mile radius of households have children
95% in the 1 mile radius vs. 35% in the 3 mile own their own home (many more renters in the 3 mile radius)
Population in both areas are expected to increase about the same
Median household income expected to increase about the same