By Haylee Rethman
A representative of The Retail Coach, an economic development company, offered a detailed marketing plan to gain businesses in the City of Holts Summit. Walker Wright, The Retail Coach representative, traveled from Mississippi to speak with the city's board of aldermen and a few Fulton residents at the board's work session meeting Monday night.
The Retail Coach is the second of three companies to present directly to the board of aldermen, the first being Bruxton and the last one, Retail Strategies, taking place at the next meeting. At last month's meeting, the board heard from Robb Miller from Bruxton who highlighted one of the reasons for choosing his company over the others: and online platform that analyzes consumer buying habits on a household basis.
Wright also discussed the reasons that set The Retail Coach apart from the other two companies. He said in his presentation that the company is the "pioneer in retail recruitment" with over fifteen years of experience in twenty-nine states and more than 350 communities. According to Wright, 80 percent of the company's clients are repeat clients, signing up for an optional extended contract after the original year contract expires.
This company's program, named the "360 Process" begins with an initial kick-off meeting in which the company discusses their area, community and market analyses. In this process, they look at all aspects of consumer preferences including where they shop, what they would like to see in the area and what the current businesses in the area would like to see as part of their community to collaborate with.
In the contract, there are a minimum of three trips to Holts Summit in which Wright will conduct his research and meet with the city aldermen. It also includes bi-weekly updates on their recruitment project.
Wright said that there are two possible opportunities for business recruitment: new development and redevelopment. The new development would entail businesses building new properties in which to run their company, and the redevelopment would use strategic marketing to move businesses into already existing properties and buildings to effectively utilize the space.
"Consumers in Jefferson City and Fulton will not shop in Holts Summit unless it is for something unavailable in their markets," said Wright's presentation.
He explained that consumers will not travel out of their convenient area of business unless there is a need for something that they cannot get in that area. This means that bringing more businesses into the Holt Summit area would provide consumers more options and less drive time to get those products elsewhere.
The Retail Coach offers both demographic and psychographic profiling in order to figure out what businesses there is a want or need for in the area as well as would function in Holts Summit.
"Each package is designed for each retailer that we decide to target," said Wright.
Alderman Jason Glenn then expressed his concern, asking what the communication between the city and The Retail Coach would look like if the aldermen or the city determines a business that the company wants to target an inappropriate fit for Holts Summit.
"You're the experts," Wright replied. "You are paying us, and we will put your wishes (and needs first)."
Representatives from the City of Fulton were present at the meeting as well, catering to the idea that the two cities could combine financially to mutually benefit from the business recruitment plan of an economic development company or firm.
According to Wright and the 360 Process, The Retail Coach gets businesses "interested (in investing in locations in Holts Summit) in six months, and it usually takes 12-17 months to get them on the ground."
Next month, the aldermen will hear from a representative from Retail Strategies, and they will collaborate to make a decision regarding the business recruitment process.