Dear Dr. Downtown:
Q: What efforts are being made to attract new businesses downtown?
A: There are four primary techniques the Downtown Development Association uses to market downtown to reach a target business and attract potential investors downtown: Publicity, Promotional Materials, Direct Mail and Personal Selling. Given its limited financial resources, DDA must create the greatest number of positive impressions for the least cost.
Using community volunteers, volunteer interns and city staff, DDA is currently conducting a market analysis--including a community survey--to determine the amount of space and types of uses downtown Lincolnton can realistically support. This information also helps the community identify, evaluate and prioritize new market opportunities.
An example of the information gleaned from this market analysis, is that the Lincolnton market area has a retail leakage (retail sales leaving) of over $29 million in restaurant retail sales. This is a strong indication that existing restaurants could expand and new restaurants could be successful by capturing some of the current sales going to surrounding communities. Restaurants therefore are a target business category and a high priority.
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