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Italian Restaurant Business Plan - Market and Industry Analysis Page 1

4.1  Target Market: Physical Description

A taste of Tuscany will be located in White Plains, NY which lies in the middle of Westchester county, New York, thirty minutes north of New York City.  Given our central location in the heart of the downtown area of White Plains, our target market will cover the entire county of Westchester, NY broken down roughly into Northern Westchester County which comprises towns and villages north of Interstate 287 (cross Westchester expressway); and Southern Westchester County consisting of towns and villages south of Interstate 287.  The county located to the north of Westchester is Putnam and the county located to the south of Westchester is the Bronx County of New York City.  The average travelling distance from folks in southern and northern Westchester into White Plains is 20 minutes.  The surrounding towns like Tarrytown, Irvington, Dobbs Ferry and Harrison have an insignificant night life and offer only two to three restaurants which run about 1000 to 2000 square feet.

4.2  Target Market: Population, Household Statistics Summary

Westchester County, New York is widely regarded as one of the more affluent areas of the United States with amongst the highest taxes per capita in the country.  With a resident population of a little below 1 million residents, Westchester county contains about 350k households with an average household size typical of the country at 2.6 persons.  Of the total population of 1 million residents 51% are part of the civilian labor force earning an average income per capita of $40k versus $24k for the national average.  Median household income in Westchester, NY is about $63k approximately 43% higher than the national average of $44k per household.

As can be seen above 8.90% of the population in Westchester County, NY is below the poverty line versus 12.70% for the national average.  There are more women in Westchester than men when compared to the national average – women outnumber men by 5% of the population.  Westchester County, NY has about the same proportion of married to single people in the population as the national average of 59% married to 41% single.

The major difference that shows up when comparing the population profiles of Westchester County, NY and the nation is that from 1980 to 2006 while the national population has grown by 32%, here in Westchester the growth has been only 9%.  We strongly believe that this buffers our argument about the cost of living in Westchester versus the rest of the country.  Given the other data about the highest taxes paid in the country per capita by Westchester residents, it is no surprise that population growth here has been relatively subdued.

It is also very important to note that the City of White Plains has a resident population of $59k residents and yet during the day almost another $200k more people commute into White Plains for work.  This of course means that we at A Taste for Tuscany stand to have a robust lunch crowd along with the regular evening and weekend business.

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