submarket
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submarket
A small geographical area that is clearly identifiable,at least to local residents,and that contains the logical users of specific goods and services being offered to the public.Submarkets will vary depending on the businesses defining them.
Example: In Houston, Texas, the Highway 290 submarket may define the customers for billboard advertising. Off 290, the Cypress submarket may define customers for a shopping center, and in Cypress, Enchanted Valley may define the submarket for a convenience store.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.