October 2008
Retail Trend - Downtowns and Neighborhoods Redeveloped
The renewed excitement in downtown and urban neighborhoods over the past few years has created a movement to bring the hub of economic, civic and social activity back to the city’s central core. This movement brings a number of opportunities for retail development, yet retail alone cannot drive the process.
Successful downtown projects not only expand business, employment, and shopping opportunities, but also increase and strengthen the social activity and quality of life in the community. Community support and planning are key elements in a successful revitalization effort.
A starting point to creating critical mass downtown is to determine the current concentration and characteristics of the households in the trade area. This analysis should take into account day-time as well as night-time populations. If there is a convention center that regularly has events, these populations should also be taken into account. Solid consumer expenditure data will reveal the retail potential for specific types of retailers and restaurants. Civic leaders can use this knowledge to create appropriate marketing and development strategies for the trade area.
To develop and grow sustainable downtown customer bases, aggressive communities are undertaking activities in these areas:
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Complimentary Amenities. Places that act as natural traffic-drivers
should be included in the area of redevelopment. Examples would be
post offices, courthouses and city halls.
- Employment. Continuing to focus on business development programs that increase jobs and job opportunities in downtown.
- Culture. Encouraging new and existing facilities such as arenas, stadiums, museums and historical buildings that attract visitors.
- Residential and Lodging. Developing both residential and transit housing as part of the revitalization efforts.
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IEDC Annual Conference
October 19-22, 2008
Atlanta, GA
Visit our Booth #128
Come to our session: Building a Winning Retail Development Strategy
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Buxton Webcast Series
On November 6 at 10:30 am CST Buxton will host it's sixth and final retail economic development webcast of the year. This webcast will be titled "Attracting Retail to Downtown and Neighborhood Redevelopments."
Today many cities are actively involved in downtown and neighborhood revitalization activities. They envision healthy downtown and neighborhoods as integral to their identity, tax base and sense of community. Strengthening the retail base by attracting new retailers and restaurants has become an accepted strategy for revitalization.
During this comprehensive 60-minute webcast you will hear how communities are attracting and growing their retail sectors in underserved geographic areas.
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