Duncan Entrepreneurial Opportunities
June 2021 Update
Local First Arizona interviewed residents of Duncan to understand their spending patterns and identify market gaps and opportunities for existing or new businesses. Findings were outlined in an Economic Leakage Report.
Everyone interviewed took great pride in their peaceful, small-town, and the friendliness of the community. They appreciate their neighbors and the “everyone helps everyone” mentality of the town. This is a place where residents feel safe. Many have generational roots in the region while others stumbled upon the town and never looked back. Regardless of how residents happened upon this quaint town near the border of Arizona and New Mexico, they all agree that it is home.
Findings showed that the majority of the residents who were interviewed would spend more dollars locally if they had the opportunity to do so, and prefer to keep their dollars local when possible. Only two out of the 18 people interviewed stated that they attempted to do the majority of their shopping in town. Currently, most are convinced they cannot find many items locally and when they can, they feel strongly that they pay a higher price. It is imperative for businesses to provide more ample and affordable opportunities for people to spend locally.
The most common destination where people leave to shop is Safford with the majority of people interviewed stating that they complete at least 75% of their shopping in Safford and up to 70% of their purchases out of town or online. Businesses in the community need to better understand the consumer and cater to those needs. There are existing local businesses that could offer a wider variety of fruits, vegetables, meat, dairy products, and non-perishable items that might attract more people to their store. The number one new business that interviewees would like to see come to Duncan is a grocery store with more variety and affordability. Additionally, consumers identified inconsistent business hours as a challenge and requested that the business community adjust to meet weekend demands.
Duncan is a great location for someone looking for a unique business opportunity. Most of the storefronts in the downtown district require renovation, bringing an opportunity to truly create your own space. Due to limited options for essential items and high demand from residents, Duncan is a ripe opportunity for entrepreneurs to launch and thrive.
Where It All Began:
In November 2020, Local First Arizona, operating as the state’s Rural Development Council, interviewed Duncan residents, business owners, elected officials, working professionals, volunteers, and parents about their spending habits.
The overall goal of the project was to gain an understanding of spending patterns in the area that result in either dollars recirculating in the local economy or leaking out of the local economy. ‘Recirculating’ and ‘leaking’ are meant to help describe the movement of capital in the Duncan community.
Dollars recirculating will bolster the economy and provide increased tax dollars and opportunities for more local people to prosper.
Dollars leaking from the economy will benefit those who live outside of the local economy or perhaps outside of our state or even our country.
Many studies have shown that spending with locally owned businesses keeps 3 to 4 times more money recirculating locally, which can have a significant impact on the overall quality of life. Even shifting just 10% of residents’ overall spending from national to local enterprises can create new dollars circulating locally and new job opportunities.
It’s generally understood that no economy can be 100% local and that a community’s commitment varies on their inclination to spend their money locally. Our goal with this study was to quantify the money being spent locally versus the money being spent elsewhere. Through an Economic Leakage Study, Local First Arizona uncovered some of the challenges that prevent people from supporting local businesses or the local economy and made some recommendations to start the conversation about what can be done to overcome those challenges.
