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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br />Request for Action <br /> <br />To <br />Economic Development Authority <br />Item Number <br />10.1 <br /> <br />Meeting Date <br />February 17, 2026 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />Retail Recruitment Strategy and Consultant <br />Reviewed by <br />Cal Portner <br /> <br />Action Requested <br />This item is presented for information and discussion purposes. <br /> <br /> <br />Background/Discussion <br />During the 2026 budget, the Board discussed engaging a consultant to support retail recruitment. The Board <br />decided not to pursue this as a full-scale initiative, but did provide $30,000 in the current budget for similar <br />activities. We have received a proposal from Retail Strategies provide in-depth data research, psychographic <br />analysis, leakage analysis, and consumer expenditure analysis, as well as strategy and marketing expertise. <br />Further insight into this area can help direct strategy and resources. Board direction is requested, and a <br />contract can be drafted for a future meeting if supported. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Support commercial development. <br /> <br />Attachments <br />None <br /> <br /> <br />Page 13 of 13