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Retail Analysis and Development 0 Retaining Retail Stores and Customers in the Community Opportunities to Strengthen Local Businesses Many retail markets have changed dramatically over the past decade,and they continue to change.As retailers adjust to new local economic realities, businessmen,planners,and civic leaders look for tools to help them retain a healthy focalretailmarketp/ace.Retail Trade Analysis and Small Store Success Strategies,separate but complementary programs,are important tools available from the University of Minnesota Extension Service. Retail Trade Analysis Small Store Success Strategies An important new tool for strengthening a local marketplace Small Store Success Strategies-tips to compete in a big box is now available through the University of Minnesota world-shows local business owners and store operators a Extension Service.This tool-a Retail Trade Analysis - successful, tested approach to marketing, merchandising, provides sure knowledge of local sales data. It helps a customer service, and business operations, community's planning for business expansions or recruitment. Arrival of big box retailers need not be a death sentence A Retail Trade Analysis shows your town how it compares to for community businesses.The mega stores can, in fact, other communities. It helps communities like yours assess create local retail opportunities. Big box retailers create an strengths and opportunities for their businesses. It helps you enlarged local trade area, drawing more potential customers uncover your retail strengths and opportunities. Detailed into the community. Smart local businesses can harness and Retail Trade Analysis program information is available for all add some of that increased traffic to their own customer Minnesota counties and cities with populations greater than base, and keep more of their local customers shopping 5,000, and University of Minnesota Extension Service regional with them. xtension educators for community economics can help you understand how to use it. And it's not just wishful thinking! Researchers have shown that these benefits are real, and that they provide the Analysis Leads to Understanding potential for local retail survival, and even opportunities for business growth. How healthy is retail in your community?A Retail Trade Analysis quickly provides a historical report that helps you: RI Know your community's actual retail potential. A Comprehensive Approach El Learn which retailers are attracting shoppers to your town. Extension's Small Store Success Strategies is a 90-minute El Learn what your community's retail opportunities are. program with ready-to-use tips on harnessing the advantages RI Find out which businesses are drawing shoppers away from of having a nearby big box retailer, to grow local businesses. your town. El Understand your town's pull factor: what it means and Small Store Success Strategies provides proven ways for local why it matters! retailers to coexist and grow in the shadow of the big box retailer. It provides ideas for how local businesses can prosper by refocusing around services and products big box retailers Analysis Leads to Retail Opportunity avoid. How can your community use this Retail Trade Analysis? El Use it to jump-start a retail trade improvement plan. El Use it as a checkup on your existing retail plan. A Proven Approach EI Use it to help local businesses. Many Minnesota communities already successfully apply the El Use it to attract new businesses. strategies of this program to strengthen local retailing. Your El Use it along with Small Store Success Strategies to survive community can succeed with them too! Don't wait until it's the big box retailers, too late! lover for more on"Retail Trade Analysis"J lover for more on"Small Store Success Strategies"' illUNIVERSITY OF MINNESOTA Extension winommim