The City of Minot is looking to court new retail businesses into the city. That’s why it has hired a consulting firm, Retail Coach, to determine which businesses might best fit.
City Manager Harold Stewart said this will improve the retail climate of Minot and increase economic growth.
“It could potentially provide renters for existing space, commercial space in those areas,” he said of the impact of the project.
The plan is to make Minot a vibrant economic center.
Steward said the city is likely to see new jobs, construction and add new permits of commercial value throughout the community.
The three-year contract with the consulting firm is expected to pave the way for national brands that are missing in the business landscape in Minot and surrounding communities but more importantly, residents also desire to have.
Along with the taste for national brands comes competition for local businesses that may be offering the same or similar products or services.
President of the Minot Area Chamber Economic Development Corporation, John MacMartin, said the city went past that bridge 25 years ago when Walmart made an entry into Minot.
“There is a whole variety of shops that offer an entirely different experience and I think that’s what’s got to happen,” he said.
MacMartin explained that businesses must adjust citing the example of Val’s Cyclery.
“Val’s Cyclery didn’t try to compete with Walmart on bikes but it tried to compete with Walmart on repairs,” MacMartin said.
Additionally, local businesses can access the data being collected on the city’s website free of charge, according to the city manager.
“What I will say to that is all this data analytics is available to the public. It will be available through a dashboard on the city’s website. So local businesses can use this data just as well,” Stewart said.
The city will spend atleast $75,000 in its pursuit of a robust retail economy.