Revitalizing Downtown Retail 20 Strategies for Creating an Environment Where Existing and New Businesses Thrive Maryland Municipal League Annual

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1 Revitalizing Downtown Retail 20 Strategies for Creating an Environment Where Existing and New Businesses Thrive Maryland Municipal League Annual Conference Ocean City, Maryland June 23 June 26, 2013

We develop and execute high-impact retail recruitment and development plans: Corporate site selection with national retailer Retail real estate

2 We develop and execute high-impact retail recruitment and development plans: Corporate site selection with national retailer Retail real estate brokerage Retail leasing Development/Redevelopment Downtown retail revitalization Land development with investment firm Market analysis & land strategy

C. Kelly Cofer, CCIM PRESIDENT & CEO 25+ years of experience in retail real estate and economic development.

restaurants in more than 175 cities throughout the United States.

Has directed projects for America s leading retailers and restaurants including FedEx, Kinko s, Sally Beauty Supply, Adidas, Concentra and the National American

3 C. Kelly Cofer, CCIM PRESIDENT & CEO 25+ years of experience in retail real estate and economic development. Background encompasses market research and site selection, advisory and leasing services, and property brokerage and development for leading retailers and restaurants in more than 175 cities throughout the United States. Aaron Farmer VICE PRESIDENT Marketing degree from The Mays Business School at Texas A&M University and MBA from Texas A&M Commerce. Has directed projects for America s leading retailers and restaurants including FedEx, Kinko s, Sally Beauty Supply, Adidas, Concentra and the National American Association of Subway franchises. Kyle Robertson, CCIM REGIONAL PROJECT DIRECTOR Named Heavy Hitter/Top Broker by Dallas Business Journal. Over 20 years retail/commercial real estate experience. Has worked closely with local, regional and national retailers including Wal- Mart, Sam's Club, Kroger's and Albertsons. Expertise includes site and valuation analyses.

4 NATIONAL FOCUS Assisting Small Towns and Downtowns Since 2000

The Past 30 Years have been Difficult for America's Downtowns: Foreign Competition and Technological Progress Hit Manufacturing Sector, Leaves Small Towns

5 The Past 30 Years have been Difficult for America's Downtowns: Foreign Competition and Technological Progress Hit Manufacturing Sector, Leaves Small Towns Reeling Proliferation of Big Box Retail Urbanization Leaves Small Towns Increasingly Underrepresented in Policy Discussions Recession and Decline of Consumerism

6 The Benefits of a Revitalized Downtown 1. Increases Jobs and Wages 2. Keeps Dollars in the Local Economy 3. Fosters Entrepreneurship 4. Expands Sales and Property Tax Benefits 5. Retains Local Character and Prosperity 6. Contributes to Community s Well-Being 7. Sustains Local Decision-Making 8. Offers Product Diversity

7 Key Factors for Success: Proactive Leaders with a Vision Coalition of Informed, Interested Stakeholders with Passion for the Vision A Defined Downtown Plan with a Mission, Goals and Strategies

8 Downtown Strategies that Have been Successful for Other Communities

9 Downtown Strategies 1. Target Tax Incentives to Businesses Locating Downtown

10 Downtown Strategies 2. Funnel New Retail Growth Downtown St. Petersburg, Florida; Hailey Idaho; San Luis Obispo, California (pictured) are among cities that required developers to infill downtown vacancies and open lots before building on the outskirts of town.

11 Downtown Strategies 3. Limit Size of Retail Stores Some cities have gone as far as to ban the biggest of box stores

12 Downtown Strategies 4. Require New Development to Resemble Traditional Retail Districts Glass store fronts, rear parking, pedestrian entryways

13 Downtown Strategies 5. Support Sales Tax Fairness E-commerce on bricks-and-mortar retailers will continue to expand. Long-term trend will gradually redefine shopping center footprints, tenant mixes and retail development. Through acquisitions, investments and partnerships with smaller emerging start-ups, large retailers are breaking into new markets and tapping into social media and marketing expertise to engage customers.

14 Downtown Strategies 6. Reinforce Your Downtown s Sense of Place Build upon its unique natural, historic and cultural assets

15 Downtown Strategies 7. Foster a Mixture of Uses Downtown A variety of day and evening uses contributes to a vibrant environment. Establish a calendar of special events and activities.

16 Downtown Strategies 8. Encourage Pedestrians Design parking, cross walks and other elements to ensure safety and convenience

17 Downtown Strategies 9. Tap into Regional and National Resources National Retail Federation American Independent Business Alliance Department of Housing & Community Development Resources Community Development Block Grant Community Legacy Program Main Street Maryland Program Maryland Downtown Development Association Neighborhood Business Works (Formerly NBDP) Neighborhood Housing Services Program (NHS) Office and Commercial Space Conversion Initiative Office and Commercial Space Conversion Initiative

18 Downtown Strategies 10. Keep Public Buildings Downtown

19 Downtown Strategies 11. Protect Affordable Retail Space

20 Downtown Strategies 12. Establish a Small Business Revolving Loan Fund Some communities provide local businesses matching grants and lowinterest loans to fund storefront renovations and other improvements

21 Downtown Strategies 13. Promote Support of Local Stores and Downtown Shops Implement a marketing campaign to encourage local shopping. Pool resources among downtown stake holders to cover expenses.

22 Downtown Strategies 14. Help with Success Planning Identify and connect local business owners nearing retirement with aspiring entrepreneurs seeking a good opportunity

23 Downtown Strategies 15. Establish Redevelopment Plans Overlay District Business Improvement District (BID) Tax Increment Financing District (TIF)

24 Downtown Strategies 16. Establish Zoning and Ordinances Address Aesthetics and Property Maintenance: Lack of consistent signage; signage clutter Lack of landscaping; softening of streetscape Lack of street curbing Lack of deferred maintenance on buildings Parking lots not striped Facades and awnings in disrepair

25 Downtown Strategies 17. Engage Experts to Help You Assess Your Market and Identify Opportunities for Retail

Downtown Retail:360 Plan 1. Area Market Analysis 2. Community Market Analysis 3. RTA Determination 4. Demographic Profiling 5. Psychographic Profiling 6. License Plate Surveys 7.

26 Downtown Retail:360 Plan 1. Area Market Analysis 2. Community Market Analysis 3. RTA Determination 4. Demographic Profiling 5. Psychographic Profiling 6. License Plate Surveys 7. Workplace Population 8. Consumer Spending Survey 9. Land Use Analysis 10. Retail Gap/Opportunity Analysis 11. Retailer Matching & Recruitment 12. Retailer Feasibility Studies 13. Community Marketing 14. Developer Targeting & Recruitment 15. Recommendations 16. Retail Road Map 17. Retail Coaching

27 RECRUITING RETAIL DOWNTOWN MARKET ANALYSIS

28 RECRUITING RETAIL DOWNTOWN MARKET ANALYSIS Road-by-Road Analysis Retailer & Restaurant Documentation Retailer & Restaurant Meetings/Interviews Community Stakeholder Meetings Developer/Property Owner/Broker Meetings SWOT Analysis

29 RECRUITING RETAIL RETAIL TRADE AREA DETERMINATION

30 RECRUITING RETAIL RETAIL TRADE AREA DETERMINATION Primary Retail Trade Area Consumers likely to shop community retailers more than once per week. Secondary Retail Trade Area Consumers likely to shop community retailers once per week, once every two weeks.

31 RECRUITING RETAIL DEMOGRAPHICS We profile consumers for their unique attributes: Population Population Growth Race Classification Median Age Education Household Income Per Capita Income

32 RECRUITING RETAIL PSYCHOGRAPHICS We use demographic findings to study and measure consumers: Attitudes Values Preferences Lifestyles Buying habits

33 RECRUITING RETAIL PSYCHOGRAPHICS LIFESTYLE SEGMENTATION All U.S. households fall into 1 of 66 lifestyle segments. We divide your market into groups of consumers with similar demographic characteristics, lifestyles, purchase behaviors and work patterns.

34 RECRUITING RETAIL WORKPLACE DOWNTOWN POPULATION We must have knowledge of area daytime employment and recognize the importance to restaurants.

35 RECRUITING RETAIL CONSUMER SPENDING SURVEY Purchasing habits/frequency % of purchases in community Where else do you shop/frequency Retailer-type preferences Specific retailer preferences Monthly retail expenditures

36 RECRUITING RETAIL LAND USE ANALYSIS We analyze sites and identify those not serving their highest and best use and make recommendations for improved uses.

37 RECRUITING RETAIL RETAIL GAP/OPPORTUNITY ANALYSIS Measuring consumer demand and retail opportunity: We analyze retail categories to identify which sectors have retail leakages and which have retail surpluses.

38 RECRUITING RETAIL RETAILER MATCHING & RECRUITMENT We utilize: Area Market Analysis Community Market Analysis Retail Trade Area Demographic Profile Dominant Lifestyle Profiles Retail Gap/Opportunity Analysis findings Available Properties Internal retailer and restaurant database We will contact the targeted retailers and developers to determine the level of interest they may have in your community.

39 RECRUITING RETAIL RETAILER FEASIBILITY

40 RECRUITING RETAIL DOWNTOWN MARKETING Retail Market Profile Retail - Specific Brochure Community Video Retail - Specific Website Property Visuals Developer Packaging

41 RECRUITING RETAIL DOWNTOWN MARKETING - BROCHURE

42 RECRUITING RETAIL DOWNTOWN MARKETING - VIDEO

43 RECRUITING RETAIL DOWNTOWN MARKETING - WEBSITE

44 Downtown Strategies 18. Expand Local Merchants Skills Conduct downtown merchant workshops to use research and data to assist existing businesses in merchandising, marketing, inventory control Conduct workshops on marketing and latest applications including an internet presence and social media Conduct workshops on customer service

45 Downtown Strategies 19. Ensure Stakeholders Remain Informed and Engaged

46 Downtown Strategies 20. Be Patient and Tenacious Retail recruitment and revitalization is a process, not an event and Retailers Must be Recruited

47 Corporate Office Ph Fx Dallas Office Ph Austin Office Ph

RETAIL AMERICA: What s Ahead for Your Community ICSC 2014 Wisconsin Alliance Program August 7, 2014

RETAIL AMERICA: What s Ahead for Your Community ICSC 2014 Wisconsin Alliance Program August 7, 2014 We have provided the research, the relationships and the strategies to achieve retail recruitment and