HomeMy WebLinkAbout2010-04-27 City Council Agenda Item No. 8CITY OF
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DREAM
REPORT TO THE REDEVELOPMENT AGENCY
TO: CHAIRMAN AND BOARD MEMBERS
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: April 27, 2010
SUBJECT: BUXTON RETAIL LIST ASSESSMENT
Background
On August 12, 2008 the Lake Elsinore Redevelopment Agency signed an agreement
with Buxton Company to help improve economic development through the targeted
attraction of retailers and restaurants. Buxton spends $15 million a year to purchase
data to serve retailers in site selection and municipalities in attraction efforts. Buxton's
agreement was to provide the City with their expertise and insight in these following four
areas:
• Researching and verifying Lake Elsinore's retail trade area
• Evaluating Lake Elsinore's retail potential
• Matching retailers and restaurants to Lake Elsinore's market potential
• Delivering to Lake Elsinore marketing packages for ten targeted companies
In addition, the RDA has unlimited access for creating custom packages online for one
year.
To date the City has received from Buxton Company the following:
• Retail Site Assessment of a 15 minute drive-time trade area determined from our
selected site location of Collier Ave. and Hwy 74
o Drive-time trade area defined
o Trade area demographics
o Trade area psychographics
o Leakage analysis of trade area
• Retail Match List and Operational Status 71 company specific marketing
packages tailored to each company on Retail Match List and Stretch Match List
o Combines all Lake Elsinore analyses with company specific analyses
• Professionally prepared marketing packages for 10 selected companies with
Buxton providing introductions to these companies on Lake Elsinore's behalf.
AGENDA ITEM NO g
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Buxton Retail Site Assessment
April 27, 2010
Discussion
While company names and contact information is confidential and proprietary, a
summary of follow-up activities is shown below:
Companies contacted by City - 43
• 3 - Considering trade area
• 9 - Companies not currently looking to expand in region or delaying expansion
plans
• 6 - Requested Retail Site Analysis packets
• 3 - Franchise operations
o 1 - Not looking for franchise operator in region
o 2 -Would consider if franchise operator found
• 1 - Requires strong apparel co-tenancy to consider further
• 1 - Incomplete contact info
• 8 - Left message/Will call back
• 10 - Emailed
• 1 - Meeting at ICSC
Companies contacted by Chamber - 5
• Attempts to reach site selector incomplete
Reports shared with Lake Elsinore Outlets -15
Reports shared with Jacobs Investment Company - Civic Partners -12
22 companies from the Buxton project will be attending ICSC in May. Staff will continue
to work to set up appointments with these companies and contact remaining
companies.
Fiscal Impact
The cost for this service was $50,000. Funds were budgeted through RDA accounts:
910-4900-463-20-20
920-4900-463-20-20
930-4900-463-20-20
Recommendation
Receive and file.
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Buxton Retail Site Assessment
April 27, 2010
Prepared by: Cathy Barrozo
GIS Analyst/Business Services Representative
Approved by: Robert A. Brady ~j
City Manager
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