[Vision2020] Industry or Retail

[Darrell Keim]

Visioneers:

A friend passed this on to me.  I thought it would make for interesting
conversation on the VIZ.  It is from http://communityid.buxtonco.com/?p=124

Buxton Company does market research.

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October 31st, 2007
Which comes first? Industry or Retail<http://communityid.buxtonco.com/?p=124>

The relationship between industry and retail is closer than one might think.
It's much like the chicken and egg equation. A strong industrial sector can
provide jobs. Jobs mean residents, and residents mean more retail. But
industries have shown a reluctance to move into areas without a strong
retail sector in place to provide for its employees' eating and shopping
needs. Small markets in areas around the US have become prime relocation
areas for industry. Moving from busy and expensive urban areas a industry
can cost effectively move out to a rural community that provides a better
quality of life for its employees and more cost effective means of doing
business for its company. Small communities recognize this need and try to
recruit industry with open arms.

One of the biggest hurdles to overcome for these small cities is their lack
of retail that is needed to provide a good quality of life for the incoming
employees. The thing is that industries would love to come into a small
town, but if that town doesn't offer convenient places to shop and eat the
employees will not be happy with the move and begin to look for other jobs.
Communities have found themselves doing everything they can to quickly
bolster their retail sector knowing that will be one of the first things
that company will look at. Solid retail growth takes time to build up. It is
not something you can do overnight. Your community might be able to put
together a great incentive package but also having a great retail sector
will put you ahead of other small markets that lack retail.

If you're looking to recruit new industry now, take time to look at your
retail sector. You can be assured incoming industry will be doing the same
thing.
Posted by Tim Keith
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