PURPOSE
Organizations receiving a Business Attraction grant will enhance the retail mix of a designated commercial corridor. Business Attraction strategies attract new businesses to the commercial district in order to reduce the retail vacancy rate and increase the amount of goods and services available to local residents. Additionally, business attraction strategies focus on diversifying the types of retail present in a commercial district as a tool to meet the demand of local residents. As the second step in the commercial revitalization process, business attraction strategies are most effective with buy-in from organized merchants and when managed by high-capacity organizations.
APPROACH
NDD expects that Business Attraction projects will develop strategies that leverage knowledge of the area’s retail conditions, market data, and consumer preferences to make the commercial district an attractive place for prospective business owners and customers. Even though organizations can hire consultants to help gather this information, NDD expects grant recipients to engage the consultant and effectively leverage the firm’s end-product to implement a successful business attraction strategy in to the future. Organizations with successful projects have adopted similar working frameworks:
What Currently Exists / · Frequently update business census with vacancy rate· Engage property and business owners
· Identify spaces available for development (zoning)
What Consumers Want / · Conduct formal consumer survey to identify retail preferences
What the Market will Support / · Conduct market and economic analysis to understand demographic and income profiles, spending patterns, and business demand and supply
‘Pitch’ the Commercial Corridor / · Make the economic argument to prospective business owners for opening a business in the commercial corridor
· Get buy-in from property owners and real estate brokers
· Develop marketing strategy for the business district
Even though Avenue NYC Grants provide funding for one fiscal year, organizations that receive a business attraction grant must demonstrate through well-planned
deliverables and activities how their proposed FY 2015 projects fit
within a larger business attraction strategy. Additionally, proposed
deliverables must have specific outputs and outcomes that the
Avenue NYC Contract Management Team can track to measure
the organization’s progress towards long-term goals for the
commercial corridor.
Organization Name
BUSINESS ATTRACTIONI. Conditions of Commercial Corridor and Retail Needs
A. Provide the boundaries of the targeted area for the Business Attraction project:
B. Total Number of Vacant Storefronts ______
Total Number of Ground-Floor Establishments in District ______
Baseline Vacancy Rate (%) ______
C. Has your organization conducted formal research (i.e. market analysis, consumer survey, etc.) to determine
current market conditions and retail needs in your corridor? (Double click the boxes to make a selection)
Yes No
D. If yes, please list the current market conditions and corresponding retail needs. Attach a copy of the
market analysis report completed by your organization.
Current Market Conditions (e.g. consumer purchasing trends, retail mix scenario, location of primary trade areas, etc.) / Current Retail Needs (e.g. preferred business types, consumer preferences, property owner preferences)E. If no, list the current conditions your organization has observed in the targeted commercial corridor
and associated retail needs that warrant a business attraction program. Also, list the activities your
organization will complete to formally assess the market conditions and retail needs in the targeted
commercial corridor. Use bullet-point formatting.
Current Conditions (e.g. changes in consumer demographics, vacancies, retail mix, etc.): / Current Retail Needs (e.g. preferred business types, consumer preferences, property owner preferences, etc.)· / ·
II. Fiscal Year 2015 Deliverables
A. How will your organization build upon previously completed deliverables to enhance the corridor’s retail mix? In the chart below, (1) list the business attraction deliverables completed in FY 2014, (2) business attraction goals for FY 2015, (3) potential challenges your organization may face in achieving these goals, and (4) what your organization will do to overcome listed challenges. If your organization has not previously received a Business Attraction grant, leave the first column blank. Use bullet-point formatting.
Business Attraction Deliverables Completed in FY 2014 / Business Attraction Goals for FY 2015 / Potential Challenges to Business Attraction Goals in FY 2015 / Approach to Overcome Business Attraction Challenges in FY 2015· / · / · / ·
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B. List each deliverable your organization will complete in FY 2015 to address the retail needs listed in section IC or ID, and include the specific activities your organization will complete to fulfill each deliverable. Explicitly state whether your organization will be hiring a consultant to execute any deliverables, and indicate activities to be completed by the firm. Use bullet-point formatting.
Deliverables / Activities to be Completed by Organization· / ·
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C. Identify the types of businesses your organization aims to attract this fiscal year and which needs the new businesses will fill (e.g. diversify retail mix, establish anchor store, increase business cluster):
Need that the newbusinesses will fill / Types of businesses you will
attract to fill each need / Number of New Businesses
Total number of new businesses you plan to attract this fiscal year:
D. List the vacant storefronts that you will be targeting to fill.
Address / Size (sq. ft.) / Are you actively working with the Property Owner and/or Broker?Yes No
Yes No
Yes No
Yes No
Yes No
**For each of the business address listed above, attach a letter expressing the property owners’ commitment to
participating in the business attraction process.**
NYC Department of Small Business Services | NDD | Avenue NYC Grant | FY2015 Application – Business Attraction | Page 2
III. Overall Project Impact
A. List the outcomes your organization wishes to achieve with the deliverables outlined in section IIB. Specifically identify outcomes for businesses in the targeted commercial corridor and local residents served by that district.
Business Outcomes / Outcomes for Local Residents· / ·
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NYC Department of Small Business Services | NDD | Avenue NYC Grant | FY2015 Application – Business Attraction | Page 2
NYC Department of Small Business Services | NDD | Avenue NYC Grant | FY2015 Application – Business Attraction | Page 2