By Betsy Finklea
The results of the retail strategies study was presented to the Dillon County Council and other interested parties at a workshop held recently.
Dillon County Economic Development Director Tonny McNeil said over the past six years some major announcements have been made bringing $400 million in new investment. He said they were changing lives and improving the quality of life. He said the retail presentation was the next chapter in economic development.
McNeil introduced Joe Strauss, the Retail Development Director for Retail Strategies, who conducted the study.
Strauss said the goals of the retail recruitment plan are to increase tax revenue, create jobs, attract desired businesses, and improve the quality of life.
Strauss said one in four jobs is retail-based. The average wage per year for a full-time retail worker ages 25-34 is $38,376. The wage for a non-retail worker is $37,968.
Millennials (people born from 1982-2004) are the largest consumer group and the driving force in retail. He said some of the things they are looking for are cheaper products, more nutrition, etc. He said a retail killer is retail goods and services being replaced by the telephone. Strauss noted that a study showed that 78 percent of consumers prefer to shop in a store.
Strauss said that Dillon County and Retail Strategies has a partnership. Dillon County is the local expert and Retail Strategies was the retail real estate experts. The Retail Development directors working with Dillon County are Joe Strauss and Brandon Cummings. The Portfolio directors are Ashton Arrington and Scott VonCannon.
The study consists of a market analysis, strategic plan, proactive retail recruitment, and the results.
Strauss said they identified a custom trade area. There are 19,803 households in the trade area with a median household income of $29,707. The average housing unit in the area is $82,875. The daytime population in trade area is 47,768. The average employee salary is $37,687.
A gap analysis was done, and it showed a total market leakage of $147,616,968 going outside of the defined Dillon trade area. Some examples of leakage are $39,067,596 in general merchandise, $17,179,520 in full-service restaurants, and $18,385,826 in clothes.
Strauss said that Retail Strategies interprets the data, identifies the sites and opportunities, and makes a case on where the retailer should go.
He said they put their boots on the ground, identify and record prime real estate opportunities within the market, and collect various information.
Strauss said some of the top retail prospect categories for recruitment are apparel (1,200-25,000 sq. ft.); pet stores (5,000-25,000 sq. ft.), which he called a growing market; health and personal care (12,000-20,000 sq. ft.); and restaurants (1,200-6,000 sq. ft.) including fast casual and fast food.
Strauss said they then try to make a connection. They have developed a two-page marketing guide. They attend deal-making conferences throughout the United States in places such as Las Vegas, New York, Dallas, Atlanta, and more. He said they continue to improve efforts to maximize retail potential in the community. Strauss said research is critical, but real estate always wins.
Strauss said 70 percent of retailers will expand, and there is a lot of potential here.
McNeil explained that their focus is on the entire county – Dillon, Latta, Lake View, and the county. He said they had prospects and deals that they were very close on.
Dillon County Council Chairman T.F. “Buzzy” Finklea, Jr., thanked McNeil for bringing the group in and for the very informational report.