One of the more popular ways to start a new retail development project is to enter into a public/private partnership. This type of partnership exists between a city government (the public party) and a retailer or developer (the private party). Public/private partnerships are built on the idea of shared control between private parties and city governments as they work together toward a retail development goal.
In order to achieve their goals, public/private partnerships need consistent, coordinated leadership. Whether it’s an individual or a small group, good leadership in a public/private partnership is essential to keeping everything moving forward as planned.
What does a leader do?
In a public/private partnership, the leader is responsible for defining clear goals and keeping the project moving toward those goals. They’ll help bring the right parties to the table, act as the bridge between private project managers and political leaders, and give other stakeholders a forum to share their thoughts on the project. They’re also working to coordinate the development process and keep everyone on-point.
The most effective leadership for public/private partnership isn’t a top-down approach where the leader’s just giving orders. A project like this needs a leader who facilitates and inspires others to keep moving toward shared goals. The leader acts as a point person, getting everyone involved in the project together and then following through with them until the project is completed.
Where do you find public/private leaders?
You’ll need to find someone that both parties agree on as the leader. The last thing you want is for a leadership choice to cause fighting between the two groups. Keeping with the idea of sharing control, it might be a good idea to appoint one representative from each group. Then they can jointly act as project leaders.
You’ll also want to plan for the possibility that leadership could change during the course of the partnership. Many political leaders, for example, are replaced after a 2- or 4-year term. You’ll need a plan for transcending political and administrative changes. That’ll help ensure the new leaders have the same commitment and goals as before so the project can keep moving forward without unnecessary restructuring.
How do you lay the groundwork for effective leadership?
Even the best leader can’t do much good if the groundwork for your public/private partnership is shaky. Take the time early on in the process to prepare for public/private partnerships. Make sure both parties do their homework and establish a solid foundation for good decision making in the partnership.
One of the best things you can do early on in the process of creating a retail development partnership is to bring in a retail expert. Here at Retail Attractions, we have extensive experience helping communities and developers come together in partnerships that benefit both parties. We can help you lay a solid foundation for your retail development goals and we’ll work with leaders to ensure your project reaches completion. Get in touch with us today to get started.