12 Ways to Expand Your Sales Tax Base C. Kelly Cofer, CEO - The Retail Coach - PowerPoint PPT Presentation

Loading...

PPT – 12 Ways to Expand Your Sales Tax Base C. Kelly Cofer, CEO - The Retail Coach PowerPoint presentation | free to download - id: 5188e0-YTExZ



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

12 Ways to Expand Your Sales Tax Base C. Kelly Cofer, CEO - The Retail Coach

Description:

12 Ways to Expand Your Sales Tax BaseC. Kelly Cofer, CEO - The Retail Coach 2012 Spring/Summer Conference | June 12. Washington Economic Development Association – PowerPoint PPT presentation

Number of Views:48
Avg rating:3.0/5.0
Slides: 45
Provided by: wedaonlin
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: 12 Ways to Expand Your Sales Tax Base C. Kelly Cofer, CEO - The Retail Coach


1
12 Ways to Expand Your Sales Tax BaseC. Kelly
Cofer, CEO - The Retail Coach  2012
Spring/Summer Conference June 12Washington
Economic Development AssociationSpokane,
Washington
2
ABOUT THE RETAIL COACH
We develop and execute high-impact retail
recruitment and retention strategies
Aaron FarmerVice President
C. Kelly CoferPresident CEO
Austin FarmerRegional Project Director
From start to finish retail recruitment is The
Retail Coachs only focus.
3
CONSUMER CONFIDENCE HITS THE HIGHEST LEVEL IN
OVER FIVE YEARS IN MAY 2012! Highest level
since October 2007, according to the Thomson
Reuters/University of Michigan. The index rose
increased to 79.3 from 76.4 the prior
month. Decline in gas prices and an improving
housing market is helping offset slower job
growth and volatile stock prices. Source.
www.retailingtoday.com
4
  • NATIONAL IMPACT OF RETAIL
  • 24 of jobs in the United States are directly or
    indirectly supported by retail
  • 2.5 Trillion Retails total impact on Americas
    GDP
  • Source. www.retailmeansjobs.com

5
IMPACT OF RETAIL FOR WASHINGTON STATE
71,939 Retail Establishments 602,477 Direct
Retail Employment 881,938 Total Retail Employment
Impact 18,162 Direct Retail Labor Income
(million) 33,402 Total Labor Income Impact
(million) 29,621 Direct Retail GDP
(million) 56,782 Total Impact GDP (million)
Source. www.retailmeansjobs.com
6
RETAIL MEANS JOBS IN WASHINGTON STATE
Retail supports 881,938 jobs in Washington
17 Retails total impact on Washington's GDP
Retail directly indirectly generates 16 of
labor income in Washington
1 in 4 Washington jobs are supported by retail
Source. www.retailmeansjobs.com
7
  • Washington Retail Trade Association is
    aggressively seeking retail sales tax fairness
    with online retailers, many of whom do not
    collect sales tax.
  • Affects brick-and-mortar site's ability to
    compete
  • Affects retail industry's job creation
  • Source www.retailassociation.org
  • WHAT CAN YOU DO IN YOUR COMMUNITY?

8
12 WAYS TO EXPAND YOUR SALES TAX BASE
9
LOOK AT YOUR COMMUNITY THROUGH THE EYES OF A
RETAILER, DEVELOPER AND/OR INVESTOR
1
10
FIRST IMPRESSIONS ARE IMPORTANT
- Community appearance - Pride of ownership
(residential and commercial) - Functional
infrastructure - Evidence of crime - Codes and
code enforcement - Downtown vitality
1
Retailers look to minimize risk and maximize
profit.
11
RETAILERS ARE LOOKING FOR OPPORTUNITIES NOT
JUST SITES
  • Understand the retailers essential location
    factors
  • Visibility
  • Accessibility
  • Regional exposure
  • Population density
  • Population growth
  • Operational convenience
  • Safety and security
  • Adequate parking
  • Adequate signage

1
A location/site must have each factor in order
for a retailer to be successful.
12
RETAILERS WANT TO LOCATE IN COMMUNITIES THAT
OFFER RESIDENTS EVERYTHING
  • Downtown district
  • Business activity
  • Commerce
  • Social life
  • Entertainment

1
13
2
KNOW YOUR COMPETITION
Know your competing communities advantages and
disadvantages Know the location of their retail
submarkets Be familiar with their retail
recruitment programs Know how your community
stacks up against competing communities in terms
of socioeconomic factors
14
KNOW YOUR COMPETITION
Have an understanding of what incentives
communities your size are offering retailers and
developers. Be careful about entering the
incentives game.
2
15
PERFORM A SWOT ANALYSIS OF YOUR COMMUNITY FROM A
RETAILERS PERSPECTIVE
Know your advantages and understand your
challenges. Address challenges by coming up with
an actionable to do plan based on
priority. Retailers, developers and/or investors
want to know that something is being
done. Retailers, developers and/or investors
look for stable or improving communities where
their risk is minimized.
2
16
3
KNOW YOUR RETAIL TRADE AREA
17
RETAIL TRADE AREA DYNAMICS
A Retail Trade Area is the largest distance
consumers are willing to travel to purchase
retail goods and services. The size depends on
the variety of goods and services offered in your
community and proximity to retail in nearby
competing communities.
3
18
RETAIL TRADE AREA MUST BE ACCURATE
An accurate Retail Trade Area is the foundational
tool for a retail recruitment strategy. Make
certain it is accurate by Meeting with or
interviewing retailers Interviewing survey
customers Confirming with license plate survey
3
19
RETAIL TRADE AREA MARKETING
Market your community to retailers and real
estate developers as a Retail Trade Area
population, not a community population.
3
20
RETAIL TRADE AREA PRIMARY AND SECONDARY
Primary Retail Trade Area Consumers who are
likely to shop in your community more than once
per week (where retailers derive approximately 80
85 of their business). Secondary Retail Trade
Area Consumers who are likely to shop in your
community once per week, or once every two weeks
(where retailers derive approximately 15 - 20 of
their business).
3
21
4
KNOW YOUR DEMOGRAPHICS
22
DEMOGRAPHICS DAY AND NIGHT
Have knowledge of your area daytime employment
and recognize the importance to restaurants.
Restaurants must have healthy dinner and lunch
business in order to be successful.
4
23
5
KNOW YOUR PSYCHOGRAPHICS
Psychographics and lifestyle segmentation have
become increasingly important to retailers as
they seek to perfect the site selection process.

24
THE RETAIL ECONOMIC IMPACT OF COLLEGE STUDENTS
Conduct a student survey to identify Primary
source of income Purchasing habits/frequency
of purchases in/near campus Retailer-type
preferences Specific retailer preferences Monthl
y retail expenditures
5
25
6
KNOW HOW MUCH RETAIL OPPORTUNITY EXISTS
26
RETAIL OPPORTUNITY IDENTIFIES LAND USE
Consider highest and best use of existing
properties and developments, as well as green
field sites.
6
27
7
DEVELOP MARKETING AND FEASIBILITY STUDIES
  • Make certain that all real estate brokers,
    developers and investors use the same market
    information.
  • Retail Trade Area
  • Retail Trade Area population
  • Demographics
  • Psychographics
  • Retailer gap information
  • Traffic counts
  • Eliminate confusion and minimize questions.

28
PRESENT A CLEAR IMAGE
  • Have a current aerial photograph of your
    community and surrounding area highlighting
  • City limit and ETJ boundaries
  • Major thoroughfares
  • Major retailers/developments
  • Planned/platted residential developments
  • Schools/universities
  • Planned/proposed roads
  • Parks, hospitals
  • Major employers/business parks

7
29
BE READY TO SEND INFORMATION IMMEDIATELY
Upload all retail information on your website and
make certain it is accurate, current and easy to
find. This is becoming more and more important.
Retailers and developers may visit your
community without your knowledge.
7
30
8
REACH OUT TO RETAILERS
31
SELL YOUR COMMUNITY FIRST, THEN SELL THE SITES
Goal Get the retailer to the community. Have
knowledge of sites that may interest the retailer
prior to making the call.
8
32
THE IMPORTANCE OF ALCOHOL SALES TO RESTAURANTS
Moral issue or economic development
issue? Extremely important to restaurant
recruitment Alcohol sales 10-20 of a
restaurants total sales Potential economic
impact is significant
8
33
9
REACH OUT TO DEVELOPERS
34
THE IMPORTANCE OF DOWNTOWN DEVELOPMENT
Smaller communities must work harder to attract
attention Do not abandon downtown Maintain
strong residential support around downtown Have
a downtown redevelopment strategy Downtowns have
become entrepreneur-driven Entrepreneurism
increases during economic downturns
9
35
WHO YOU KNOW MAKES A DIFFERENCE
Know the real estate brokers and developers who
are active in your area Have in-house broker
functions Make it easy for brokers they are
transaction-oriented Consider a bus tour to
showcase properties
9
36
10
BE SEEN AT ICSC EVENTS
Create a target list of those retailers you
would like to meet and set up appointments 60
days in advance Make new contacts with retailers
expanding into your area and nurture the
relationships
37
GO IN WITH A PLAN
Have a minimum of two people at the show one
person to attend the booth and one to seek-out
prospects Have a strategic plan for making new
contacts Set up appointments Have attainable
goals and realistic expectations
10
38
KNOW ABOUT UPCOMING EVENTS
ICSC Next Generation Program Reception 20 June,
2012 Spokane, WA ICSC Pacific Northwest Idea
Exchange 1-2 August, 2012 Stevenson, WA
10
39
MANAGING PLAN EXPECTATIONS
Understand your communitys retail recruitment
and retention potential and work to manage the
expectations of your board and the community.
Confidentiality among staff and board members
is important.
10
40
ENGAGE AND EMPOWER EXISTING RETAILERS
Have a retail retention program. Network with
retailer managers as often as possible. They can
be your best ambassadors when prospective
retailers are in your community. - Drop-in
regularly - Schedule breakfasts - Invite them to
retreats and board meetings - Appoint to
committees/board positions
10
41
COMMUNICATE YOUR PLAN WITH ALL STAKEHOLDERS
11
COMMUNICATE YOUR PLAN WITH ALL STAKEHOLDERS
Articulate your communitys retail strategy to
everyone, everywhere. Make certain independent
businesses understand the overall strategy and
how they fit in. Make every attempt to get their
buy-in. Rule of Thumb If they are not in on
it and up on it they will be down on it.
42
12
FOLLOW UP, FOLLOW UP, FOLLOW UP
Retail Recruitment is a Process and Retailers
Must be Recruited Be persistent a no today
might be a possible maybe in six months.
43
12 WAYS TO BUILD YOUR COMMUNITYS SALES TAX BASE
  1. Look At Your Community Through Their Eyes
  2. Know Your Competition
  3. Know Your Retail Trade Area
  4. Know Your Demographics
  5. Know Your Psychographics
  6. Know How Much Retail Opportunity Exists
  7. Develop Marketing And Feasibility Studies
  8. Reach Out To Retailers
  9. Reach Out To Developers
  10. Be Seen At ICSC Events
  11. Articulate Your Plan With All Stakeholders
  12. Follow Up, Follow Up, Follow Up

44
Texas Office Ph. 662.231.9078 Mississippi
Office Ph. 662.844.2155 Fx. 662.844.2738
www.theretailcoach.net info_at_theretailcoach.net 80
0.851.0962
About PowerShow.com