Vice President Aaron Farmer will participate in the City of Midland’s two-day Developers Forum this week to help show off the area’s potential. Aaron’s presentation includes The Retail Coach’s Retail Trade Area Analysis for Midland. Secretary of State Esperanza “Hope” Andrade is the keynote speaker and the event includes multiple community tours.

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Challenge

Wildfires destroyed more than 1 million trees, 1,600 homes and set back 48 businesses in Bastrop and the surrounding Central Texas area. Amidst the vast devastation and tragedy in this Austin Metro community, Bastrop economic development officials recognized the need to quickly mobilize to help meet the needs of residents and business owners rebuilding their lives.

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Solution

While the Bastrop area was already growing, the wildfires intensified the need for more housing and brought greater attention to the lack of certain types of businesses in the area. The Bastrop Economic Development Corp. hired The Retail Coach to complete a Retail Trade Area Determination, Retail Gap/Opportunity Analysis, Demographics and Psychographics Analysis, and Retail and Restaurant Feasibility Study.

Outcome

The Retail Coach found that Bastrop is losing $918.7 million in sales annually to other cities because it lacks the retail base within its community to meet demand. The retail segments with the biggest leaks included restaurants, grocery stores, home furniture and furnishings, gasoline stations and car dealers.

Although Bastrop has a population of 7,200, The Retail Coach identified a Retail Trade Area of more than 160,000 with residents from 20 neighboring communities willing to come to Bastrop for shopping, dining and entertainment.

This information is now being used to develop new retail and recruitment strategies that are focused on the Highway 71 corridor and Bastrop’s Historic Downtown.

“We are committed to strengthening our local economy by helping Bastrop retailers respond to this demand and preventing vital sales tax dollars from leaving our community,” said Dave Quinn, executive director of the Bastrop Economic Development Corporation.

“Local businesses can use our information to improve their marketing practices and expand product lines,” said Aaron Farmer, vice president of The Retail Coach. “The data also revealed new opportunities for local entrepreneurs and can be used by the Bastrop EDC to recruit new retailers and restaurants to the community.”

Dubbed the Most Historic Small Town in Texas, Bastrop has 130 historic sites listed in the National Register of Historic Places. In 2007, Bastrop became an official Texas Main Street City, which has spurred more than $5 million in reinvestment in the historic business district.

“Bastrop has the information, tools and vision to overcome this crisis and become better and stronger than before,” said Quinn.

Tell us how your city or community has dealt with adversity.

Floresville EDC Seeks to Continue Momentum with The Retail Coach

Houston, TX… Citing increased activity and interest in the area from the Eagle Ford shale oil and natural gas boom, the Floresville Economic Development Corp. (FEDC) is taking an aggressive approach to maintain the commercial development momentum by continuing its partnership with The Retail Coach.

The FEDC Board voted unanimously to approve a new contract with The Retail Coach, a national retail recruitment and development consulting firm that began working with the FEDC in 2008.

“The Eagle Ford shale oil and natural gas boom has sparked a high volume of development activity, with new hotels, stores and restaurants locating in the area,” said Jesse M. Perez, Executive Director of the FEDC. “We want to keep the momentum going by updating our market intelligence and using the information to attract the right kind of businesses to our community.”

The Retail Coach will conduct a new Retail Trade Area Analysis, which determines where Floresville retailers and restaurants get their customers from on a daily basis. The last study estimated a Retail Trade Area population of 48,680 for Floresville, which has since increased.

The firm will also conduct a new Retail Gap/Opportunity Analysis to illuminate which of 52 retail categories in the Floresville community are exhibiting deficiencies or leakages. “A leakage occurs when Floresville residents shop in surrounding communities, instead of their own hometown,” said Aaron Farmer, National Project Director of The Retail Coach. “With the strong pace of growth in the area, there has definitely been an increase in consumer demand that can be met by local retailers.”

Once The Retail Coach has completed the updated market analyses, the firm will work with the FEDC to develop customized strategies for attracting retailers and restaurants that will entice residents to shop and dine in their own community.

“In addition to recruiting new retail, we will look within the community for new entrepreneurs interested in opening a store or restaurant and help existing merchants expand their inventories to offer the products shoppers are leaving Floresville to buy,” said Mr. Farmer, whose firm was instrumental in convincing Walmart officials to expand the Floresville store to a Super Walmart.

Houston, TX, October 18, 2011… Wildfire recovery efforts in Bastrop will include helping local retailers meet the needs of residents rebuilding their lives, thanks to the Bastrop Economic Development Corporation.

“More than 600 homes and several businesses were destroyed in September during the worst wildfire in Texas history,” said Dave Quinn, executive director of the Bastrop EDC. “As residents rebuild or repair their homes, there is an immense need for everything from lumber to furnishings and décor.  We are committed to strengthening our local economy by helping Bastrop retailers respond to this demand and preventing vital sales tax dollars from leaving our community.”

To achieve this goal, the Bastrop EDC has partnered with The Retail Coach, a national retail recruitment and development consulting firm that has helped local governments, chambers of commerce and economic development organizations expand and strengthen existing retail in more than 100 Texas communities as well as cities throughout the United States during the past 10 years.

The Retail Coach will complete a Retail Trade Area Determination, Retail Gap/Opportunity Analysis, Demographics and Psychographics Analysis, and Retail and Restaurant Feasibility Study for Bastrop. Strategies developed from the results will focus on the Highway 71 corridor and Bastrop’s Historic Downtown.

“Local businesses will be able to use our information to improve their marketing practices and expand product lines,” said Aaron Farmer, national project director for The Retail Coach. “The data will also reveal new opportunities for local entrepreneurs and can be used by the Bastrop EDC to recruit new retailers and restaurants to the community.”

Dubbed the Most Historic Small Town in Texas, Bastrop, an Austin metro community, has 130 historic sites listed in the National Register of Historic Places. In 2007, Bastrop became an official Texas Main Street City, which has spurred more than $5 million in reinvestment in the historic business district. Even before the wildfires, the community demonstrated a strong demand for retail.

“While the City of Bastrop’s population is approximately 7,200, the Retail Trade Area is over 160,000 with residents from 20 neighboring communities coming here for shopping, dining and entertainment,” said Mr. Quinn.

For more information, contact Mr. Quinn, 512.629.7003, or Mr. Farmer, 662-231-0608, afarmer@theretailcoach.net.

Dallas, TX, October 10, 2011… While the City of Richmond embraces its rich history, leaders are also taking a pro-active approach to growth that includes attracting new retail and restaurant choices to the community consistent with our culture, in addition to their efforts to attract commercial businesses.

Richmond has partnered with The Retail Coach, a national retail recruitment and development consulting firm that has helped local governments, chambers of commerce and economic development organizations expand retail in more than 100 Texas communities as well as cities throughout the United States during the past 10 years.

“We never want to lose sight of our history, the citizens we serve, and the warm sense of community we enjoy,” said Terri Vela, City Manager of Richmond. “But we do want to grow and provide our citizens the amenities and services that they expect and deserve. Expanding our sales tax revenue base by bringing quality retail into our City is vital to achieving the future we envision for Richmond.”

According to Ms. Vela, the City selected The Retail Coach because the firm has an excellent reputation for producing results. “We talked to other cities that have worked with the firm and conducted extensive interviews with The Retail Coach,” said Ms. Vela. “We feel like with The Retail Coach we have found a very good fit for our City and will have the added benefit of working with experienced professionals who are on the same page with us in terms of what we want to achieve.”

Richmond’s vibrant Texas history and western culture dates back to Stephen F. Austin’s settlement in 1822 on the banks of the Brazos River, which runs through the town and offers unique retail development opportunities. As the oldest community and the county seat of Fort Bend County, the City also has an established downtown district frequented by not only local residents, but the 1,500 county employees working in the new $74-million-dollar courthouse completed in July.

“We are excited about working with the City of Richmond,” said Aaron Farmer, National Project Director for The Retail Coach. “Terri Vela and a leadership team that includes Mayor Moore and the commissioners clearly recognize the potential for growth and want to make the right things happen, in the right way.”

The Retail Coach will complete a Retail Trade Area Determination, Retail Gap/Opportunity Analysis, Demographics and Psychographics Analysis, and Retail and Restaurant Feasibility Study for Richmond.

The Retail Gap/Opportunity Analysis will illuminate which of 52 retail categories in the Richmond community are exhibiting deficiencies or leakages.  A leakage occurs when Richmond residents shop in surrounding communities, instead of their own hometown. The Retail Coach will then identify specific retailers and restaurants that are an ideal fit for Richmond’s Retail Profile and Retail Trade Area and create customized strategies for attracting the prospects.

The firm will also determine the area’s sub-markets, make land use recommendations and focus on strengthening existing businesses.

“There is a broad base of positive interest and support among our citizens, businesses, and civic and community organizations,” said Ms. Vela. “Our partnership with The Retail Coach is an exciting step into Richmond’s future.”

Dallas, TX, September 14, 2011… The Bowie Economic Development Corporation (BEDC) envisions a bright future for Bowie as the shopping and dining hub for Montague County. To bring the vision to life, the organization is partnering with The Retail Coach, a national retail recruitment and development consulting firm.

“We have a tremendous opportunity to be the shopping hub for the region, but we know that we must slow the shopping leakage to other communities with sustainable recruitment and retention programs,” said Janis Crawley, Economic Development Director of the BEDC. “Our goal is to bring new businesses to our arteries along Highway 287 and increase the shopping experience within our ‘heartbeat’ the downtown area.”

According to Ms. Crawley, the BEDC leadership team selected The Retail Coach because the firm has an excellent reputation for producing results. The Retail Coach has assisted local governments, chambers of commerce and economic development organizations in more than 100 Texas communities as well as cities throughout the United States during the past 10 years.

The Retail Coach will complete a Retail Trade Area Determination, Retail Gap/Opportunity Analysis, Demographics and Psychographics Analysis, and Retail and Restaurant Feasibility Study for Bowie.

“We will gather and interpret data from numerous sources including personal surveys and interviews with Bowie consumers and existing local retailers to create the Retail Gap/Opportunity Analysis,” said Aaron Farmer, National Project Director for The Retail Coach.

The Retail Gap/Opportunity Analysis will illuminate which of 52 retail categories in the Bowie community are exhibiting deficiencies or leakages. A leakage occurs when Bowie residents shop in surrounding communities, instead of their own hometown. The Retail Coach will then identify specific retailers and restaurants that are an ideal fit for Bowie’s Retail Profile and Retail Trade Area and create customized strategies for attracting the prospects.

“The BEDC Team feels confident that we have hired a team partner, not just a firm, who will help us recruit retail,” said Ms. Crawley.

In addition to a growing population and prime location, Bowie may soon have additional advantages. Bowie residents have the opportunity to vote on the November 2011 ballot for the allowance of the alcohol sell-by-glass, which is a big factor in restaurant recruitment and attraction. Voters will also have the opportunity to vote on the sale of beer, wine and liquor, which would play a major role in the current and future retail market for Bowie.

Dallas, TX, June 14, 2011… Located on Interstate 35 close to Dallas and Fort Worth, Sanger is “superbly situated” for retail and commercial development. City leaders are now capitalizing on this distinction with an aggressive strategy to attract new businesses to the community.

The City of Sanger has partnered with The Retail Coach, a national retail recruitment and development consulting firm, to identify and pursue the community’s economic development opportunities.

“We are excited about working with The Retail Coach firm to bring quality commercial development to Sanger,” said Sanger Mayor Thomas Muir. “We are very pro-business and prepared to offer assistance as well as generous incentives based on various criteria such as the number of jobs created, average wages, and new property and sales tax generated.”

Sanger’s population has exploded from 3,500 in 1990 to over 7000 today. The community continues to grow as new residents are drawn by the city’s hometown atmosphere and easy access to the hiking, mountain biking and water sports at nearby Lake Ray Roberts.

“Sanger also offers the advantage of being right on I-35, which has an ever-increasing volume of drive-by traffic,” said C. Kelly Cofer, president and CEO of The Retail Coach. “This is very attractive to retailers, restaurants and businesses, and we look forward to helping the community achieve its development potential.”

As a premier national retail recruitment and development consulting firm, The Retail Coach has assisted local governments, chambers of commerce and economic development organizations in more than 50 Texas communities as well as cities throughout the United States during the past 10 years.

Dallas, TX, June 13, 2011… Located just 29 miles east of Downtown Dallas, the City of Fate was the fastest growing city in Texas in 2010 with a population increase of 1,179 percent. City leaders are capitalizing on this distinction with an aggressive strategy to attract new businesses to the community.

The Fate Development Corporation has partnered with The Retail Coach, a national retail recruitment and development consulting firm, to identify and pursue the community’s economic development opportunities.

“We are very excited about working with The Retail Coach firm to bring quality commercial development to the City of Fate,” said Mayor Bill Broderick. “We are prepared to offer assistance as well as incentives to companies ready to relocate or build new horizons.”

“The 2010 National Census data identified the City of Fate as the fastest growing city in the state of Texas for the past decade,” added Mayor Broderick. “Our city also boasts one of the lowest tax rates in the area at .24690. We are in a very good position to develop partnerships that promote job opportunities and community improvement.”

According to the census data, Fate’s explosive population growth went from 497 residents in 2000 to more than 6,300 in 2010. Residents benefit from a convenient location between the two main thoroughfares of Interstate 30 on the south and State Highway 66 to the north. Union Pacific Railroad maintains a freight line through the city, and private rail spurs are available to commercial customers.

“Fate also offers the advantage of being a part of Rockwall County, which has been recognized as the fastest growing county in Texas with a population of nearly 80,000,” said C. Kelly Cofer, president and CEO of The Retail Coach. “This is very attractive to retailers, restaurants and businesses, and we look forward to helping the community achieve its development goals.”

As a premier national retail recruitment and development consulting firm, The Retail Coach has assisted local governments, chambers of commerce and economic development organizations in more than 50 Texas communities as well as cities throughout the United States during the past 10 years.

“The Retail Coach has an inherent understanding of our potential and is leveraging our ability to achieve results that will improve the quality of life of Fate residents and expand our tax base,” said Mayor Broderick.

May 13, 2011…Retailer demand for new locations is up 40 percent from 2010 levels, according to industry reports published by Reuters and businesswire.com.

States and regions with the lowest unemployment rates have been the most attractive to retailers and include the Greater Washington D.C. area, the Eastern seaboard, Chicago, Florida, Texas and California.

How Does Your Community Attract New Retail?
A successful retail recruitment strategy includes many components – but none are more important than the Retail Trade Area.

A Retail Trade Area is defined as the longest distance consumers are willing to travel to purchase retail goods and services. The size of the area depends on the variety of goods and services offered in your community and its proximity to competing retail in nearby communities.   In most cases, consumers will travel further to purchase high order goods such as automobiles, recreational vehicles and furniture, than they will to purchase lower order goods, such as groceries, gasoline, drugs, and shoes.

Every retailer has a target customer profile or customer description that includes demographic, geographic, and psychographic characteristics, as well as purchase history. A component of the customer profile is a minimum Retail Trade Area population requirement.

What Are Retailers Seeking?
As you might expect, smaller retailers require a lesser Retail Trade Area population than larger retailers. For example, Payless Shoe Source, Hibbett Sports and GameStop require a Retail Trade Area population of 20,000. Kohl’s, Best Buy and Barnes & Noble require trade areas of 100,000 or greater. Exceptions to this rule are specialty retailers such as Chico’s and Jos. A. Bank Clothiers. Each requires a Retail Trade Area of 150,000.

Restaurants also have Retail trade Area population benchmarks to which they adhere. Kentucky Fried Chicken, Taco Bell and Schlotsky’s require Retail Trade Area populations of 20,000 or greater. Chili’s Bar & Grill and Chick-fil-A require 50,000; and Cheddar’s Café, Red Robin Gourmet Burgers and Smashburger require 75,000. The Cheesecake Factory, a specialty restaurant, requires 250,000 in its Retail Trade Area.

When determining Retail Trade Areas, retailers must pay close attention to existing units and store spacing to avoid cannibalizing business from existing stores with the introduction of a new unit. Retailers also pay close attention to competing retailers and their locations.

How is a Retail Trade Area Determined?
There are three primary ways to determine a Retail Trade Area; concentric circles or radials; drive-times; and retailer-defined trade areas.

Concentric Circles or Radials

Traditionally, Retail Trade Areas were determined by drawing concentric circles or radials around a community or retail location. However, this method does not account for physical geography, such as lakes, rivers, mountains, oceans, freeways and nearby competing retail developments. These geographical factors influence how a consumer shops.

Drive Times

Retail Trade Areas can also be determined by the amount of time it takes to drive to a community or retail location. A drive-time trade area defines the surrounding geography of a community or location whose residents can reach that “site” within a certain amount of time.

A drive-time trade area will always be irregularly shaped because of the layout of road systems, differences in speed limits on roads and freeways, and geographic barriers. This methodology is often used in urban settings with high population density.

A limitation to the drive-time methodology is that it does not account for the impact of retail development that falls within the drive-time trade area. This methodology also fails to address the shopping habits of consumers in rural areas who are accustomed to driving great distances to shop.

Retailer-Defined Trade Areas

The Retailer-Defined Trade Area begins with an extensive area market analysis and competition survey. This onsite method includes touring competing communities to document the major retailers presents and analyze the shopping patterns of the residents.

Once the area and competing retail developments have been inspected and analyzed, meetings are conducted with the management of the regional and national retailers in the client community to determine where each retailer’s customers are traveling from. This information is confirmed by cataloging the license plate numbers of consumers shopping in the community, and searching and mapping their addresses to determine their origination. This analysis completes the information used to define and draw the Retailer-Defined Trade Area.

The Retailer-Defined Trade Area presents the most accurate and justifiable approach in determining a community’s Retail Trade Area.  Computer-generated radials and drive-times are easier and typically less expensive to produce, but they can be inaccurate.

Credibility is Critical when Courting Retailers

When a prospective retailer makes a site visit to a community, he or she will typically meet with the same store personnel who were interviewed for the Retailer-Defined Trade Area determination. This not only gives the Retail Trade Area credibility – it gives the community credibility.

And credibility and accuracy are critical when it comes to successfully marketing your community to corporate site selectors and brokers in the retail industry.

In my opinion, The Retail Coach’s strategy, and assistance to secure SuperTarget, has netted us over 325,000 square feet of occupied retail development during one of the most significant retail downturns in the last 20 years.  Money well spent.