Article by: Cathy Enerson
CEDA Community and Economic Development Specialist Cathy Enerson recently organized a presentation by Liz Templin of the University of Minnesota Extension to the Spring Valley EDA, the local chamber, tourism board, and area community members on a comprehensive retail gap analysis for the community. In addition to the presentation, the community meeting allowed local organizations to provide updates on their most recent activities.
The purpose of the retail gap analysis is to explore the health of retail sales in the community, identify trends, threats and opportunities for businesses with the focus on Spring Valley and its customer base of 13,371 area residents. The presentation highlighted information on customers, which included demographics, commuting patterns and lifestyles. The information can be used for future business plans, local expansions, and new business start-ups. “I will tell you, I have done this presentation in other communities and it doesn’t look this good in a lot of communities,” Templin commented. “I think you can feel, from my perspective, proud of the diversity and mixes that you have here.”
EDA President Dave Phillips stated that “the EDA provides many tools for attracting and retaining businesses in the community and these tools have led to things such as the downtown revitalization, the expansion and retention of businesses, succession planning, new housing, an important tool we can provide is information”. Dave indicated that “in 2016 the EDA completed two child care surveys, showing that there was a need for more options in Spring Valley and that has led to a joint venture that may bring a center here if everything falls into place.”