October Membership Meeting Revisited — From Vacant Spaces to Vibrant Places — Attracting Retail for a Better Tomorrow
The 2024 retail landscape is evolving, and our latest event explored how local communities can stay ahead of the curve. Elliott Cook, Director of Real Estate for Retail Strategies, led an engaging session on how a retail-focused economic development strategy can breathe life into rural areas, foster business growth, and revitalize existing physical assets. Attendees explored the significance of nurturing downtown and national retail corridors as catalysts for economic vitality while examining how 2024 economic factors impact retail in rural markets. Elliott shared exclusive insights into emerging retail trends, including omnichannel shopping, AI-driven innovations, and the growing demand for experiential retail experiences. Through real-world case studies of successful projects in Oklahoma, he illustrated the tangible benefits of prioritizing retail-driven growth. He demonstrated the power of GAP analysis in identifying retail opportunities. Designed for economic development professionals and city staff, the session provided valuable insights, practical tools, and a deeper understanding of why cities should embrace a retail-centric approach to economic development.
If you weren’t there, here’s what you missed—and why you should attend future events!
The Power of Retail in Economic Development
Elliott emphasized retail’s critical role in driving economic growth within rural communities. By attracting and supporting retail businesses, these areas can experience increased employment opportunities, enhanced quality of life, and a strengthened tax base.
Retail Trends and Consumer Behavior
The presentation covered key 2024 retail trends, including a projected 3.6% annual retail sales growth, aligning with pre-pandemic averages. Non-store and online sales are expected to grow between 7% and 9% year-over-year, from $1.47 trillion to $1.50 trillion. Additionally, 80% of U.S. consumers prefer shopping in physical stores, while 76% use mobile applications. Consumer spending indicates an average monthly expenditure of $1,282 in physical stores compared to $247 online, emphasizing the continued importance of brick-and-mortar retail. Emerging trends include increased demand for experiential retail, a rise in conscious consumerism prioritizing sustainability, and advancements in AI-driven retail solutions. Retailers are also focusing on omnichannel strategies and loyalty programs to enhance the customer experience and drive engagement. The presentation covered key 2024 retail trends, including the rise of omnichannel shopping, AI-driven innovation, and the growing demand for entertainment-driven retail experiences. Elliott highlighted the importance of adapting to evolving consumer preferences to create thriving retail environments.
GAP Analysis & Identifying Retail Opportunities
The event’s highlight was Elliott’s deep dive into GAP analysis, a critical tool for identifying retail opportunities in local communities. He demonstrated how GAP analysis helps cities understand what types of retail businesses are missing, where potential growth areas exist, and how to leverage data for targeted retail recruitment. A key takeaway was analyzing consumer spending habits to determine which sectors are experiencing retail leakage and using that data to make compelling pitches to potential businesses. Communities that use this approach can better position themselves to attract new businesses and increase local investment. One example discussed a mid-sized town losing over $140 million annually to nearby cities due to a lack of retail diversity. Using GAP Analysis data, this town could successfully recruit major retailers to fill the gaps, capturing local spending and boosting the local economy. Attendees learned how these reports provide a baseline understanding of local retail demand and how they can be used to attract retailers that align with the community’s needs.
Strategies for Revitalizing Existing Assets
Additionally, the discussion focused on leveraging existing physical assets to attract retail investment. Elliott outlined key real estate evaluation factors, such as signage, parking availability, co-tenancy, and property condition, which can impact retail success. He shared examples of how communities have repurposed vacant spaces and enhanced their commercial appeal through strategic infrastructure improvements. Elliott provided insights into assessing current properties, identifying potential for redevelopment, and implementing strategies to make these assets appealing to retailers. He highlighted how municipalities improved walkability and signage to make downtown areas more attractive to potential retailers. These strategies provide valuable guidance for economic developers seeking to maximize their retail assets.
For more information, access the Presentation Slides here!
New Members Spotlight
Our event reinforced the value of membership, providing attendees with tools and connections to drive innovation in Oklahoma’s economy. Following this event, we welcome new members to Select Oklahoma! Their commitment to advancing economic development strengthens our collective mission and amplifies our impact across the state!
Welcome to Our New Members!
- Alexandria Cubley — Greater Oklahoma City Chamber
- Garry Clark — PartnerTulsa
- James “JD” Hock — City of Del City
- Ryan Barnett — University of Oklahoma Student
If you’re eager to learn more, contribute ideas, or participate in future discussions and events, we invite you to apply for membership. Together, we can drive meaningful change and create meaningful opportunities for Oklahoma’s growth and development!
Take the next step—apply now and help shape what’s next for Oklahoma!