TOP 9 RETAIL DEVELOPMENT BEST PRACTICES

After studying our client cities and watching them implement successful programs, we have collected their best practices. Communities that have been successful use some of these tactics.

1. Retail recruitment is not a stand alone program.
Retail development should be an integral component of your city’s economic development strategy. It not only complements your existing economic development program, it often energizes it.

2. Identify, inventory and assemble potential sites.
Successful cities recognize that one of the biggest challenges they face in attracting retailers is lack of quality sites. To recruit retailers today, cities are frequently using the same site assembly techniques traditionally used in economic development for manufacturers.

3. Eliminate restrictive permitting and regulatory policies.
As retail attraction has become more competitive, successful cities are fast-tracking the development process and streamlining their regulatory environment.

4. Don’t overlook expansion of current retail operations.
From a fiscal and policy standpoint, communities are finding that emphasizing expansion of local retailers as an economic development strategy is sound. The information in CommunityID can help existing retailers to better understand the customers in the trade area and adopt new techniques to reach them or add new product offerings.

5. Ally with commercial real estate firms and local property owners.
Retail location projects require public-private partnerships. By building a development team with private sector involvement, you can keep abreast of market trends and gain a better understanding of the community’s advantages and disadvantages.

6. Be prepared to provide infrastructure and financial assistance.
Many retailers today are seeking the same types of financial incentives used for the attraction of manufacturers. Incentive policies should be considered and adopted before the location negotiations begin.

7. Speak the retailer’s language.
Traditional economic development research and promotion materials do not resonate with the retailer.

8. Market Aggresively.
Communities that succeed in growing their retail base have aggressive marketing programs to get in front of potential retail decision makers. They don’t wait until a retailer finds them; they find the retailer.

9. Be Patient.
Remember that location decisions take time. Continue to build and maintain your relationship with the retailers. Gain control by frequent contact and follow up