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Item 3Business Retention & Expansion Strategic Plan Prepared by the Department of Economic Development Greg Last, Director Introduction Introduction Purpose of BRE Plan Identify strength, weaknesses, opportunities, and threats for the diversity of business types in the City (SWOT) Develop a focused strategy on work efforts that will provide the greatest return for the businesses, resulting in a strong and sustainable non-residential tax base Retain and grow existing businesses Introduction E.D. Dept. Mission Mission: To help create a diversified, vibrant and sustainable economy through attraction and support of business enterprises meeting the vision and standards desired by City leaders Introduction E.D. Dept. Goals Goals: Provide desirable services to residents Retain and support existing businesses Attract desired businesses Market the City Maintain strategic data resources Nurture a positive business environment Promote tourism and the hotel and convention industry in the City Introduction Background Data 1,620 total businesses 8 million sf of commercial real estate 2,518,018 sf of office space 1,685,146 sf of industrial / flex space 2,796,610 sf of retail space 941,570 sf of “other” commercial space (schools, warehouse, etc.) Introduction Business Diversity Travel Technology Banking Retail Hospitality Internet Based Small Business Electronics / Distribution Commercial Real Estate Service / Insurance Franchise Restaurant Telecommunications Introduction Planning Policies / Recomm. Urban Design Study: Addresses urban design issues for S.H. 114 , F.M. 1709, and F.M. 1938 2025 Plan: Consolidated Land Use Plan Mobility and Master Thoroughfare Plan Parks, Recreation & Open Space Plan Pathways and Sidewalk Plans Introduction Strategic Plan Process Draft development by the E.D. staff Development community input Chamber of Commerce review and contributions City Council consideration Introduction City of Southlake Strengths: School districts, demographics / executives, proximity to airports, development standards, Southlake Town Square, developer relationships, master planned residential development Weaknesses: Available land, labor for service, labor pool housing, regional transit plan, development process, lack of 4A/4B E.D. sales tax, limited CIP funding, limited number of homes SWOT Analyses Discussion City of Southlake Opportunities: DFW 114 West Corridor brand enhancement, community events, DPS involvement, business / Council relationships, business lifecycle opportunities, tourism, Council / business leader interaction Threats: Competitive markets: Westlake, Roanoke, Lewisville, Coppell, Las Colinas, Irving, Plano, Frisco, Richardson, DFW Airport SWOT Analyses Discussion E.D. Dept. Programs Strengths: www.SouthlakeBusinesses.com, Shopping & Dining Guide, Local Business Report, DFW 114 Corridor marketing emphasis, Director’s tenure with the businesses Weaknesses: Non-business staff responsibilities, lack of business visitations and retention emphasis, ribbon-cutting attendance, lack of BRE incentive program, sidewalk sale SWOT Analyses Discussion E.D. Dept. Programs Opportunities: Website enhancements, Hotel Occupancy Tax programs supporting businesses Threats: Staffing turnover SWOT Analyses Discussion Southlake Chamber of Commerce Strengths: City staff relationships, Leadership Southlake, ambassadors, service involvement, networking opportunities, golf tourney, award programs, Oktoberfest Weaknesses: Retail roundtable, restaurant roundtable, retail involvement, manufacturing / assembly / distribution involvement SWOT Analyses Discussion Southlake Chamber of Commerce Opportunities: Board / Council relationships, DFW 114 West Corridor collaborative marketing, regional promotion and marketing Threats: Economic downturn SWOT Analyses Discussion Business Community Strengths: Business executive involvement, business diversity increasing, Southlake Town Square success, selected banking support Weaknesses: Shortage of primary businesses, saturation of banks, slowing residential growth, labor shortages Opportunities: Merchant associations, Council / business meetings Threats: Westlake, Northwest Metroport businesses, over-development of retail SWOT Analyses Discussion Corporate Involvement Strengths: Sabre involvement, small business owners, regional involvement Weaknesses: Limited involvement Opportunities: Corporate / City relationships, Southlake executives, small industry group facilitation Threats: Westlake, Alliance SWOT Analyses Discussion Small Businesses Strengths: Principle’s involvement, Chamber networking opportunities Weaknesses: Banking relationships, financial sophistication, lack of franchise / corporate structure Opportunities: Mentoring / nurturing programs, business blogs, business resource center Threats: Start-up costs SWOT Analyses Discussion Professional Service Businesses Strengths: Chamber participation, medical Weaknesses: Bank saturation, focus groups Opportunities: Financial services involvement, law firms Threats: Saturation beyond demand SWOT Analyses Discussion Retail Businesses Strengths: Regional retail market, isolated involvement Weaknesses: Retail involvement in Chamber, labor pool Opportunities: Develop tourism programs supporting retail, furniture cluster cooperation, roundtable forums Threats: Over-development of retail Westlake retail SWOT Analyses Discussion Restaurants Strengths: Restaurant diversity, Shopping & Dining Guide, catering summary, regional attraction Weaknesses: Mom-n-Pop restaurants, residential densities, Lack of national franchise involvement, restaurant failures SWOT Analyses Discussion Restaurants Opportunities: Restaurant forum, website enhancements, casual family restaurants Threats: Over-development of restaurants SWOT Analyses Discussion Manufacturing / Assembly / Distribution Strengths: Airport adjacency, highway / rail access, existing business parks Weaknesses: Limited number of businesses, lack of triple-freeport, limited political support, employment base SWOT Analyses Discussion Manufacturing / Assembly / Distribution Opportunities: More business engagement, targeted forum groups, Champion Crossing, match market analysis, adopt triple-freeport Threats: DFW Airport development, Alliance development SWOT Analyses Discussion Hospitality / Hotel / Tourism Strengths: Airport adjacency, Hotel / City / Staff relationships Weaknesses: Breadth and diversity of hotels, tourism destinations, tourism programs, convention venue Opportunities: Hotel occupancy tax programs, additional hotels Threats: Regional hotels SWOT Analyses Discussion Strategic Recommendations Focus on business responsibilities Develop business visitation program Visit all businesses within a two-year cycle Verify accuracy of business data Identify obstacles to success and opportunities for assistance Discussion Strategic Recommendations 3. Implement Monthly Local Business Report Allow 12 businesses to get critical exposure Recognize Chamber of Commerce award recipients Discussion Strategic Recommendations 4. Increase staffing dedicated to Hotel Occupancy tax administration Hire dedicated staff to administer HOT Develop programs supporting tourism, hotel and convention businesses Develop programs supporting retail Develop programs supporting restaurants Discussion Strategic Recommendations 5. Strengthen City / Chamber relationships Identify and pursue partnership opportunities for the Southlake Chamber of Commerce and City E.D. staff to work together Develop opportunities for the Southlake City Council to engage and interact with the Southlake Chamber Board of Directors Discussion Strategic Recommendations 6. Strengthen City / Corporate relationships Utilizing the City / Sabre relationship model, develop a Southlake Business Council Program Discussion Discussion Greg Last, Director (817) 748-8037