Retail leakage, for our purposes, is the gap between the money spent by local consumers and the revenue generated by local businesses, often due to residents shopping in neighboring areas.
Significant retail leakage in an area points to opportunities for new and expanding businesses to capture the unmet demand. Not always – a big-box retailer or other dominant competitor nearby can be an unavoidable obstacle to plugging leakage. However, there are many other ways to go about filling demand in your locality.
1
If you suspect your locality is experiencing a large volume of retail leakage, your first step should be to confirm that with some hard data.
2
The second thing you must do is to put yourself in the shoes of a prospective developer.
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Retail Strategies is the national expert in community development and retail economic development. Our mission is to provide the real estate expertise, tools, and human effort that position deserving towns as alluring locations for national businesses and destinations for tourism and quality-of-life amenities. We confidently pursue this mission by delivering unparalleled customer service as a unified team with unmatched real estate and community development expertise. Our activities pay a return in sales taxes, added jobs, and businesses that enhance and add to the unique qualities of your community.
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