Homework 2: Business for 10029 Area
For the purposes of this research paper, I analyzed the data for 10029 zip code available at American Fact Finder website. As it turned out, this Upper East Side area that starts from 96th Street and goes all the way up to 117th Street is very diverse.
According to U.S. Census Bureau, this area is predominantly occupied by women (40,192 females compared to 35,160 males). A good amount (56%) of Upper East Siders living in this zip code area is working (35,989 out of 63,536 people 16 years and over, i.e. 56.6%), while 43% are not in labor force (27,547 out of 63,536 people living in the area).
According to the United States Department of Labor, “many who are not in the labor force are going to school or are …show more content…
Dollar Stores (99 cent stores). Taking into consideration the limited budget of a large group of people living in the area, a retailer offering discounted household and grocery items might be a successful business model for this area. People living on a budget need to save money so a store offering affordable items might be a perfect solution for their needs.
2. Farmer’s Market. Considering that a large amount of people in the area is out of the work force, we may assume that they are cooking at home. Thus, a produce store or a farmer’s market offering affordable fruits and vegetables might be a successful business endeavor too.
3. Laundromat. If people are staying home and cannot afford hired help, they are most likely to take care of their laundry themselves. Saying so, a coin laundromat might be a successful business in the area.
In addition to above-mentioned group of people who are out of the labor force, there is also a significant amount of people who are working and earning $50,000-74,999. While it’s impossible to conclude what type of work those people do only based only on the revenue data, my guess is that part of this group is performing “management, business, science, and art occupations” jobs mentioned in the Occupation by Sex and Median Income report (it’s the biggest group of working people living in the …show more content…
Gym. While many people understand the importance of regular physical activity, it might be challenging for those working in downtown or midtown Manhattan to exercise near work. I looked at Google Maps and it seems like there are only a few gym options available for people living in this area: CrossFit that might not be suitable for everybody and Tapout Fitness, a chain fitness center. I believe that 77,857 population of the area could use at least one additional fitness facility.
2. Restaurant. It’s unbelievable, but with Museum of the City of New York and El Museo Del Bario located in 10029 zip code area, there are only a few restaurants are available for visitors (most of them are at least seven blocks away from the museums). In my opinion, a well-priced, tourist-friendly restaurant could serve both as a place for family gatherings for locals and a nice stop during the Central Park exploration trip for those visiting the City.
3. Flower Shop. With the close proximity of Mount Sinai hospital, it’s unbelievable that there is only one florist shop located in the area. I believe that any gift shop or a flower shop could be a potentially successful business idea for the area as so many visitors are looking for a bouquet of flowers or balloons to congratulate a mother of a newborn child or a friend successfully recovered from a medical procedure. Flower shop could also serve locals who are looking for beautiful arrangements to celebrate holidays and personal
For the purposes of this research paper, I analyzed the data for 10029 zip code available at American Fact Finder website. As it turned out, this Upper East Side area that starts from 96th Street and goes all the way up to 117th Street is very diverse.
According to U.S. Census Bureau, this area is predominantly occupied by women (40,192 females compared to 35,160 males). A good amount (56%) of Upper East Siders living in this zip code area is working (35,989 out of 63,536 people 16 years and over, i.e. 56.6%), while 43% are not in labor force (27,547 out of 63,536 people living in the area).
According to the United States Department of Labor, “many who are not in the labor force are going to school or are …show more content…
Dollar Stores (99 cent stores). Taking into consideration the limited budget of a large group of people living in the area, a retailer offering discounted household and grocery items might be a successful business model for this area. People living on a budget need to save money so a store offering affordable items might be a perfect solution for their needs.
2. Farmer’s Market. Considering that a large amount of people in the area is out of the work force, we may assume that they are cooking at home. Thus, a produce store or a farmer’s market offering affordable fruits and vegetables might be a successful business endeavor too.
3. Laundromat. If people are staying home and cannot afford hired help, they are most likely to take care of their laundry themselves. Saying so, a coin laundromat might be a successful business in the area.
In addition to above-mentioned group of people who are out of the labor force, there is also a significant amount of people who are working and earning $50,000-74,999. While it’s impossible to conclude what type of work those people do only based only on the revenue data, my guess is that part of this group is performing “management, business, science, and art occupations” jobs mentioned in the Occupation by Sex and Median Income report (it’s the biggest group of working people living in the …show more content…
Gym. While many people understand the importance of regular physical activity, it might be challenging for those working in downtown or midtown Manhattan to exercise near work. I looked at Google Maps and it seems like there are only a few gym options available for people living in this area: CrossFit that might not be suitable for everybody and Tapout Fitness, a chain fitness center. I believe that 77,857 population of the area could use at least one additional fitness facility.
2. Restaurant. It’s unbelievable, but with Museum of the City of New York and El Museo Del Bario located in 10029 zip code area, there are only a few restaurants are available for visitors (most of them are at least seven blocks away from the museums). In my opinion, a well-priced, tourist-friendly restaurant could serve both as a place for family gatherings for locals and a nice stop during the Central Park exploration trip for those visiting the City.
3. Flower Shop. With the close proximity of Mount Sinai hospital, it’s unbelievable that there is only one florist shop located in the area. I believe that any gift shop or a flower shop could be a potentially successful business idea for the area as so many visitors are looking for a bouquet of flowers or balloons to congratulate a mother of a newborn child or a friend successfully recovered from a medical procedure. Flower shop could also serve locals who are looking for beautiful arrangements to celebrate holidays and personal