“Successful Strategies to Attract and Retain Downtown Retailers”
"Panel co-chairs and industry experts share insights on attracting and retaining downtown retailers. Learn from top cities' successes and mistakes in urban retail development. Discover key lessons for achieving vibrant downtown retail spaces."
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Presentation Transcript
Successful Strategies to Attract and Retain Downtown Retailers Monday, May 18th 2015 Panel Co-Chairs Ivan Baker, CEcD, AICP John Crossman, CCIM, CRX Special thanks to: Cynthia Stewart ICSC Staff Vice President Community Development
Carl L. Goertemoeller ICSC Trustee Senior Vice President of Real Estate Macy s, Inc. Cincinnati, OH Kim Ellis ICSC Trustee Consultant Minneapolis, MN Nancy Whitworth Director of Economic Development City of Greenville Greenville, SC Bill Fulton Director Kinder Institute for Urban Research Houston, TX Robert Stark President & CEO Stark Enterprises Cleveland, OH
Nationally Cities are Doing These Things Right Hard-nosed market analysis and actually talking to retailers Marketing through RECON and other trade organizations Understand the relationship between retail and the trend toward urban housing
Biggest Mistakes Cities are making Unrealistic view of the market Cities want to become the next Silicon Valley Cities think they can attract Nordstrom/Apple Store Cities often think that if they provide a deep enough subsidy, they ll get the high-end retail they want
Americas Top 10 Greatest Main Streets - Travel & Leisure Best Places to Live: Top 18 Coolest Towns in America - Men s Journal Top 10 Best Downtown - Livability.com 2015 Hottest New Vacation Destination - CBS News
Lessons Learned Capitalize on Assets and Uniqueness of Community Balance the Uses Details are Important Focus on Quality, not Quantity Focus on Investments That Yield Multiple Returns Entrepreneurial Leadership is Key Be Committed It Takes Patience Leverage ICSC
Attracting Big Box Retailers Establish Needs the Retailer Would Fulfill Shovel Ready Site Establish Consensus Identify Detractors Incentive Packages in Place Minimize Regulatory and Procedural Issues Historic Third Ward, Milwaukee
Presenting the Site Understand the Retailer s Specific Site and Market Needs Provide Context through Market Research Roll out the Red Carpet Thorough Review/Tour of the Market Herald Square, Midtown Manhattan
Attracting Small Shop Retailers Thoughtful retail planning Big Box play/synergy Complimentary tenant mix Be Proactive and understand desired tenant s business models Demographics For Restaurants, know how many day parts (meals) each concept can expect Consider required parking requirements for desired uses Accessible and/or short term parking Rent structure and Tenant Improvement Allowance that provides confidence that ROI can be met
Advice to Retailers in Urban Developments Footprint sizes are atypical; cookie cutter layouts won t typically work (ceiling heights, HVAC requirements) Two way roads are more ideal than one way (unless use is destination oriented) Pedestrian traffic is a plus; how to get them in your door Proximity to big box users Rents/Build out cost higher The only standard element of urban retail growth is that nothing is standard. Joseph Magnacca More Density does not mean the demographics fit Labor challenges - How will employees get to work; where will they park and at what cost Hours of Operation
Thanks for coming! Please consider attending this other public sector session entitled: Optimizing Tenant Mix for Downtown Business Districts Westgate Hotel - Pavilion 1 Tuesday , May 19th 2015 3:30pm - 5:00pm
