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A community greatly benefits from having a college or university within the city. Not only does an institution of higher education facility bring cultural and social life to a community, but also tremendous economic impact. To state a few examples, the University of Oregon has a statewide economic impact of $1.2 billion dollars each year. The Higher Education Council of Berks County, PA recently released an Economic Impact report stating that Berks County alone gains more than $1 billion in economic benefit annually from its five colleges and universities. Simply stated, college campuses have a huge financial impact on the city, county and state in which they are located. A Joint Partnership Buxton has worked with a number of municipalities that have partnered with the University in their city on a retail recruitment project. One of the barriers civic leaders face is how to approach University leadership about a jointly-funded project. “A community should absolutely include their college/University in their planning process and economic development plan creation,” said Chip Boyles, executive director of the International Town and Gown Assoc.
Best Practices
Business Retention Local retailers need to understand the market as much or more as new retail concepts looking to locate in an area. New businesses considering a location in an area want some assurances that there are enough core customers to support an over-performing store. In order to get this certification, the concept and the city work together to prove the customer density, the comparable market and the attractiveness of a site thereby minimizing the risk for a retailer. Read more on Business Retention
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Wal-mart Knows Their CustomersI recently read an article on the inner workings of Wal-Mart. While I won’t get into the broader issues raised in the article, I do think most will find some of the internal processes and capabilities of the largest retailer in the world fascinating. I hope all can agree that Wal-Mart has achieved their status by knowing who their customers are, and how to best meet their needs. |
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