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12 <br /> 12 <br />Business Retention and Expansion (BR&E) Visits <br />The city and its EDA Commissioners have long understood the importance of conducting Business Retention <br />and Expansion (BR&E) visits. These visits help build relationships between elected officials, city staff, the EDA <br />and local businesses. These meetings included formal surveys, informal meetings and facility tours. Our local <br />business owners and community development staff have found the informal visits to be very beneficial. <br /> <br />GreaterMSP, a regional economic development partnership, collects and reports data from all BR&E visits <br />within the partnership as well as other economic data to increase the competitiveness our the business climate in <br />the Twin Cities area. The following report highlights responses from key questions asked during our visits. <br />BR&E visits are intended to demonstrate our support for local firms, assist in resolving immediate business <br />concerns, and identify process and policy improvements to improve our business climate. <br />Business Details <br /> <br />In 2019, we conducted 26 BR&E visits with a focus on newly-established businesses. The business sectors visited <br />included manufacturing, retail trade, health care, construction, professional services, financial and food services. <br />Of the businesses we visited, 62% owned their buildings and 38% leased. <br /> <br />Over 42% of the companies indicated their 2019 sales increased over the previous year while 58% indicated sales <br />were relatively stable. Of the 24 companies reporting, 12% indicated that business ownership has changed. <br />BUSINESS RETENTION