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Home My WebLink About4.b. Retail Strategies EXECUTIVE SUMMARY Port Authority Date: January 16, 2018 AGENDA ITEM: Retail Strategies-Justin Lindsey AGENDA SECTION: New Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.b. ATTACHMENTS: Retail Strategies Package for Rosemount APPROVED BY: LJM RECOMMENDATION: Information Item ISSUE Several Councilmembers have previously met with Retail Strategies representatives at conventions or conferences. There is some interest to investigate use of Retail Strategies to spur retail development at specific sites in the community. Retail Strategies is similar to Buxton, the group the City hired in 2014 and 2015, to assist in commercial attraction. Justin Lindsey of Retail Strategies will be in attendance at the Port Authority meeting to present the Retail Strategies proposal. Staff is not requesting a decision at the meeting; the Council will have further discussion about this as part of goal setting. This is an information item only. INCREASED QUALITY OF LIFE BOOST TAX REVENUES ECONOMIC DEVELOPMENT RETAIL RECRUITMENT MARKET RESEARCH www.retailstrategies.com/ NATIONAL REPRESENTATION BEYOND THE STUDY Retail Strategies was formed in 2011 to give communities the option to align with well connected, experienced, and licensed retail real estate professionals to aggressively identify and execute against opportunities within their market. Our firm features over twenty (20) retail real estate professionals who have performed and are performing retail market analysis and business attraction services for over 150 communities in the United States. •Community Retail Strategy •Trade Area Identification •Mobile Data Study •Peer Analysis •GAP Analysis •Psychographic Analysis •Consumer Spending Reports •Real Estate Analysis •Community Marketing Flier •Retail Prospects •Restaurant Prospects RETAIL STRATEGIES DELIVERABLES Our process begins by leveraging industry leading data sources and years of real estate experience to identify the opportunities within each community. Once the opportunities have been identified we begin the heavy lifting of retail recruitment. By dedicating professional human resources to each client to leverage information and relationships to position markets to attract new business. OUR APPROACH ROSEMOUNT, MN Community Growth In a mobile data analysis Retail Strategies identified a preliminary trade area of 70,000+ consumers who tout an average household income of $98,000+. In addition to studying the market’s size, we ran two analyses that show the demand for new business in the community. These two analyses indicated $627+ million dollars being spent on goods and services outside of the community, and 84+ businesses who have located in similar communities to Rosemount that have not yet located in Rosemount’s market. This information shows a tremendous opportunity to recruit new, quality of life- enhancing retailers and restaurants to the community to keep dollars local and maximize the potential within the trade area. “Backed by a very talented and productive supporting cast, Retail Strategies has produced compelling demographic reports for our retail program, and have updated all information on a consistent basis. Their reputation with various corporate retail professionals and developers gives us INSTANT credibility.When Retail Strategies tells a prospective company that they “really ought to take a strong look” at our City, they do it.” -Thomas Robinson, Executive Director, Tullahoma, TN Area Economic Development Corp Retail Strategies dedicates experienced Retail Real Estate Professionals to your community to identify and execute against opportunities in the market. Your team will function as an extension of your staff leveraging network of industry relationships to engage expanding businesses, developers, and other industry professionals about opportunities within your community. "We're pleased with the feedback from retailers and the work Retail Strategies has performed. In just a short time, Hartwell has a detailed report of our community demographics, a market study, and -a road map for recruiting retail in the future. We've received good responses and have several interested parties to date. It's getting exciting. " -Brandon Johnson, Mayor, Hartwell, GA Dedicated Professionals & Recruitment National Representation Retail Strategies dedicates experienced Retail Real Estate Professionals to your community to identify and execute against opportunities in the market. Your team will leverage our network of industry relationships to engage expanding businesses, developers, and other industry professionals in meaningful conversations specific opportunities within your community. DISCOVERY PROCESS DATA & ANALYTICS l REAL ESTATE ANALYSIS l COMMUNITY INPUT l RETAIL STRATEGY Identify market retail trade area using political boundaries,drive times and radii and custom boundary geographies Perform market and retail GAP analysis for trade area (i.e.leakage and surplus) Conduct retail peer market analysis Identify and evaluate competing shopping areas Tapestry lifestyles –psychographic profile of trade area /market segmentation analysis Consumer Spending Patter Reports Market Outlook Reports Aerial imagery of trade area(s) Retail competitor mapping/analysis Identification of at minimum 30 retail prospects to be targeted for recruitment in the first year of our partnership Provide updates on retail industry trends Custom on-demand demographic research –historical,current,and projected demographics –to include market trade areas by radius/drive time,and custom trade area Analysis of future retail space requirements in relation to the peer markets Analyze community’s growth potential through the peer analysis and GAP analysis Retail Real Estate Analysis performed by Licensed Retail Real Estate Professionals Identify and Evaluate priority commercial properties for development,re-development and higher and best use opportunities Identification of priority business categories for recruitment and/or local expansion Target List of Retailers and Restaurants (minimum of 30) Customized Marketing Guide (four pages) RETAIL RECRUITMENT l IMPLEMENTATION l NATIONAL REPRESENTATION Pro-active retail recruitment for targeted zones Will contact a minimum of 30 retailers,restaurants,brokers and/or developers each year Updates on new activity will be provided to Client’s designated primary point of contact via Basecamp,telephone, or email on a regular basis ICSC and Retail Live conference representation-updates provided according to the yearly conference schedule On Demand Reporting –by partnering with Retail Strategies we become your research arm providing data to our contracting entity as it is requested. Active outreach to local brokers and land owners WEB PLATFORM:CITY SITE Publicly accessible customized Web Platform Select demographics and analytics available for easy access and download. Marketing Flier and city snapshot accessible and downloadable Personalized messaging City Information Linked o Example: www.retailstrategies.com/raymore Technical Proposal