jd er with interaction

Economic RestructuringEconomic Restructuring

Main Street Volunteer Training

The Bureau of Downtown Development administers an economic development program targeting Wisconsin’s historic

commercial districts. Bureau staff provides technical support and training

to Wisconsin communities that have expressed a grass roots commitment to

revitalizing their traditional business districts using a comprehensive strategy

based on historic preservation.

Main Street Four-point Approach

• Organization-getting everyone working toward the same goal

• Design-getting downtown into top physical shape

• Promotion-getting everyone to see downtown as the center of commerce, culture, and community life

• Economic Restructuring (ER)-getting downtown businesses busier

ER Committee - What It Does

• Learn about the district’s current economic condition and identify opportunities for Market growth

• Strengthen existing businesses and recruiting new ones

• Finding new economic uses for traditional Main Street buildings

• Develop financial incentives and capital for building rehabilitation and business development; and

• Monitor and report the economic performance of the districtO

Market Demand & ER

Demand for Goods & Services

Source:Hyett-Palma, Inc. & The Real Estate Services Group

ER Committee - Timeline

• Basic Understanding (0-6 Months)• Learning about the district’s current

economic condition• Conferring with area business

leaders• Evaluating existing businesses• Researching past studies and area

trends

• Market Analysis (6-18 Months)• Retention activities• Passive recruitment (responding to

business inquiries)• Downtown Planning (18-36 Months)

• Heavy growth in private reinvestment

• Public improvements

• Marketing Plan (36-48 Months)• Marketing strengths of program’s

efforts• Marketing/branding downtown• Active targeted recruitment

Strengthen existing businesses

Retention Before Recruitment

• The majority of a community's job growth or loss stems from the success or failure of its existing businesses. It is more efficient to retain than to recruit. Because of this, it is important for a community to "keep a finger on the pulse" of its existing business base.

• To Keep Existing Businesses in the Community and to Expand Current Businesses

• Through an attentive strategy to local businesses, you can retain your existing business base, while facilitating and encouraging its growth.

Source: INC Magazine

Top Priorities of Small Business Owners

Generating more sales

Better marketing

Understanding the financialcondition of the business

Starting a retirement plan

Setting personal & business goals

Source: INC. Magazine

Major Concerns of Small Business Owners

• Obtaining needed capital

• Finding & managing people

• Managing the firm’s growth

• Keeping up with competitors

• Keeping up with technology

Source: INC Magazine

Prepare a business plan. Build a solid relationship with your banker. Watch your cash flow. Look in unexpected places for competition. Talk to your customers. Develop a good relationship with

employees. Delegate responsibility. Cultivate business contacts.

Eight Ways to Improve Your Company’s Profit

Existing Businesses

• Four (4) areas a business must research before deciding to invest additional funds on product, and or advertising. The four (4) areas are:1. Your competition2. Your market environment3. Your customers4. Your business

• A Market Analysis may answer three (3) of the above four (4) business vitals!

10 steps to effective business retention

1. Know the market.

2. Create a market positioning statement for the district.

3. Develop market-driven strategies that direct retention efforts.

4. Identify key businesses.

5. Identify & offer needed business assistance.

5. Plan for effective business promotion.

6. Help businesses identify & develop opportunities for growth & expansion.

7. Learn to recognize early warning signals.

8. Plan for business transition.

9. Support existing businesses personally.

10 steps to effective business retention

Identify key businesses.

• Key businesses are different for each market strategy. They may be:• Anchors, traffic generators• Long-standing businesses• Creative, model businesses• Large employers• Newly recruited businesses

with growth potential• Businesses that represent

cultural or ethnic diversity

Identify key businesses.

• For these businesses, you will want to provide:• More formal retention visits• More frequent contact• Greater involvement in

projects & activities• Greater overall attention

Listen & Share (communicate)

• Business Owner Survey• Business Visitation Program• Block Captain Program• Ambassador Program• Downtown Manager Visits• Mailings, Newsletters• Gatherings

• Breakfast Meetings• Luncheon Speakers• Business After Hours

• Open and Staffed Office W/library• Demonstrate a pro-business attitude!

What to Share

• Documentation on the downtown economy

• New market opportunities• Upcoming events• Available resources (people and

publications)• Tips of the trade

Help increase profits

• Identify new market opportunities

• new sales to existing customers

• new customers• Increase efficiency

• New skills and technology

Help increase profits

• Reduce costs• Rent

• Personnel costs

• Utility costs

• Product costs

• Shipping/transportation costs

• Health and other insurance costs

• Identify supplemental income

• Attracting more customers from same market niche

• Building repeat customer base

• Motivating customers to spend more money

• Identifying new markets for existing product lines

• Adding new product lines to capture wider market range

Help businesses identify & develop opportunities for growth & expansion

• Identifying & adapting to business & market trends

• Repositioning by changing image & product mix to capture new markets

• Expanding existing space or relocating within district

• Opening complementary new business

Help businesses identify & develop opportunities for growth & expansion

New Skills - Workshops

• Business planning

• Financial management(accounting & bookkeeping)

• Inventory management

• Advertising/marketing

New Skills - Workshops

• Employee training/hiring

• Customer service

• Hospitality training

• Window displays/interior store design

• Business market analysis

• Internet/E-Commerce

Help Reduce Business Disincentives

• Develop projects to reduce local business disincentives such as the following:• Insufficient financing• Shop lifting/theft• Vandalism• Inadequate utilities• Limited access to market vendor

products

Help Reduce Business Disincentives continued

• Insufficient parking

• Owner/tenant conflict

• Negative image of downtown

• Restrictive regulations

• Poor building conditions

Provide Business Incentives

• Develop projects to provide business incentives such as the following:

• Boilerplate lease agreements or rent subsidies

• Landlord/tenant arbitration service• Landlord/tenant referral network• Historic preservation district (tax

credits)• Design assistance (interior and

exterior)• Façade and sign grants• Loan packaging or low interest loans

Provide Business Incentives continued

• Develop projects to provide business incentives such as the following:• Business planning service• Buying groups (products and insurance)• Sister store mentors• Business plan contest - award grant/loan• Resource library• Business assistance - Main Street Small

Business Specialist, SCORE, SBDC, VoTech

Provide Business Incentives marketing

• Develop projects to provide business incentives such as the following:• Image development and promotions• Special events• Retail events• Cooperative advertising• Downtown marketing materials

• Brochures, maps, directories, etc.• Web site• Downtown Brand/Niche

Develop Retention Measurement Outcomes

• # of business visits (weekly/monthly/annually)

• # of referrals• # of successfully closed referrals• % of repeat business• # of success stories• Cost per business visit• Cost per job created or retained

Case Study Lake Mills Business Survey

Strengthen Existing Businesses

Assignment

• Read pages 1 & 2• Identify three (3) retention

activities• Concentrate on strengthening

existing businesses

Identify opportunities for market growth

Weigh Supply Against Demand

• Evaluate Retail Opportunities • Evaluate Service Business

Opportunities • Evaluate Restaurant Opportunities • Evaluate Entertainment and Theater

Opportunities • Evaluate Residential Opportunities • Evaluate Office Market Opportunities • Evaluate Lodging Opportunities

Retail Supply (Square Feet)

Retail Demand

(Square Feet)

Retail Mix Analysis

Survey and Focus Group

Research

Trade Area Demographic and Lifestyle

Analysis

Competitiveness of Existing Trade

Area Stores

Assessment of Retail

Opportunities

Analysis of Non-Local Market

Segments (Tourists, Workers)

Consumer Behavior in

Store Category

Competitiveness of Existing

Regional Stores

Weigh supply against demand

Draw Conclusions and Develop Recommendations

• General Conclusions • Niche Recommendations • Clustering Recommendations

• Anchor Analysis• Mixed-Use Recommendations • Putting your Market Analysis to Work

• Catalyst Analysis

Review Market Analysis

Learning about the district’s current economic condition + identifying opportunities for market growth = Market Analysis

• Retail Market Analysis is a systematic evaluation of past trends, current conditions and future expectations about particular types of business and/or real estate activity at particular location(s) within a defined trade area.

Market Analysis is:

• An estimate of the district’s market impact and influence

• A description of top customer groups and spending habits

• An educated guess about what the economic climate might be like in the future, and ways in which the program can impact future economic growth in the district

Market Analysis is Not:

• An accurate science• A detailed blueprint for activity

MARKET ANALYSIS

PROMOTION

BUSINESSRETENTION

&RECRUITMENT

PROPERTYDEVELOPMENT

What do you do with the information?

Case Study Market ReportCollege Towns

Identify Opportunities for growth

Assignment

• Look at the one (1) page market report

• Compare the three (3) communities• Identify three (3) markets that

Whitewater should pursue to capture student spending

Recruit Complementary Businesses

The Recruitment Team

• Bankers• Realtors• City Staff or Elected Officials• Economic Development Staff• Academic Staff• Enthusiastic Business Owners

(Competitors?)

Roles of the Team

• Develop a wish list• Generate leads• Cluster/place businesses• Check business opportunities• Check business preparedness

Developing Your Wish List

• Market Position Statement• Vision Statement• Market Analysis

• Retail mix analysis• Population required to support stores• Surveys

Recruitment will target businesses that people want and that the market will support (supply and demand)

Create a market positioning statement for the district.

• An effective positioning statement is driven by the district’s

• Vision statement • Market analysis• Competitive edge

• An effective marketing positioning statement identifies

• Realistic opportunities• Primary markets & trade areas• Desired business mix

What’s the competitive edge . . .

For big box, chains & discounters?

Price Selection Marketing budgets Consistency Convenience

For the commercial district?

Unique environment Unique products Product knowledge Service

Retail niches & trends attractive to tourists & visitors . . . as well as local markets

Arts & crafts Recreation products Specialty foods &

beverages Wineries Unique collectibles Heritage products Ethnic products

“Boutique” shops inside other businesses

“Companion” shops Museum-type shops

on Main Street Retail shop as

“entertainment” “Outdoor” retail Product “trails”

Generating Your Leads

• Expansion of existing businesses• Community visits• Trade associations, trade shows• Sales representatives• Home businesses• Store managers• Entrepreneur workshops• Retail Lease Trac

Clustering/placement of Businesses

• Traffic generators• Compatible cluster - unrelated products

• Demographic clusters- age, income, lifestyle

• Complementary clusters - related products• FIRE - finance, insurance, real estate

• Competitive clusters - same products• Comparison shopping - clothing, jewelry,

restaurants• Convenience clusters - convenience products

• Neighborhood shopping - gas, food, drugs

Business Opportunities Checklist

Appropriate available space Complements existing businesses Serves target customer group Fills gap in the business mix Complements existing business cluster Identified in consumer survey Identified in business owner survey Gap identified in supply/demand analysis Fits with Market Position Statement

Business Preparedness Checklist

Previous business ownership Business plan completed Market research completed Cash Flow projections available Financial assistance requested Personal investment Relationship with banker, CPA, etc.

Develop recruitment marketing materials for district & property owners

Case Study Lake Mills Business Owner Survey

Recruit Complementary Business

Assignment

• Skim the business owner survey• Identify one (1) complementary

business opportunity as identified by area businesses

Find new economic uses for traditional Main Street buildings

Concepts

• First and foremost Main Street must create real estate and economic value before revitalization occurs!

• Development is: the series of steps that must take place to take an idea to completion!

• Four (4) forces of value:1.Physical2.Economic3.Social and4.Political

Why it doesn’t just happen?

• No financing is available• Financing is available but at terms that

make the project financially unfeasible• There is a high degree of actual risk• The necessary property can’t be

acquired

Why it doesn’t just happen? continued

• The scale is to big or to small to interest qualified developers

• The perceived risk exceeds the perceived reward

• The public benefits significantly, but those public benefit costs exceed any returns to the developer

• The project is not revenue producing

Why it doesn’t just happen? continued

• General area economic conditions are discouraging for development

• High transaction costs associated with the development

• Other investments provide more attractive returns

• The cost of the project is greater than the end value of the development

When might the public get involved?

• Private sector can’t act• Private sector won’t act• No influence to create character,

quality, use, scale, or appropriate area development

• The development is an extension of public purpose or significant public benefit will be accrued

When might the public get involved?

• The project serves as a catalyst• Non profit or tax exempt status serves

as a conduit for public or foundation money

• Major infrastructure is required• Condemnation is necessary?

Projects

• Understand the income productivity of rehabilitated real estate vs. deteriorated real estate:• i.e. area rent rates per square foot and relay

findings to Design committee and market

• Identify property-driven development approach opportunities:• A building or site that seems appropriate for

development or redevelopment

• Identify need/use/idea driven development approach opportunities:• Need stemming from social or economic need

rather than location

Projects

• Understand who owns these properties and the following:• Is it for sale or lease?• What are the terms• How big is the property?• Taxes• Encumbrances• Impediments to rehabilitate, develop?

• Develop Upper Floor Housing• Develop Small-scale Industry (i.e. recruit

home-based cottage industries)• Develop Upper Floor Offices• Explore Entertainment and Civic Uses

Final Concepts

• Develop a team that has economic and non economic benefit needs

• Develop measurable goals, outcomes, and social benefit recognition

• Develop a system of cooperation to achieve revitalization.

• The team can influence, but not control the ultimate out come

• If total control of the project is the goal of this committee, then private sector resources will be minimalized

Case Study Adaptive Reuse Feasibility

Find new economic uses for traditional Main Street Buildings

Assignment

• Review the three (3) case studies:• Main Street Station Public Market-Viroqua• Hotel Hilton/Turtle Creek Bookstore-Beloit• The Lee Building-De Pere

• You case study is the Sheboygan Falls Tannery Building

• Use these concepts to develop the following:1. Is this a property driven development, or2.A need/use/idea driven development 3.Provide a simple use concept for the

property

Develop financial incentives and capital for building rehabilitations and business development

Financial Incentives

For What?

• Small-scale Building Improvements• Major Building Rehabilitation• Business Expansions• Business Planning

Projects

• Matching Grants (i.e. façade and sign)• Low-interest Revolving Loan Funds• Rent Assistance• Free or Below Cost Land• Investment Tax Credits• Enterprise Zones• Specialty Training Grants to keep

business up to date in their business sector

Case Study Lake Mills Business Survey

Develop Financial Incentives

Assignment

• Skim the business survey again• Identify one (1) incentive you

would recommend• Concentrate on incentives that

businesses said they want

Monitor Economic Performance

Projects

• Collect base-line data• Record information on changes• Measure annual performance• Report annual performance

Returns from MARSHFIELD’S program

Cumulative for 10 years

Year Jobs Businesses Physical Improvements

1 32 16 $371,800

2 53 27 $1,377,977

3 147 42 $2,343,583

4 246 49 $2,933,205

5 284 61 $3,694,562

6 306 69 $7,991,524

7 330 75 $8,513,324

8 411 88 $13,071,954

9 455 98 $13,586,554

10 485 106 $14,562,854

Waukegon Downtown Association2001 Annual Report

Annual Report

• Will your Main Street Programs produce an annual report?

• Will you be proud of your program’s annual report?

“Absolute must” list

• Logo• Date• Map• Four Point

Approach• Mission• Accomplishments• Reinvestment Stats• Return on

Investment (ROI)

• Testimonials• Awards• Market Profile• Downtown Profile• Financial Report• Directory - board(s),

staff, chairs• Contact information

The Economic Restructuring (ER) Committee

Who Serves on the ER Committee - The Team

Attorney

Realtor

Manager

Banker

InsuranceAgent

Local Executives

City Official

DowntownRetailer

Accountant

Downtown/Historic Commercial District

Who Doesn’t Serve the ER Committee

• The Latecomer• The Early leaver• The Broken record• The Drop-out• The Gossiper• The Know-It-All• The Doubting

Thomas

ER Committee Roles

• Committee Volunteers• to plan and implement projects

• Committee Chair• to recruit members, to run meetings and

to resolve conflict• Staff

• to assist, advise and provide information• Board

• to set policy and approve work plan and budget

Work Planning putting it all together

Keys to ER Success

• Incremental• Constant, build a culture of success• Wide volunteer support• Community driven• Visible• Updated and checked from a plan (milestones)• Get people out of their cars• Create a 24-Hour district• Follow government establish rules• Creative risk taking political leadership• Public/Private sector partnership• Use all 4 points and cross pollinate

ideas/information

Summary

Some Final Truths About Economic Restructuring --

• ER can be difficult

• ER volunteers will enjoy the numbers

• Every district is unique

• ER deals with independent business and building owners

which can be a challenge. Therefore, local stakeholders must

advocate it’s ER position. This will allow the district to better

control, understand, and gain from it’s Market Driven DestinyMarket Driven Destiny

For more information• Contact information

• JD Milburn• Small Business Specialist

Wisconsin Main Street Bureau of Downtown Development Wisconsin Department of Commerce 201 W. Washington Ave. P.O. Box 7970 Madison, WI 53707-7970 (608)-267-2252 (608)-264-7834(Fax) John.Milburn@wisconsin.gov

• Wisconsin Department of Commerce

• http://commerce.wi.gov

• Wisconsin Main Street Program• http://commerce.wi.gov/cd/CD-bdd-main.html

• UWEX Center for Community Economic DevelopmentDowntown & Business District Market Analysis web site

• http://www.uwex.edu/ces/cced/dma/

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