Download - Retail Strategy Presentation
insight and inspiration for community vitality
insight and inspiration for community vitality
OUR GOAL: A VIBRANT RETAIL COMMUNITY
Downtown and highway districts are succeeding
Buildings are occupied by desirable uses
Community shopping needs are being met
Opportunities for business growth are captured
Retail and restaurant sales are increasing
People want to shop in the community
insight and inspiration for community vitality
What sets our approach apart?
We do…
We do bring a team of seasoned professionals who have worked directly with retailers
We do take the time to know your community: its businesses, its market, and its competition
We do provide recommendations that are grounded in realistic retail performance criteria
We do provide strategies for community preparedness in addition to recruitment
We do not…
We do not rely on “canned” data and analysis
We do not focus our efforts solely on chain retail businesses
We do not ignore the opportunities to expand existing businesses
We do not ignore the community’s existing physical infrastructure
We do not leave you on your own once the project is completed
insight and inspiration for community vitality
The process we follow
By knowing where we have been and where we are today, we can understand where we are headed, and take actions to reach an alternative vision of the future.
insight and inspiration for community vitality
Document local and regional trends
General Merchandise Store Sales as a Percentage of All Retail and Food Service Sales
10.00%
10.50%
11.00%
11.50%
12.00%
12.50%
13.00%
13.50%
14.00%
1967
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SIC-Based NAICS-Based
Provide an understanding of local market dynamicsIdentify opportunities and threats to local businesses and commercial areas
Changes in overall sales and sales by store typeChanges in the geographic distribution of salesChanges in the mix of retail and food service businessesChanges in the trade area demographicsChanges in the regional economy
insight and inspiration for community vitality
Understanding the market
Define internal and external trade areasDocument existing conditions
insight and inspiration for community vitality
Assess the opportunity
Market potential
What are the opportunities to expand the trade area?
What is the spending potential from all sources?
How much of the potential sales can we realistically expect to capture?
Physical environment
How do physical conditions such as the location of commercial district, transportation networks and infrastructure, existing building stock, and other factors influence what may be achievable?
Market position
Articulate a vision statement for each commercial area and the community as a whole, identifying its role in the marketplace
insight and inspiration for community vitality
Identify the targets
Based on actual sales and market potentials
Build on existing market strengths
Capture unmet demand in the market
Reality test – can the expected sales support a store?
What is the value proposition – Why is the community an attractive place to open a new store?
Start-up business, independent business, or chain?
What preliminary steps will strengthen the community’s position?
District or site improvements
Public investments – facilities, streetscapes, infrastructure, etc.
Additional data collection, surveys
insight and inspiration for community vitality
Determine the strategies
Organizational approaches
Business development
Competitive position
Market approaches
Recruitment and expansion
Business formation
Commercial district enhancement
Sites and buildings
Traffic flow and parking
Image and aesthetics
Promotional activities, marketing, and events
insight and inspiration for community vitality
Concept 1: How do we choose where to shop?
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Concept 2: What are the ways to grow business?
Expand the selection of products(convenience stores)
Sell to more people in the trade area(dollar stores)
Sell more of the same products(craft stores)
Expand the trade area(electronics stores)
insight and inspiration for community vitality
Outline a plan of implementation
A matrix to guide implementation and assess progress
Action StepsResponsible Party Timeline
Resources Needed
Success Measures
GOAL: Conduct a recruitment campaign to attract new retailers to the city
1. Prepare marketing materials
Recruitment Committee
Complete by 1/2010
$500 + graphic services
Materials completed
2. Research and prioritize list of target businesses
Recruitment Committee
Complete by 1/2010
Volunteer support
List of viable targets
Detailed summary of actions to be takenAssignment of responsibility and timelinesEstimation of the resources required (and potential sources)Identification of measures to evaluate progress
We are committed to your successGive us a call with questions you may have
insight and inspiration for community vitality
A little bit about Place Dynamics
Community Planning
Market Analysis
Economic Development
Facilitation
Training Programs
Entrepreneurial Development
More than 120 projects in over 20 states
Offices in Milwaukee and Denver
Founded in 2004
insight and inspiration for community vitality
Questions