One thing we see quite often is that communities marketing themselves for retail development don’t really know what retailers and restaurants are looking for. You might be prepared to “prove” your community is the best place for investment and have data ready, but that’s not the only thing developers are interested in. Knowing what you really need to focus on lets your community stop wasting time on ineffective marketing, and it makes securing a successful retail deal far more likely.
Understanding a retail investor’s priorities and needs is a key step in forging a successful retail partnership. The first question they need to answer when looking at your community is, “Will we make a profit in this market?” Retail developers need a positive bottom line, and they won’t consider developing a market where it doesn’t look like they can make money.
You will need accurate data to present to potential retail investors, and it has to be in a format that they’ll recognize as reliable. Retail Attractions can help you with defining the trade area around your community, collecting demographic data, producing a market analysis, and presenting it all in a professional format. A third-party analysis shows retailers you take their time and money seriously, which in turn encourages them to take your community seriously.
Even when the data indicates your community could be a profitable market, retailers also need to know they can count on your support to move the project forward efficiently. You might not even think about the regulations process when you first start marketing your community, but you can bet developers will be concerned about it. Developers don’t want to partner with a community where red-tape, delays, and fees are the norm when dealing with city administration. Streamline this process as much as possible before making retail development deals.
You can also show support for retail investors by getting infrastructure updates in place. New retail development means your city will need to expand the water and sewage systems, as well as plan for changes in traffic patterns. Showing you have a plan in place to do this is another way to show retailers that your community will support their development efforts.
Hiring a consultant who already has contacts within the retail development industry is a huge asset. Retail is a tight-knit community and having a known, respected professional like Rickey Hayes advocating for development in your community can make the difference in whether or not new retail development happens in your city.
Retail Attractions’ consulting services extend beyond just making initial contacts within retail. We’ll also help you put together the right kind of data on your community and take the external and internal steps necessary to prepare for successful retail growth. If you’d like to learn more, contact us to get your questions answered or to schedule a consultation.