Alice Wood had worked in a women's clothing store for several years and was considering opening store of her own. Her investigations produced considerable secondary information, but she was not sure how to go about estimating the potential market, or the market share she could count on, for new women's clothing store in Prince George, B.C. Prince George was a city of 86,100 surrounded by a large trading area. She found it had 17 clothing stores and five department stores that realed women's dothing During the previous few years, Alice had been saving her money and learning l she could so that het Pet Shoplades' wear store would be a success in anticipation of starting her own More, Alice had enrolled in a small business management course ata local college. The instructor stressed the importance of market research and mentioned several sources of secondary information that could assist in determining market potential for a new business. Alice had obtained the reports she felt were relevant to her idea from the Provincial Department of Small Business Stars Canada, and the city of Prince George Figures 1 and 2) Now that Alice had this information, she was not sure how to proceed. She did not want to retail at kinds of ladies clothing but planned to cater to the petite woman who wore dress sizes 3 to 9. Alice wore petite stres and felt she understood the difficulties women of her she had when shopping for clothing Drawing on her retail experience, the estimated that about 60 percent of all clothing sales were in women's clothing and 20 percent of all women fit in the site 3 to 9 category. She arrived at her decision to select a store directed at the petite woman after she visited il of the 17 clothing stores in Prince George and the clothing departments of the city's five department stores. She estimated that only about 10 percent of clothing stores stock was sired 3 to 9, and the five department stores devoted only about 6,500 square feet in total of selling space to this site range. She believed a small shop of about 1,000 square feet could provide a much better selection to this market than those outlets provided Figure 1 Selected Data for the City of Princt George Population 35,100 Number of families 29,200 Per capita income $15.000 Retail sales $737,700.000 Per family expenditure on women's clothing $1.00 Source: Statistics Canada Ficune 2 Estimated Retail Space for Selected Retail Establishments in square feet Food stores 1,200.00 Apparel stores Men's clothing Stores 145,000 Women's clothing stores 180 000 Hardware stores 600.000 Department stores 1,650,00 Source: Statistics Canada QUESTIONS: 1. Calculate the following. Remember that Alice is making an estimate, and that she will do better it sheen on the conservative side a. Total markets for women's clothing b. Total potential market size for petite-sized women's clothing 2. Calculate the market potential for Petite Shop Market share as a percent based on are footage-round to one decimal place! Alice Wood had worked in a women's clothing store for several years and was considering opening store of her own. Her investigations produced considerable secondary information, but she was not sure how to go about estimating the potential market, or the market share she could count on, for new women's clothing store in Prince George, B.C. Prince George was a city of 86,100 surrounded by a large trading area. She found it had 17 clothing stores and five department stores that realed women's dothing During the previous few years, Alice had been saving her money and learning l she could so that het Pet Shoplades' wear store would be a success in anticipation of starting her own More, Alice had enrolled in a small business management course ata local college. The instructor stressed the importance of market research and mentioned several sources of secondary information that could assist in determining market potential for a new business. Alice had obtained the reports she felt were relevant to her idea from the Provincial Department of Small Business Stars Canada, and the city of Prince George Figures 1 and 2) Now that Alice had this information, she was not sure how to proceed. She did not want to retail at kinds of ladies clothing but planned to cater to the petite woman who wore dress sizes 3 to 9. Alice wore petite stres and felt she understood the difficulties women of her she had when shopping for clothing Drawing on her retail experience, the estimated that about 60 percent of all clothing sales were in women's clothing and 20 percent of all women fit in the site 3 to 9 category. She arrived at her decision to select a store directed at the petite woman after she visited il of the 17 clothing stores in Prince George and the clothing departments of the city's five department stores. She estimated that only about 10 percent of clothing stores stock was sired 3 to 9, and the five department stores devoted only about 6,500 square feet in total of selling space to this site range. She believed a small shop of about 1,000 square feet could provide a much better selection to this market than those outlets provided Figure 1 Selected Data for the City of Princt George Population 35,100 Number of families 29,200 Per capita income $15.000 Retail sales $737,700.000 Per family expenditure on women's clothing $1.00 Source: Statistics Canada Ficune 2 Estimated Retail Space for Selected Retail Establishments in square feet Food stores 1,200.00 Apparel stores Men's clothing Stores 145,000 Women's clothing stores 180 000 Hardware stores 600.000 Department stores 1,650,00 Source: Statistics Canada QUESTIONS: 1. Calculate the following. Remember that Alice is making an estimate, and that she will do better it sheen on the conservative side a. Total markets for women's clothing b. Total potential market size for petite-sized women's clothing 2. Calculate the market potential for Petite Shop Market share as a percent based on are footage-round to one decimal place