Retail Strategy Presentation
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Retail Strategy Presentation

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At Place Dyanamics, we often recommend a holistic approach to developing a retail strategy, as outlined in this presentation.

At Place Dyanamics, we often recommend a holistic approach to developing a retail strategy, as outlined in this presentation.

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Retail Strategy Presentation Retail Strategy Presentation Presentation Transcript

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  • 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
  • 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
  • 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.
  • Document local and regional trends Provide an understanding of local market dynamics Identify opportunities and threats to local businesses and commercial areas Changes in overall sales and sales by store type Changes in the geographic distribution of sales Changes in the mix of retail and food service businesses Changes in the trade area demographics Changes in the regional economy
  • Understanding the market Define internal and external trade areas Document existing conditions
  • 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
  • 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
  • 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
  • Concept 1: How do we choose where to shop?
  • 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)
  • Outline a plan of implementation A matrix to guide implementation and assess progress Action Steps Responsible Party Timeline Resources Needed Success Measures GOAL: Conduct a recruitment campaign to attract new retailers to the city
    • Prepare marketing materials
    Recruitment Committee Complete by 1/2010 $500 + graphic services Materials completed
    • 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 taken Assignment of responsibility and timelines Estimation of the resources required (and potential sources) Identification of measures to evaluate progress We are committed to your success Give us a call with questions you may have
  • 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
  • Questions