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Why Plan for Retail Expansion in a Recession?
Development and retail expansion have stalled. The economy won’t be off the respirator for at least a year. So why plan for retail development—or redevelopment--in this kind of climate?
Because now is the time to do your homework to plan for the eventual recovery. Assess your market potential, take stock of what you currently have and what needs to be created or changed—and, most important, build consensus of your Community’s vision and expectations for retail. In short, this is the time to create a retail strategy and game plan—because retail development is a long-term process. You want to be ready when the first signs of recovery appear and pent-up expansion is unleashed.
First, the retail market assessment will tell you if you need go no further and save your Community a lot of time and money. There may be better uses for current property or future development sites. If proceeding with retail is warranted, the findings will help you create specific strategies designed to lower your investment risk.