Locals and millennials tend to be attracted to local independent coffee shops. Coffee shop industry is growing as it is vital part of human needs. It is also one of the top places that students and professionals gather and work on. Our main target will be millennial students and professionals. Many people use coffee as their energy beverage. We hope to attract students and teachers from Royal Roads University. Lastly, we will be able to maintain our position as long as there isn’t huge number of competition (spikes in rentals) and reduce on local population.
Target Market Attractiveness
The market I am targeting are millennials aged 19-28 that support local coffee shops. Today, millennials are more likely to use and main a sustainable lifestyle so my coffee shop will fit their standard. According to Smart Insights, an average millennial spends $38/month on coffee. In the morning, coffee shops become their life savors as they’re running late to work but during late afternoons, the shops become a place where they can grab a book and relax. Statistics Canada says that there were a little over 5000 people in between the ages 19-28 in 2016, which was the last data provided on the population of Langford. Over the last three years, the number must’ve gone up quite a bit according to (Appendix ) which would have a positive impact on my target market size. As I will be entering a perfect competition market, building a brand awareness will be my main focus in the first few months.
Market Analysis
Langford BC is the ideal part for a coffee house such as the Boro’s Coffee House. Due to Langford and Victoria’s rapid expansion rate and the number of the universities and college, there will be vast customer traffic. (British Columbia is overall big supporter of sustainable development and due to that the willingness of a customer to support sustainable and local business makes Langford a hotspot for potential green coffee house. Another key component to Boro’s coffee house success in Langford will be the fact that younger generations are moving in Langford BC, specifically students and professionals ages 18 to 30, have been moving to Victoria and Langford area due to rapid development and expansion of British Columbia. Boro’s Coffee house will be a unique, yet greenest coffee house in the area. From a young college student to the professionals, our doors will be always open for them.
