Making the things you have work better

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Making the things you have work better
Strategies forBusiness Retention
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Business retention
Defined Strengthen existing businesses. Why Cost
8x more to recruit new business. Failed
businesses send wrong signal. Maintain critical
massing. Foundation for growth. The right thing
to do. Why not Retailers who wont help
themselves. Businesses for which there is no
need. Inappropriate businesses (zoning).
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Retailers-at-risk
Whos at risk One in four No succession
plan Undercapitalized Inexperienced Finding
them Stagnant inventory Temporary signs Code
violations Constant sale Irregular
hours Old-timers Enthusiasts Hobbyists
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Customers-at-risk
Think about it Whats the message? Whos more
important? Whats a dog doingin a restaurant?
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Customer satisfaction
Building loyalty Appreciation programs Blind
shopping Satisfaction Surveys
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Visual appeal
Building Façade Grants/Loans Physical
conditions Clean / Paint Building Power wash
sidewalks Weeds trash Lighting Merchandising De
sign assistance Visual merchandising Seasonal
displays
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Signage
Send a message Signage Grants/Loans Remove
temporary signage Band blade signs Be
memorable (but polite)
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Enhance business skills
Mentoring SCORE / SBA Constructive
criticism Networking Chamber of
Commerce Business Association Main Street Job
Skills Training Community College Internships Reta
il Entrepreneurs
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Working together
Cross Promotions Dinner and a show Destination
marketing Bounce-back coupons Cooperative
Marketing Leveraged advertising Shopping
events Selling seasons
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Case study Vinelands Bridal Row

• Opportunity
• 20 wedding-related retailers
• Average wedding 28,000
• 800 reach engagement zone
• 34.5 million in trade area
• Strategy
• Cross-promotions
• Bridal/fashion show events
• Co-op advertising
• Packaged offerings
• Excludes engagement ring and honeymoon
• Includes holiday prom fashions

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Case study Gloucester City campaign
Opportunity Local media outlets Small local
businesses Seasonal opportunities UEZ
Funding Strategy Pilot co-op campaign Gauge
retailer interest Grow awareness Shop local
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Events Generating trial visits
Events Quality of life Stimulate sales Create
trial visits Centralized retail Examples Rahways
Farmers Market Somervilles Cruise
Night Burlingtons Festival of Lights Mount
Hollys Fire Ice