One common thread among all communities is that we want our communities to grow, thrive and prosper. Each community has its own vision for community and economic development goals. No matter how the vision might vary from community to community, enhancing quality of life of citizens is typically a common theme. Offering new retail and restaurant businesses to your citizens can play a big role in enhancing that quality of living. Retail development and business recruitment are critical pieces of the puzzle to achieve this vision in every community.
- One in four jobs in America are retail related.
- 50% of consumers prefer to shop in-store.
- A typical quick service restaurant (QSR) brings 15 jobs to a community.
As a company that works solely with municipalities on community and economic development efforts, this article will outline the importance of the mind shift from traditional economic development to incorporating retail into a city’s strategy.
BENEFITS OF RETAIL DEVELOPMENT
Beyond improving quality of life, retail development plays a critical component in creating a sense of place. It adds vitality and vibrancy to downtowns and commercial corridors.
No other effort made by the city can truly pay you back through sales and property taxes and fees. Retail real estate is a critical revenue source for local communities generating in excess of $68.8 billion annually in local property taxes and $321.8 billion annually in sales tax.
GETTING YOUR ORGANIZATION READY FOR RETAIL RECRUITMENT
It is crucial to have an organization or team that can prioritize and implement a retail recruitment strategy that has been developed and prioritized by and for the community. Some of the key steps include: appointing a well-rounded team that can build bridges between the public and private sectors; surveying the community before launching retail recruitment efforts; and, identifying funding sources for your initiatives.