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Retail Analysis and Development Retaining Retail Stores and Customers in the Community Opportunities to Strengthen Local Businesses Many retail markets have changed dramatically over the past decade, and they continue to change. As retailers adjust to nets local economic realities, businessmen, planners, and civic leaders look for tools to help them retain a healthy local retail marketplace. Retail Trade Analysis and Small Store Success Strategies, separate but complementary programs, are important tools available from the University of Minnesota Extension Service. Retail Trade Analysis An important new tool for strengthening a local marketplace is now available through the University of Minnesota Extension Service. This tool - a Retail Trade Analysis - provides sure knowledge of local sales data. It helps a community's planning for business expansions or recruitment. A Retail Trade Analysis shows your town how it compares to other communities. It helps communities like yours assess strengths and opportunities for their businesses. It helps you uncover your retail strengths and opportunities. Detailed Retail Trade Analysis program information is available for all Minnesota counties and cities with populations greater than 5,000, and University of Minnesota Extension Service regional extension educators for community economics can help you understand how to use it. Analysis Leads to Understanding How healthy is retail in your community? A Retail Trade Analysis quickly provides a historical report that helps you: D Know your community's actual retail potential. D Learn which retailers are attracting shoppers to your town. D Learn what your community's retail opportunities are. D Find out which businesses are drawing shoppers away from your town. ~ Understand your town's pull factor: what it means and why it matters! Analysis Leads to Retail Opportunity How can your community use this Retail Trade Analysis? ~ Use it to jump-start a retail trade improvement plan. D Use it as a checkup on your existing retail plan. D Use it to help focal businesses. ~ Use it to attract new businesses. D Use it along with Small Store Success Strategies to survive the big box retailers. (over for more oi~ "Retail Trnde Analysis"] Small Store Success Strategies Small Store Success Strategies -tips to compete in a big box world -shows local business owners and store operators a successful, tested approach to marketing, merchandising, customer service, and business operations. Arrival of big box retailers need not be a death sentence for community businesses. The mega stores can, in fact, create local retail opportunities. Big box retailers create an enlarged local trade area, drawing more potential customers into the community. Smart local businesses can harness and add some of that increased traffic to their own customer base, and keep more of their local customers shopping with them. And it's not just wishful thinking! Researchers have shown that these benefits are real, and that they provide the potential for local retail survival, and even opportunities for business growth. A Comprehensive Approach Extension's Small Store Success .Strat:egie.c is a 90-minute program with ready-to-use tips on harnessing the advantages of having a nearby big box retailer, to grow local businesses. Small Store Success Strategies provides proven ways for local retailers to coexist and grow in the shadow of the big box retailer. It provides ideas for how local businesses can prosper by refocusing around services and products big box retailers avoid. A Proven Approach Many Minnesota communities already successfully apply the strategies of this program to strengthen local retailing. Your community can succeed with them too! Don't wait until it's too late! jover far more arr `:SnuaU Store Success Strategies" J UNIVERSITY OF MINNESOTA Extension