Month: April 2018
What Does It Mean For All Parties In A Public-Private Partnership To Do Their Homework?
Posted by Retail Attractions Blog on April 25, 2018 in Blog | No Comments
If you want to create a successful public/private partnership in a retail deal, it’s important that both sides do their homework. Whether you’re the public partner or the private partner, you’ll need to make sure that you’re preparing for the deal and that your partner is also doing their part to make sure that this deal goes smoothly.
Preparation before you sign a deal can make a world of difference in whether or not both parties consider the partnership successful. Both partners must be ready to invest in the project long-term and make a commitment to staying informed about their project for as long as the partnership continues.
It’s Not All About The Prep-Work
You’re not going to go into a deal without due-diligence to make sure that it’s a good idea. But do you know it’s also important to keep “doing your homework” as the project progresses?
Both partners need to go into the project with a good understanding of what is involved. And they also need to stay informed throughout their partnership. Whether you’re the public or private partner, you have to commit to staying informed about all the financial, social, and technical aspects of the project.
Sharing Your Information
As you’re gathering information about the project, you don’t want to keep it all to yourself. Both sides of the partnership should be doing their homework and sharing that information with each other. Retail development is a complicated process and good communication is essential to keep things moving forward.
Clarity and transparency should mark every stage of the partnership. And if you bring in a consultant like Retail Attractions, you should also share the work that they do. Your consultant can also help you come up with an information-sharing strategy that works for your partnership.
Communicate About Finances
Before you enter a partnership, you’ll need to do your homework regarding a joint financing plan. You’ll also want to find out about any limitations on your partner. For example, if you’re the private partner and you’re depending on public funding you might need to have a backup plan in case of budget cuts, administration changes, or emergencies that are outside your partner’s control.
Public/private partnerships allow for quite a bit of creativity in funding retail development. Both parties should be researching funding solutions and sharing their ideas with their partner. Once again, this is an area where a retail consultant can be a big help. They have experience working out development deals like yours and can offer suggestions for funding.
If you’re ready to get some help doing your homework when preparing for or while in a public/private partnership, get in touch with us. Retail Attractions has extensive experience working with both public and private partners. And we’re ready to help you develop a retail deal partnership that will benefit both parties.
A Small Town’s Guide To Attracting And Retaining Millennials
Posted by Retail Attractions Blog on April 18, 2018 in Blog | No Comments
The exodus of young people from rural to urban areas can take quite a toll on the population of a small town, or even one of the smaller cities. But even though Millennials (a group that includes anyone born between 1981 and 1996) tend to migrate into urban population centers, it’s vital that small towns find ways to attract and keep young people in the community.
In October of 2019, a Politico survey of American mayors found that 85% list attracting Millennials as one of their top 10 priorities. Millennials are a vital part of the workforce. They’re future homeowners in your community. There’s a good chance they’ll start up small businesses. And they’re one of the key demographics to look at when planning for retail development. But how do you get them to want to live in your town?
Engage With and Consult Millennials
Millennials are going to be one of your best resources when figuring out how to market your community to them. Start out by talking with the Millennials who already live in your community. Invite them into your governmental process. Interview them in-person. Send out invitations to take short online surveys.
Don’t rely on TV or newspapers to reach Millennials. When you’re asking them to weigh-in on your community, you’ll need to reach out in a way that they’ll notice. Setting up a social media presence for your community is a good start. But by far the most effective way to spread your interest in working with Millennials is by word-of-mouth. Once you start talking with a few Millennials, they’ll share their experiences with their friends.
Invest In Millennial’s Priorities
There are some specific things that the average Millennial is going to look for in a community. Whether or not your community fits into their preferred lifestyle will play a huge role in determining their interest. In general, Millennials are looking for
– High-Speed Internet: Millennials are a generation that relies heavily on the Internet for shopping, socializing, recreation, and work. If they can’t get high-speed internet in your area, they won’t be interested.
– Affordable Housing: Affordable housing is another key concern for Millennials, and it’s one of the biggest assets a smaller town can offer. It’s typically much more affordable to live in a rural or suburban areas than a major city.
– Hang-Out Spots: Millennials like the option to spend time in locations that are not their home or work. Coffee shops, micro-breweries, and similar locations are a big draw for Millennials.
– Entrepreneurship Opportunities: A high percentage of Millennials either already own a small business or plan to start a business in the near future. If your community is supportive of small businesses, entrepreneurial Millennials are more likely to move in.
Connect With Institutions and Employers
City government isn’t the only institution that’s interested in attracting Millennials. Educational institutions and local employers also have a vested interest in bringing in young people. Since their goals align with yours, they can be some of your best allies. Schools can help bring in new Millennials and encourage them to stay local by sharing opportunities in the community. And employers can work on positioning themselves to attract and retain Millennial talent.
A strong Millennial demographic is going to support the community and business institutions that already exist in your city. And it can also help your small market community attract new retail development. Young people are the future of any community, so make your town a location where they’d like to put down roots.