Item 3Business Retention & ExpansionStrategic 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