by MOSES LEOS III
From television commercials to billboard advertisements, the saying is one in the same: ?what happens in Vegas, stays in Vegas.?
However, for Buda Economic Development Corporation (EDC) executive director Ann Miller, information gathered from a recent trip to Sin City was more than worth breaking the Vegas code.
During the International Council of Shopping Centers (ICSC) National Conference May 19-22 at the Las Vegas Convention Center, Miller learned from the biggest and brightest retail companies how Buda can better attract more business.
At the conference, Miller and a retail study team hired by the Buda EDC, The Retail Coach, met with numerous national retail businesses.
According to Miller, The Retail Coach had already planned to attend the conference and set up a booth. The city currently has a contract with the company, with the outcome of investment of attracting retailers and developers to Buda.
?The contract with The Retail Coach was for $15,000,? Miller said in an emailed response. ?These services included developing a list of retailers whose site selection criteria is a match to the area market analysis, competition assessment, demographic and psychographic profiles, and Retail Gap/Opportunity Analysis and are a good fit for Buda.?
In addition, The Retail Coach will compile a retail feasibility package for retailers met at the conference. The company also helped with identifying developers in the area, and helped create a ?developer marketing package? to help present development opportunities in the city. The Retail Coach also helped analyze retail sites for usage and made recommendations for them.
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However, retail businesses? message to Buda was the same: the town needs more space.
?Buda must develop more areas of retail space to take advantage of retail leakage,? Miller said, referencing a recent study done by the Pegasus group, which was presented to the Buda City Council on May 7.
Pegasus found $247 million dollars of annual retail leakage ? residents of a town spending their money elsewhere ? which the city has yet to take advantage of. A few of the largest areas of leakage are through eating establishments ($63.2 million) and radio, TV and computer stores ($39.9 million).
As such, many retailers see the Buda area as a prime location for business development. With the help of The Retail Coach, Miller hopes to quell the retail leakage in Buda.
?Ideally, we?d like to try to recapture 10% of the leakage over the next 3 to 5 years, which would increase Buda?s sales tax revenue by over $370,000 annually,? Miller said.
However, she realized a lack of retail space keeps many companies from making their way to Buda. A complaint from a few companies was the cities? lack of vacant commercial structures.
?We [Buda] need to work with developers to bring in more commercial and retail space,? Miller said.
An additional problem is being landlocked in an overdeveloped area. With Kyle and Austin Extra Territorial Jurisdictions (ETJ) impeding outward expansion, Miller said the city has to find ways to develop responsibly.
Even with the prospect of adding more businesses, the EDC does not want to expand vertically, a decision seconded by the city council.
?We at the EDC do not want to build structures over three stories,? Miller said. ?We want to make the best use of our land, but at the same time, continue to keep the charm of the city.?
Despite the challenges, Miller believes the city has positive aspects going for it. She thinks retailers will be enticed by the relatively high incomes of residents in the city. According to numbers provided by Miller, 2013 estimates show the average household in Buda as making $79,748; median households bring in $68,220, with the per capita income at $22,792.
The primary retail trade of the city, along with the rapid growth of the area, also pushes retailers to consider Buda.
In 2000, the population of Buda was roughly over 3,500 residents, with the retail trade at 22,068. By 2013, both numbers grew significantly, with the current population estimated at more than 8,700 and retail trade at 63,318.
By 2018, the EDC estimates the population will top 10,000, with retail trade exceeding 70,000.
Miller and the EDC are in a race against other cities to get the attention of retailers. While she would not comment on specific retailers, she did say any retailer to make their way to Buda would not come from Kyle or Southpark Meadows in Austin.
?Many retailers with business in Kyle or Southpark Meadows will not develop in Buda. They do not want to cannibalize on their business,? Miller said. ?We aim to bring new businesses to the Buda area.?
The sky is the limit for the Buda EDC, according to Miller. She sees a golden opportunity to continue to bring in revenue and increase sales tax for the city.
?We [Buda EDC] aim to meet the needs of our citizens. We want to ensure they do not have to shop outside of Buda,? Miller said. ?We also want to bring in more businesses; to give them what they need to come to Buda.?
In total, the Buda EDC spent $1,497.29 for Miller to attend the ICSC conference; $817.29 on hotel, airfare, meals, transportation and $680 on registration.
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