FLORIDA MAIN STREET
TIPS FOR BUILDING A HEALTHIER BUSINESS MIX
CONTACT INFORMATION TIPS FOR BUILDING A HEALTHIER DOWNTOWN
1. Commercial Assessment. 2. Understanding Consumer. 3. Developing a Strategic Plan. 4. Recruiting from within. 5. Funding options. Hilary Greenberg 6. Business Recruitment. 704.366.1541 [email protected]
MARKET ANALYSIS FLORIDA MANAGERS WORKSHOP
Retail Retail Supply MORNING SESSIONS: Demand (Square Feet) (Square Feet)
Survey and Retail Mix Focus • Evaluating your Downtown. Analysis Group Research
Competitiveness STRATEGIC Trade Area of Existing PLAN Demographic • Understanding your Market. Trade Area and Lifestyle Stores Analysis
Competitiveness Analysis of Non- • Developing a Strategic Plan of Existing Local Market Regional Stores Consumer Segments Behavior in (Tourists, Workers) Store Category
JUNE 2014 FLORIDA MANAGERS WORKSHOP DIFFICULT TIMES
AFTERNOON SESSIONS:
• Recruiting businesses from within.
• Financial incentives and funding for small businesses.
• Business Recruitment strategies and tips.
NEW REALITY NEW REALITY
DEMOGRAPHIC: REAL ESTATE: • Population shift to • Changing credit larger cities and financing • Flat growth rate • Fewer tenants • More diverse • Declining rents markets • Delayed projects • Volatile economy • Limited capital • Changing improvements consumer trends
NEW REALITY
TECHNOLOGY: • Rural high speed internet • Web savvy customers • Smart phone coupons • Mass Mingling
JUNE 2014 OPPORTUNITY FOR DOWNTOWN Downtown Is More Important Than Ever Trade area boundaries are blurring. Employment hubs and catalyst for local jobs. − Spaces for entrepreneurs. − Access to labor force. More start-ups. − Physical proximity for face-to-face meetings. − Convenient location. New tenants as site criteria changes. Retail sales are important revenue for Govt. and offset declines in Residential tax base. Increased sales from Local expenditures create multiplier effect. multi-channel selling. Attract younger market segments. New development through creative partnerships.
TIPS FOR BUILDING A WHOWHO ARE YOURTHE CUSTOMERS? CUSTOMERS? HEALTHIER DOWNTOWN
1. How Well Do You Understand the Customer. 2. Evaluating Downtown’s Business Base. 3. Developing a Strategic Plan 4. Recruiting from within 5. Funding options 6. Business Recruitment
MARKET ANALYSIS UNDERSTAND YOUR MARKET
• Trade area Trade area defines retail opportunities
• Market profile
Disneyworld
• Lifestyle segments Destination/Regional – 30 + min
Department Store/Big Box Retail • Sales gaps/retail Comparison/General – 15-30 min demand Specialty Food Store
Convenience/Neighborhood – 5-10 min. • Market Drugstore opportunities
JUNE 2014 TRADE AREAS TRADE AREA
Watch for physical barriers and historical commuting patterns
SURVEYS TO CLARIFY ZIP CODE SURVEY BOUNDARIES
MARKET PROFILE TRADE AREAS
Use free report to draw boundaries
JUNE 2014 MARKET PROFILE MARKET TRENDS
Gen Y- 70 M people (ages10-29) DEMO & • Income Key Gray Wave -77 M people (ages 55-69) ECONOMIC • Age PROFILE Demographic Increasingly diverse households • Race trends
• Occupation • Wages • Employment
MARKET TRENDS
• FL getting younger and more diverse. • Workers are delaying retirement. • More multi- generational families. • Younger, educated prefer Cities- Downtowns. • More jobs from immigrants.
MARKET ASSESSMENT MARKET ASSESSMENT
Use charts and Use charts and graphs to graphs to clarify data clarify data
JUNE 2014 MARKET ASSESSMENT CONSUMER TRENDS
Free Data Reports
THE “FRUGAL” CONSUMER THE “GREEN” CONSUMER
THE “LOCAL” CONSUMER THE “LOCAL” CONSUMER
JUNE 2014 THE “CHARITABLE” CONSUMER CONSUMER ATTITUDE
Surveys: Consumer Intercept Business Focus groups Interviews
LIFESTYLE TRENDS MARKET ASSESSMENT
• Religion Lifestyle • Ethnicity trends • Employment • Income • Geography
LIFESTYLE SEGMENTS MARKET ASSESSMENT
LFESTYLE CATEGORIES
Midlife Junction
Enterprising Professinal
Old and Newcomers
Rust Belt Tradition
Tertiary trade area More Cozy and comfortable Secondary trade area Purchase Primary trade area segments = Aspiring Families Milk and Cookies market more niche Boomburgs niche businesses Up and Coming 0.00 5.00 10.00 15.00 20.00 25.00 PERCENTAGE OF HOUSEHOLDS data
JUNE 2014 MARKET ASSESSMENT RETAIL SALES GAP
RETAIL SALES • Trends • Comparisons • Competition • Sales Gaps • Downtown Share
RETAIL SALES LEAKAGE SALES GAP ANALYSIS
POTENTIAL SALE - ACTUAL SALES = SALES LEAKAGE OR (SURPLUS) Areas with malls or tourist attractions have • Potential sales = sales surplus average HH expenditure multiplied by # of HH in trade area
• Actual Sales = Florida Dept of Revenue or Data Co. Rural areas have sales leakage • Sales Surplus = When actual sales are greater than potential sales.
• Sales leakage = Potential sales are greater than actual sales
DOWTOWN SHARE RETAIL SALE ANALYSIS
• Consumer Expenditure Survey POTENTIAL SALES • Claritas, ESRI (Data Company)
• Sales Marketing’s Survey Of Buying Power ACTUAL SALES • Dept. of Revenue • Claritas, ESRI (Data Company)
SALES PER • ULI ---Dollars-Dollars and Cents of Shopping SQUARE FOOT • http://www.uwex.edu/ces/cced/dma “HOW TO” • National Main Street Center PUBLICATIONS • State Main Street Program
JUNE 2014 MARKET ASSESSMENT MARKET OPPORTUNITY
• Demand by Purchase niches clusters sales leakage reports • Demand by store Or use templates categories
r surplus • Specific stores
STORE CATEGORY EXERCISE
• Home Décor Total households 10,000 • Restaurant MARKET Average per HH sale $4,000 OPPORTUNITIES • Soft goods Furniture County actual sales $30M • Lifestyle store Downtown share of market 30% Average sales per foot $200 • Convenience Existing amount of space 7,500 ft. • Medical
EXERCISE EXERCISE
1. Potential Downtown sales: 4. Downtown Share: County hh multiplied by State’s 10 million X 30%= 3 million average sale per hh 10,000 x 4,000 = 40 million 5. Downtown Sq. Ft.: 2. Actual sales: 30 million 3 million/$200 = 15,000 ft. 6. 15,000- 7,500 3. Sales Leakage = 40-30= 10M Downtown can support additional store.
JUNE 2014 CONTACT INFORMATION
TIPS FOR BUILDING A HEALTHIER BUSINESS MIX
Hilary Greenberg 704.366.1541 [email protected]
FLORIDA MANAGERS WORKSHOP FLORIDA MANAGERS WORKSHOP
MORNING SESSIONS: AFTERNOON SESSIONS:
• Evaluating your Downtown. • Recruiting businesses from within.
• Financial incentives and funding for small • Understanding your Market. businesses.
• Developing a Strategic Plan • Business Recruitment strategies and tips.
MARKET ANALYSIS
Retail Supply square ft.
Retail Mix Analysis
Assessment Competitiveness of Retail of Existing Opportunities Trade Area Stores
Competitiveness of Existing Regional Stores Consumer Behavior in Store Category
JUNE 2014 COMMON PROBLEMS 2. EVALUATING DOWNTOWN
• Vacancies • Conditions • Deferred maintenance − Buildings − Streetscape • Sales-Rent-Value skewed − Environmental • Obsolete selling space − Regulatory • Underutilized upper floors − Social • Skewed retail mix • Real Estate • Few destination uses − Ownership • Underperforming retailers − Condition − Opportunities • Inconvenient parking • Business Mix • Unmotivated property owners − Function and use • Dysfunctional government − Location − Cluster • Business Viability
BUILDING FAÇADE AND PHYSICAL CONDITIONS CONDITIONS
Buildings: Facades Interiors
STREETSCAPE STREETSCAPE
JUNE 2014 COMMERCIAL ASSESSMENT • Crime • Homelessness
• Building code • Zoning
• Energy efficient • Walkability
PUBLIC ATTITUDES CONDITIONS ASSESSMENT
• Maps • Parking and traffic studies • Streetscape plans • Engineering studies • Consumer Intercept & Business survey • Facade renderings • Building inspection
REAL ESTATE LOCATION
• Availability • Price • Location • Condition • Ownership • Opportunities
JUNE 2014 LOCATION CHALLENGES
OPPORTUNITIES OPPORTUNITIES
JUNE 2014 COMMERCIAL ASSESSMENT TYPES AND USES
• Business Mix − Types of Use − Function − Location − Ownership − Target Customer − Business Cluster
MOST COMMON BUSINESSES OWNERSHIP BY TYPE OF USE WITHIN .5-Miles OF TOWN • Locally-owned • Franchise • Chain • Start-up • Immigrant merchants • Part-time/hobby retailers Source: InfoUSA
BUSINESS INVENTORY TYPES OF USES
Downtown data base software
JUNE 2014 TYPES OF CLUSTERS COMPETITIVE
• TARGET MARKETS − Proximity • Jewelry − Demographic characteristic • Shoes − Lifestyle • Furniture − Employment • Pawn • CLUSTER • Nail − Compatible − Complementary − Competitive
BUSINESS CLUSTERS COMPLEMENTARY
Similar customers or complementary products • Shoppers goods • Government/legal • Home • Restaurants Bars and Entertainment • Wedding • Lifestyle retailers
BUSINESS VIABILITY WARNING SIGNS
• Rising vacancy rate • Operation/practices • Expenses>Cash flow • Ownership • Financing or credit issue • Financing • Employee turnover • Cash flow • Cutback in ads • Technology • Regulations • Tenant issues • Personal problems
JUNE 2014 BUSINESS VIABILITY BUSINESS OPERATION
Survey businesses to clarify issues –Personal interview –Survey monkey –Zoomerang
Conduct audits –Inventory and store layout –Back door sales
BUSINESS VIABILITY COMMERCIAL ASSESSMENT
• Update business & • Prepare a map showing • Evaluate technology savvy property inventory and similar businesses by conduct interviews. − Website cluster, target customer • Interview developers, and function. − Social media store managers, lenders to identify • Map location of vacant − Email newsletters and surveys issues. and underutilized • Hold small business buildings and rental meetings to identify space. • Evaluate financing gaps and issues common issues. • Summarize strengths − Talk with Local lenders and CPA • Organize a “first and weaknesses impressions” visit. − Talk with Landlords
JUNE 2014 CONTACT INFORMATION
TIPS FOR BUILDING A HEALTHIER BUSINESS MIX
Hilary Greenberg 704.366.1541 [email protected]
FLORIDA MANAGERS WORKSHOP FLORIDA MANAGERS WORKSHOP
MORNING SESSIONS: AFTERNOON SESSIONS:
• Evaluating your Downtown. • Recruiting businesses from within.
• Financial incentives and funding for small • Understanding your Market. businesses.
• Developing a Strategic Plan • Business Recruitment strategies and tips.
3. STRATEGIC PLAN STRATEGIC PLAN
• Set vision, goals and objectives.
• Identify niches, projects and tenants. CHARACTERISTICS OF A GREAT DOWNTOWN • Concept map.
• Build organizational capacity.
• Implementation plan.
June 2014 STRATEGIC PLAN COMMON MISTAKES
• “Sense of place”–unique, authentic • Apathetic or dysfunctional organization. What makes • A hub (dining, arts, entertainment, retail) a downtown • Misunderstands market. great? • Convenient, Walkable • Focus on “what is missing” instead of what • Tech savvy you have.
• Weak relationships with • Range of Housing and Employment partners.
• Destination attractions • Focus on Silo’s rather than Dominoes.
PUBLIC INPUT LESSONS LEARNED
• Don’t copy, rather Differentiate your downtown from competition.
• Look at every building as a recruitment, retention or redevelopment candidate.
• Successful business retention equals Successful business recruitment. • Cooperative owners plus attractive space equals successful recruitment.
VISION STRATEGIC PLAN
• Center for community gathering
Vision • Center for government, legal and office statements employment
• Center for destination eating and lifestyle retail
• Center for convenience, service and neighborhood service uses
June 2014 STRATEGIC PLAN STRATEGIC PLAN
Eating and drinking • Housing Regional restaurants • High tech Contemporary café Destination Define Franchise snack, drink and take-out or • Medical desired • Farmers market market Music clubs Catalyst niches Book store-cafe projects • Entertainment • Cultural Lifestyle retail uses Personal care Active Lifestyle Hobby, art, Craft Home and garden
STRATEGIC PLAN TENANT LIST
Activity lifestyle • Bicycle, Skateboard Destination or • Wild Bird • Outdoor Catalyst • Paint/Pottery projects • Bead • Yoga • Scrapbook • Farmers’ market
MAP OF RETAIL CLUSTERS DOWNTOWN KINSTON MARKET STUDY CONCEPT MAPS CONCEPT MAPS
June 2014 BUILD ORGANIZATIONAL CAPACITY CONCEPT MAP
ER COMMITTEE
• Identify market opportunities
• Encourages the reuse of vacant & underutilized property
• Develop financial tools and incentives
• Helps existing businesses to expand
• Recruit new uses
ORGANIZATIONAL CAPACITY ORGANIZATIONAL CAPACITY
Downtown Retailer Accountant Committee Local Executives structure Downtown Manager Attorney Local Resident ER Chair VOLUNTEERS WANTED: positive and cheerful Banker Realtor passionate about community City Official networking skill
ORGANIZATIONAL CAPACITY ORGANIZATIONAL CAPACITY
RELATIONSHIPS WITH OTHERS:
• Property and Business owners • Development community (Financial, realtor, Design, contractor, Developer) • Merchant Association • Govt. agencies, local VOLUNTEERS TO AVOID: Chamber of Commerce • Educational and religious The Latecomer The Early leaver organizations, non-profits. The Broken record The Gossiper • Other Main Street Committees The Know-It-All The Doubter
The Pet project
June 2014 BUILD RELATIONSHIPS BUILD RELATIONSHIPS
Business Owner Agreement CARROTS STICKS • Marketing Program $$ Peer pressure • Types of assistance desired Public Zoning, Building Recognition code, local Historic Property Owner Agreement Tax Credit District • Desired tenant Technical or Maintenance • Assistance financial assistance Ordinances • Leasing Plan Option Financial CID disincentives Network with Real estate community Purchase Eminent Domain
BUILD RELATIONSHIPS REALISTIC WORK PLAN
• Review and Update vision and niche concepts. • Goals • Priorities • Revise work plan to volunteers and • Time line priorities. • Partnerships • Resources • Reengage with “stakeholders” to • Commitment renew relationships.
WORK PLAN REALISTIC WORK PLAN Year one
• Business Retention Program Basic Understanding: − Promotion and Image • Evaluate current − Business Skill economic condition Work plan − Financing • Develop relationships with area business • Business Recruitment Program leaders − Referrals and general leads • Evaluate existing − Specific tenant recruitment businesses • Determine overall Property Redevelopment Program market position and • areas of growth and − Acquisition opportunities. − Financing − Partnerships
June 2014 REALISTIC WORK PLAN REALISTIC WORK PLAN Year two Year three
Strategic Planning Implementation • Develop financial incentives • Public improvements • Develop business retention program • Marketing plan • Marketing/branding • Active recruitment downtown • Passive recruitment • CID (responding to business inquiries)
June 2014 5. FUNDING FOR SMALL SMALL BUSINESS FUNDING BUSINESSES
• TRADITIONAL SOURCES OF FUNDING
• ALTERNATIVE FINANCING
• MAIN STREET PRODUCTS
• NEW IDEAS
TRADITIONAL SOURCES TRADITIONAL SOURCES OF FUNDING OF FUNDING • SBA LOAN PRODUCTS SBA 7-a • SELF FINANCED − − 504 −Home equity − NC-CAP −401-k − Micro loan −Vehicles • SPECIALTY LOANS −2nd job − Equipment • CREDIT CARDS − Merchant Franchise • FRIENDS OR FAMILY − • ANGEL INVESTORS
ALTERNATIVE MAIN STREET PRODUCTS FUNDING
• GRANTS • FACTORING − FL Preservation grant • MERCHANT CASH ADVANCES − Acquisition/renovation − Facades or Signs • EQUIPMENT LOANS − Upper-stories • ANGEL INVESTORS − Marketing/ad campaign − Relocation, Rent − Energy • LOANS − Local banks-Revolving − USDA − Non-profits (Slow money, EDC, Conservation Fund or foundations
June 2014 FUNDING OPPORTUNITIES OTHER IDEAS
• TAX CREDITS/TAX ABATEMENTS • COMMUNITY CAPITAL CAMPAIGN − Greer, SC − TIF, Property tax abatements − Burlington, IA − Historic tax credit • BUSINESS COMPETITIONS − New market tax credit – Kankakee Enterprise U − Low income tax credit – Salina, KS − HUB zone • POP-UP PROGRAM − Enterprise Zone − Marion, VA − Elkhart, IN • CROWDFUNDING
CROWDFUNDING CROWDFUNDING
• Organized begging using social media.
• Uses social networks to solicit donations for causes, organizations, business ventures, creative ideas.
• Can supplement family and friends contributions.
CROWDFUNDING FUNDING OPPORTUNITIES Reward based
• Many internet platforms. Biggest ones are: • KICKSTARTER INDIEGOGO − Reward based: Kickstarter, Indiegogo, − Creative, products − Flexible, individuals and Peerbackers, Rocket Hub causes, businesses Startsomegood, Credibles − 60 days and Foodstart − all or nothing funding − 60 days − Funding grows as project − Flexible, or all or nothing − Debt based: nears goal − Fee varies: 4%-9% + SoMoLend, Funding Circle, Endurance Lender − Limited categories 3%transaction fee − Equity based: − No limits on categories MicroVentures, Circle Up, − 5% fee + 3% transaction Crowdfunder − Video
June 2014 CROWD-FUNDED CROWD-FUNDED Reward based projects Reward based projects
• Street improvements • One Spark festival Jacksonville FL • New or expanded businesses
• Redevelopment
FUNDING OPPORTUNITIES CROWDFUNDING Reward based Debt based lending
• Called Social lending, P2P lending. CREDIBLES FOODSTART − Customers prepay for − Small expansion projects food and receive “edible to start-up capital • Members borrow and lend money among reward” card. − Flexible funding themselves at better rates than credit − Restaurant gets upfront − Provides reward card that cards or traditional loans. funds. donors can use for food − 5% fee includes 1% that − 4% fee plus 3% goes back to slow money. transaction fee • More institutional investors are getting − Business sets reward. − Video involved.
• Some charge interest, others don’t.
CROWDFUNDING RECOMMENDATIONS Equity based lending
• 2012 Federal JOBS Act • Could lower cost of raising • Make sure to assess funding needs of equity your businesses. • Florida bill was delayed • Shows market support that • Will allow small can be used to secure other • Tweak existing and incorporate new unaccredited investors to loans put capital in a business via tools into your “Financial Assistance on-line platform. • Investors would have stake Tool kit”. in business • Up to $2K per investor
• Example: Matchcapital • Use crowd-funding to test market Ventures incubator project support. Staunton Community Fund
June 2014 FLORIDA MANAGERS WORKSHOP DIFFICULT TIMES FOR SMALL BUSINESS AFTERNOON SESSIONS:
• Recruiting businesses from within.
• Financial incentives and funding for small businesses.
• Business recruitment strategies and tips.
ISSUES FACING SMALL BUSINESSES RISING EXPENSES
• Permits and fees • Rent • Insurance costs • Shipping • Energy costs • Cost of goods • Health Care
CHANGING REGULATIONS CHANGING TECHOLOGY
• Federal • Digital Divide is widening. – Health care • Rise of mobile phone sales and apps. – ADA • Rise in internet coupons. • State • Changing social medium: instagram, – Building code pinterest, foursquare,Google plus, Twitter). – Sales tax • Local – Signage – Parking
June 2014 4. BUSINESS RETENTION FINANCING CONSTRAINTS
• Image and Place- making • Sales performance • Business performance • Financing • Less available funding from home equity. • Friends and family have less to give. • Credit card terms and rates have changed. • Loan underwriting criteria has changed.
BUSINESS RETENTION IMAGE CAMPAIGN
IMAGE CAMPAIGN • Facades • Windows • Signage • Lighting • Safety • Cleanliness • Parking
IMAGE CAMPAIGN IMAGE CAMPAIGNS
Downtown Graphics Network
June 2014 IMAGE CAMPAIGN IMAGE CAMPAIGNS
Buildings
IMAGE CAMPAIGNS IMAGE CAMPAIGNS WINDOW DISPLAYS
Empty storefront
IMAGE CAMPAIGNS IMAGE CAMPAIGN STREETSCAPE
Storefront graphics
June 2014 Murals IMAGE CAMPAIGN
BUSINESS RETENTION IMAGE CAMPAIGN
Event should be memorable
IMAGE CAMPAIGN BUSINESS RETENTION Products
• Directory INCREASE SALES: • Web site • Retail sales promotion • Image Campaigns • Targeted events
• Improved merchandising
June 2014 RETAIL SALES PROMOTION:
• Focus community attention on the commercial aspects of Downtown
Seasonal • Need to connect potential customers with interesting goods and services
• Should RING registers
Summer Santa Bucks Washington, MO
• $5.00 Off Coupon good toward a $25 purchase • Maximum 20% discount
Washington, MO
RETAIL SALES National Event Focus Paint the Town Red ~ Service Sector
Use events to target key markets or clusters
Health Screenings Free Protein Smoothies Recipe books Acupuncture Physical Therapy Medical Dentist
June 2014 RETAIL SALES RETAIL SALES
• In-store activities
• Click and brick • Social media • Cross merchandising
BUSINESS RESOURCES IMPROVE BUSINESS SKILL
• Resource Guides • Business Resources • Web sites • Training • Demographic • Consultants Report • Webinars
TRAINING SERVICES ON-SITE COUNSELING
• Conferences • Main Street Staff • SBA webinars • Consultants • Community College Classes • SBDC • Counseling • Trade Associations • Local Businesses
June 2014 BUSINESS RECRUITMENT: BUSINESS RECRUITMENT Keys to Success • Successful business retention = Successful • Leasing Plan recruitment.
• Organization • Cooperative owners + attractive space= • Incentives successful recruitment
• Marketing products • Business mix must differentiate Downtown from • Prospecting, referrals competition. and the “Pitch” • Every building is on-going recruitment, retention or redevelopment candidate.
• Building site must match prospect’s criteria.
MAP OF RETAIL CLUSTERS DOWNTOWN KINSTON MARKET STUDY LEASING PLAN Vision
LEASING PLAN LEASING PLAN
June 2014 LEASING PLAN LEASING PLAN TENANT LIST
• Existing clusters • Surveys • Gap analysis • Consumer Trends • Space constraints
TENANT LIST CATALYST PROJECTS
Activity lifestyle • Cultural • Exercise centers • Bicycle • Wild Bird • Museum • Outdoor • Paint • Pottery • Bead • Yoga • Farmers’ market
HOUSING, HOTELS AND CATALYST PROJECT B&B
•Restaurants •Brew pubs and Distillery • Movie Theater • Wellness Centers • Farmers’ Markets
June 2014 FOOD FARMERS’ MARKET FOOD INCUBATORS
• Food stamps and credit cards • Use Market to spin off new stores •Add entertainment and dining
CATALYST PROJECTS KITCHEN INCUBATOR Incubator
RETAIL INCUBATORS RETAIL INCUBATOR Shared space
•Master Lease •Ad budget Consignment & leased floor area or departments Full-time employee
June 2014 RETAIL INCUBATOR CATALYSTS Pop-ups Temporary
3D places
ORGANIZATION ORGANIZATION : Property owner agreement
• Volunteer vs. Staff effort • Goals for building • Task force vs. committee • Desired tenant • Relationships to realtors • Agreement with Broker and owners • Marketing Program • Priorities • Type of assistance required
ORGANIZATION: BUSINESS RECRUITMENT: Referral system Financial incentives • Meet with key individuals in the business, real estate, financial and govt. • CDBG sectors to develop referral process. • Tax Credits • TIF and Tax Abatement • Distribute information gathered through • Revolving Loans network regularly via email, facebook. • Façade program • Utility: deposit, free month • Include civic groups and businesses • Community Initiated Development
June 2014 BUSINESS RECRUITMENT: BUSINESS RECRUITMENT: Marketing products Marketing products • Market studies/plans • Brochure and Fact sheets • Fact sheets • Website • Signs • Signage • Banners • Open house tours • Billboard
FACT SHEETS MARKETING MATERIAL
• Why locate Downtown? • Market opportunities • Site opportunities • Incentives • Testimonials from businesses
WI Main Street
MARKETING MATERIAL BUSINESS RECRUITMENT: source: Wisconsin Main Street Signs
Downtown Graphics Network
June 2014 Signs Signs
FINDING PROSPECTS FINDING PROSPECTS: Local businesses • Realtors • Downtown Business • Referrals from businesses, civic leaders • Local Business or residents • Start-up businesses • Website • Regional expansion • Field work • Chain/Franchises
FINDING PROSPECTS: FINDING PROSPECTS: Start-ups Chain or franchise • Word of mouth • Trade shows • Trade shows (ICSC) • Schools • Brokers • City • Leasing Services • Residents • (Buxton, Lease Trac) • SBDC • Lender
June 2014 CONTACT THE PROSPECT THE PITCH
• Practice on other Main Street Towns Direct mail • Do a recon visit Brokers • Encourage prospect to meet with local Web-site businesses or lenders Referral • Always ask for a referral Site visits • Continue contact through newsletter, emails etc.
THE PITCH SIGNING THE LEASE
• Ask residents to help find targeted prospects • Tenant upfit allowance • Ask sales reps for help • Facade or sign • Work with realtors and brokers • Review of proposed uses • Hours of operation • Media coverage • Participation in Business Mix events • Employee parking
KEY TO SUCCESS EXAMPLE
• Vision can’t be copied
• Recruitment takes time
• Must set high standards
• Requires collaboration
• Focus on rebuilding from within. • Focus on projects that create the “domino” effect.
June 2014 EXAMPLE EXAMPLE
1. Appoint a team/committee RESTAURANTS 4. Establish a Referral Network 2. Do your homework • Mall Manager Restaurant/ • Market demand • SBDC-Chamber-EDC brew pub • Identify possible sites and cost to upfit • Local Realtors • Secure Owner/realtor support • Major employers, churches and residents 3. Create Incentives • Pre-recruitment inspection 5. Find Prospect • Establish a facade grant • Advertise in paper and trade newsletter • Restaurant equipment loan • Contact State culinary schools • LLC to invest in restaurant • Ask local residents or other restaurant owners • Field trips
EXAMPLE
6. Contact Prospect • Tag team of local residents • Local investment team
7. Follow up Food truck Pop-up space
June 2014