Laserfiche WebLink
.'~ ~i <br />City of <br />Elk -~.-~ <br />River <br />REQUEST FOR ACTION <br />To Item Number <br />Economic Develo ment Authori <br />Agenda Section Meeting Date Prepa ed b <br /> 12 May 2008 Annie eckert, <br /> Develo men ssistan <br />Item Description Reviewed by <br />Consider Retail Trade Analysis Report & Workshop Cathy Mehelich, Economic <br />University of MN Extension Service Develo ment Director <br /> Reviewed by <br />Action Requested <br />Authorize staff to enter into a contract with the U of M Extension service to conduct a Retail Trade <br />Analysis Report (RTA) and hold workshop. <br />Background/Discussion <br />The University of MN Extension service has a significant tool which assists in strengthening a <br />community's local marketplace. An RTA report and workshop help a community evaluate the health of <br />their retail sectors. This report is accessible for every MN community with a population larger than <br />5,000. It includes the report (both in a printed form & electronic copy) and a workshop conducted in the <br />community by the U of M Extension service. <br />An RTA provides local sales data, comparing your community to others, which in turn helps assess <br />strengths and opportunities for our local businesses. This data specifies the actual retail potential, <br />identifying retail opportunities, as well as which businesses are drawing shoppers away from our <br />community. Staff feels we can use this data to not only help existing businesses, but attract new <br />businesses. The report will identify the pull factors accessible to our community, calculate our retail <br />trends and evaluate how our actual retail sales compare to our sales potential. This will be a document <br />which can be made available on our website to future developers as well as placed in our marketing <br />package, supporting the need for a specific business. <br />Financial Impact <br />The cost of this report and workshop is $650 which can be funded by the 2008 EDA <br />Advertising/Marketing budget. <br />Attachments <br />Information from the U of M program project description. <br />Action Motion by Second by Vote <br />Follow Up <br />S:\EDA\Retail Trade Analysis\Action Requested- 5.8.08.doc <br />