Royal Oak Brings in Retail Coach to Attract Businesses (video)

Royal Oak Brings in Retail Coach to Attract Businesses (video)
(Crystal A. Proxmire, Sept. 23, 2014)
The City of Royal Oak has decided to bring in a national consulting firm to help them attract more retail to the city. The Retail Coach has helped over 250 cities and Chambers of Commerce across the country improve their economic outlooks by attracting new retail.
The Retail Coach has identified 52 categories of retail, and helps communities focus on those that they could use more of.
Royal Oak Economic Development Director Todd Fenton notes that while Royal Oak already has “several award winning boutiques and galleries, and a bustling nightlife,” that bringing in the experts will show that “Royal Oak aims to be a showcase of distinct retailers that provide an unparalleled shopping experience.”
He said that The Retail Coach, after conducting its market analysis, will generate a preliminary list of thirty retailers that would be a great fit for Royal Oak’s market, along with retail feasibility and marketing packages for each retailer. Once retailers have been identified as having an interest in locating to Royal Oak, there must be retail space inventory available or a timeline for its availability. To that end, The Retail Coach will also identify commercial real estate developers active in this region and customize fifty developer marketing packages that focus on specific site selection criteria for these retail opportunities.
“People and businesses are increasingly relocating to walkable urban environments, and Royal Oak boasts one of Michigan’s most dynamic and desirable downtowns. As foot traffic continues to increase during the day with the addition of new residents and office users, the time is right for a coordinated retail attraction initiative to attract retailers who fit into our unique city.”
When asked about the increase of retail vacancies, Fenton explained that they do not have the numbers of how large this phenomenon is. “As part of Royal Oak’s RFP and the scope of services submitted by The Retail Coach, this data will be gathered and included in its study for the city,” he said.“It is true that market conditions and changing retail trends nationally have negatively impacted the amount of retail storefronts in every city in the U.S. (i.e. the growth of on-line shopping and big box retailers), including Royal Oak’s.  It is in recognition of these market realities that we decided to retain one of the nation’s foremost retail consulting firms, and we believe the data and services provided by The Retail Coach will position our city at the forefront of new retail opportunities that will only insure Royal Oak’s status as THE place to go to, not pass through.”
According to Fenton, Royal Oak selected The Retail Coach to capitalize on these competitive advantages because the City was extremely impressed with the depth of which The Retail Coach responded to the goals, objectives and concerns of Royal Oak.
The 2014-15 annual budget allocated $70,000 for this project. The Retail Coach’s proposal is considerably less at $48,000, and its scope of work will last one year. A report will be issued at the end and shared with the public, and I anticipate sharing updates publicly with the City Commission as The Retail Coach begins its work.
To learn more about The Retail Coach, check out their website at http://www.theretailcoach.net/about-us/. The video below is from that site as well:

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