You know your city demographics, you’ve shown there’s a demand in your community for what retailers can offer, and you’ve started building relationships with investors and business leaders. Now that retailers are interested in developing your city (see Part One), it’s time to focus on closing the deal.
Build on Relationships
Preexisting relations and familiarity with involved parties is very helpful during the negotiation process. If you and your community don’t have those connections yet, don’t worry. Retail Attractions’ founder Rickey Hayes has a strong network of contacts, and when you hire our company he’ll introduce your city officials to investors, builders and business leaders, and also help with negotiations.
Since investors already have a relationships with Retail Attractions, negotiations will start out with an established level of trust that helps speed up the negotiation process. Not only that, but your community’s relationship with Retail Attractions will also help smooth over or prevent challenges and misunderstandings during the construction and regulation process.
All too often, communities that are inexperienced dealing with investors and developers start off on the wrong foot when negotiating. If you offer too little at first, it can put-off investors and make them take their business somewhere else. But if you offer too much, it hurts your community. You need to find a middle ground that gets everyone talking, which can be hard if you’ve never worked with major developers before.
One of the advantages of hiring Retail Attractions is that your community gains access to a development professional who will advise on negotiations. We know how to get negotiations off to an effective start, and what type of incentives to negotiate for. This helps ensure you don’t scare-off potential investors with demands they think are unreasonable, or hurt your community by signing too much away.
Like you, retailers want their relationship with your city to go smoothly and be profitable for both parties. You can help convince them that their development project in your city will finish on time and within budget by demonstrating experience and knowledge working with building codes, EPA regulations, and other factors that contribute to a development project’s cost in time and money.
Once again, Retail Attractions offers services that are key in showing your community understands retail developers’ needs. We know what factors retailers are looking at, and we’ll provide you with Demographic Data and Market Analysis that you can share with interested companies, as well as advise your community on factors that will affect development planning. Our goal is fostering good relationships that will benefit your community now, and in the long-term as you continue to work with future investors.