Tungate & Savic: Case Study: Closed Deals and Successful Pitches
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Tungate & Savic: Case Study: Closed Deals and Successful Pitches

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Track 1-Make the Deal

Track 1-Make the Deal

Case Studies in Closed Deals and Successful Pitches

Erik Tungate and Olga Savic from the Detroit Economic Growth Corporation.

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Tungate & Savic: Case Study: Closed Deals and Successful Pitches Tungate & Savic: Case Study: Closed Deals and Successful Pitches Presentation Transcript

  • The Detroit Economic Growth Corporation Case Studies: Closed Deals and Successful Pitches Stay Focused. Be Efficient. Prioritize.  Michigan Suburbs Alliance 2008 Regional Redevelopment Summit Presented to
  • © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. What is the DEGC?
    • The Detroit Economic Growth Corporation is:
    • A private, non-profit corporation established in 1978 devoted exclusively to supporting Detroit’s economic development initiatives
    • A provider of technical, financial and development assistance to the City and the business community
    • Funded by the City, private sector business, as well as by public and private grants
    DEGC is dedicated to Detroit’s growth. DEGC’s brings together public sector policies and priorities with private sector development and investment interests to strengthen Detroit’s economic development. 01
  • What are DEGC’s services? © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No.
    • Assist in retention and expansion of existing business
    • Attraction of new business
    • Site consulting
    • Project management
    • Technical assistance
    • Financial assistance
    DEGC is uniquely positioned to assist its clients through the internal processes and procedures of various governmental entities 01
  • Today’s Topics
    • Where We’re Going
      • 01 Case Study: How Detroit Is Using Information Led Development Strategies
      • 02 How You Can Use “Detroit” to Leverage Your Community’s Strengths
      • 03 Tools Any Community Can Use
    Today’s Topics © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No.
  • Telling Our Story © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. Defining Detroit’s retail attraction strategy through the use of effective information and sound partnerships 02 AND
  • Addressing Information Barriers © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. Capturing Underserved Market Potential Using more accurate , timely data from 30+ public and proprietary sources The Social Compact DrillDown analysis measures core market drivers: 02 Buying Power Stability/Risk Size/Growth
  • Capturing Urban Market Potential © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. Bridging Public and Proprietary Data Through Technology … Proprietary Data First American Real Estate Solutions InfoUSA Acxiom Equifax Experian Public Data Tax Assessment Data Construction Permits Utility Usage and Bill Payments Federal Deposit Insurance Corp. Internal Revenue Service Home Mortgage Disclosure Act … and Alliances with Strategic Leaders for Enhanced Analytic Capacity 02
  • 2006 Detroit Drilldown Focused on Downtown Detroit Larger Buying Power = Greater Purchasing Potential Average Household Income Demonstrate Downtown’s Potential 02
  • 2007 Detroit DrillDown Highlights Sources: Census 2000, Claritas Corporation, 2006 and Social Compact Detroit DRILLDOWN, 2007
    • The 2006 Census population estimate was 871,121
    • DrillDown 2007 captured larger population by nearly 62,000 residents
    933,043 17%
    • Average household incomes 17% higher than in 2000
    • An informal economy of $803 million
    • DrillDown estimates aggregate income in Detroit at $15.8 billion, $2.0 BILLION more than Census 2000 estimates
    Demonstrate City’s Potential 02
  • Sources: Census 2000, Claritas Corporation, 2006 and Social Compact Detroit DRILLDOWN, 2007
    • Aggregate income in the Central Business District is estimated at 75% above Census 2000 reported income
    • Income density in Indian Village is more than twice the city average; at $444,000 per acre, this neighborhood compares favorably with surrounding areas such as Birmingham ($425K/acre) and Grosse Pointe ($442K/acre).
    • Income density is above $300K/acre in Rosedale, Denby and Lower East Central, higher than Royal Oak ($280K/acre) and Dearborn ($146K/acre).
    Highlight Individual Neighborhoods 02
  • Sources: Census 2000, Claritas Corporation, 2006 and Social Compact Detroit DRILLDOWN, 2007
    • The average household incomes of home buyers is growing faster in Detroit neighborhoods than in surrounding suburban communities; incomes have more than doubled in Lower Woodward, the Central Business District, Jefferson/Mack, Butzel and Jeffries.
    • Median home sale values have more than doubled from Census 2000 values in fourteen neighborhoods; with the greatest increases seen in the Central Business District, West Riverfront, and Corktown.
    Focus on Signs of Strength/Stability 02
  • Sources: Census 2000, Claritas Corporation, 2006 and Social Compact Detroit DRILLDOWN, 2007
    • Detroit residents spend more than $1.7 billion, more than $1 out of every $3 spent on retail purchases, at retailers beyond City limits.
    • Detroit residents currently spend $291 million outside city limits on apparel purchases alone.
    • Unmet demand for full service grocers in Detroit could support 500,000 square foot of retail space
    Focus on Opportunities 02
  • Room for More Grocery Stores © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. 02 GROCERY LEAKAGE 1 2 3 4
  • Key Lessons from Detroit
    • Reframe the dialogue about your community using information.
    • Use unconventional data sources to show your strengths.
    • Focus on signs of growth, stability and strength, not decline, deficiency and weakness.
    • Engage all your stakeholders to institutionalize your message, including brokers, developers, public officials, residents, etc.
    • Keep it practical—focus on a few priorities.
    © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. 02
  • Using “Detroit” In Your Message
    • Detroit is a world-class cultural center.
      • Detroit Institute of Arts is the fifth largest fine arts museum in the U.S.
      • Detroit is home to four professional sports teams (three located in the city): Detroit Tigers, Detroit Lions, Detroit Pistons and Detroit Red Wings
      • Detroit is the third largest casino market (behind Las Vegas and Atlantic City ) and the largest U.S. city with casinos
    • Detroit is the development hotspot.
      • 5000 building permits since 2000; led the state for three years straight
      • New riverwalk, waterfront mixed use and downtown developments;
      • Businesses are choosing Detroit for their HQ
    • Detroit has stable neighborhoods with high incomes.
      • Detroit’s official population is 918,000, but it may really be around 933,000
      • Average income in Detroit is $48,000 but there are many neighborhoods where it is higher
    © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. Perception of Detroit frames the Region 03
  • Find and use the positive news sources Tools Any Community Can Use
    • Model D Media
      • Published by Detroit-based Issue Media Group, LLC.
      • The Web site posts daily reports on job growth and development in Detroit
    • MetroMode Media
      • The Web site posts daily reports on job growth and development in Southeast Michigan, from Detroit to Ann Arbor. A free, weekly e-magazine is published Thursdays
    • Crains Detroit Business, DEGC, Detroit Renaissance, etc.
    © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. 03
  • Tools Any Community Can Use
    • Request the D brand resources www. dbrandsummit .com
    • The D brand is a branding effort to help attract companies, talent and investment into the region – and to help foster civic pride.
    • Resources can be customized
    © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. Use the D Brand 04
  • Tools Any Community Can Use
    • Act locally, speak regionally. Tell a positive economic growth story about the region
    • Link to other informational sites that reinforce your story
    • Tap into unconventional, but free, data sources
    © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. Put it to Action 04
  • Thank You
    • Olga Savic, Vice President of Business Development
    • [email_address]
    • (313) 879-3261
    • Erik Tungate, Business Development Manager
    • [email_address]
    • (313) 237-6096
    © 2008 DEGC Confidential and Proprietary Information www.DEGC.org Page No. 05