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Retail potential prompts PEDC to retain Retail Attractions



The Paris Economic Development Corp. board received a report from Rickey Hayes of Retail Attractions at its monthly meeting Wednesday at Love Civic Center, then voted to retain the company's services for 2011.

The board hired Retail Attractions in October and tasked the company to research the retail potential in Paris as part of a long-term strategic plan to bring business and industry to the area.

For work delivered at this meeting (phase I), Retail Attractions was paid $16,000. For phase II, the company will be paid $2,667 per month through December 2011 for a total of $32,000.

Hayes provided a power point overview of his initial findings in addition to a current retail market assessment and trade area map with recommendations, including a list of targeted retailers and proposed action steps. A 100-page detailed data set has also been developed and delivered to Steve Gilbert, PEDC executive director.

Hayes stressed the need for the city's governmental entities to stabilize.

"Political instability stops retail growth. Paris has everything except unity. If we can't keep people in leadership roles long enough to get the vision cast, we won't get anywhere."

In today's economic climate, Hayes said, Paris is not just competing against Hugo, Okla., Bonham or Greenville. This town now is going up against cities such as South Lake and Frisco.

"An aggressive retail strategy is what keeps an area alive," Hayes told the board. "A city's size does not matter as much as the ‘cool' factor. You've got to step up to be world class."

Among the highlights of his presentation, Hayes defined the primary trade area Paris serves and pointed out areas with high potential to attract retail business. Paris is the center of the world in regards to its trade area, Hayes said. That area reaches north to Antlers, Okla., then east to Highway 259, south to Mount Pleasant and as far west as Bonham and beyond.

There is a potential of almost a quarter million residents who reside in the area, which translated into retail sales that reached $2.4 billion in 2010. Hayes' research reveals two categories with a high potential for recruitment. Data on grocery stores and full-service restaurants show a high "leakage" rate - the dollar amount spent in locations other than Paris. Grocery stores had a leakage of $79.4 million, while full-service restaurants had more than $56 million.

Basic philosophic goals Hayes said would assist in attracting retail business include getting down to simplicity to make it easy for businesses, face reality, reinforce the aspect that the investor is the area's customer and foster a can-do attitude at every level, from the city manager to building code enforcement officers.

"It will be a long, arduous haul to get the vision planted and see the fruit," Hayes said.

The report submitted from Retail Attractions will be available on the PEDC website, paristexasusa.com, within the next week.