12-18-96 - Laserfiche WebLink

Home Browse Search

5/#7 • `; Ex ansion and Relocation RETAIL OF '1''1110 ;nrr�rfYn n ,urr r 74 CITIES un al Inliatives focses on The Twin Cities is the place to he for c"ntnlmtity-based eco- nomic development ac- national retail chains. I tivitics and works with communities to help identify financial re- sources.Minnesota does National retail chains have been popping up not have deep pockets in the Twin Cities market in recent years to when it comes to finan- cial sell everything imaginable, including wares incentives. The for the home,sporting goods,and discount state's most flexible pro- " baby clothes- `'� Despite few financial incentives for locat- gram is the Minnesota ing a business in Investment Fund,which Minnesota as well as the high costs of main- I taining one here,several retail chains have found that the bene- has nearly a $4 million fits of doing just that can outweigh the risks.Indeed,more than annual budget."When it t a dozen national chains have arrived in the Twin Cities this past comes time to providing year,and many have plans for multiple stores. financing,we don't out- The metro area's strong retail appeal comes from a combina- bid anyone," Novak tion of factors—a strong economy,a quality labor pool,and fa- says. "We promote the vorable demographics—but the key attraction is the area's in- attributes of the state, creasing population,size,and spending power.The Twin Cities help find sites,offer ex- is the 15th most pertisc, and help with populated metro- JUDY COOK low-interest loans. We politan area in the MINNESOTA RETAIL MERCHANTS ASSOCIATION don't buy jobs." country. D'I'ED approaches • .,It's a market That emplovers via business can't be ignored- oulrcach. It targets spe- simply because of cific industries,such as that number," says medical products,com- �; Mike Scott.a senior puler and peripherals, vice president at United Properties in wood products. and the � Bloomington. "It printing and publishing boils down to the industry. "We have in- ��,--,' . fact that it's a good k dustry specialists on place(for retailers) board to aggressively to do business." court the companies in The state's stable those Industries,"Gus- economy is another tafson says. "It's a nal- atlraclive selling ural that, because we point for retailers that are already in the market and are poised are strong in those ar- to expand. "The economy in Minneapolis is pretty terrific and cas,we look for startups has been for a while,"says Dick Ward.a senior vice president and expansions to pro- with the Ackerberg Group in Minneapolis.The Twin Cities retail tect the interests of the market is one of the best in the country,and the majority of re- existing companies." he tailers do well here."Sales in Minneapolis are very comparable says' to other large metropolitan areas,"Ward says. Minnesola's existing Minnesotans'high level of disposable income also is a strong niche specialties, such incentive to enter the market.Per capita disposable personal in- as its reputable "tech- come in 1994 was$18,792,while average household dispos- nology corridor" and able income was$44,717,according to the 1996-97"Compare "medical alley," pro- Minnesota"study published by the Minnesota Department of vide strong incentives continued on page 78 for startups, expan- sions, and relocations.