7.0 EDSR 07-14-2008ITEM # 7.
1111 \~~\
River
MEMORANDUM
TO: Economic D velopment Authority
3
FROM: Annie Dec i~o~ic ment Assistant
DATE: June 13, 2008
SUBJECT: Update on Restaurant Marketing Activities
Background
In late 2007, Economic Development Staff completed a number of marketing tactics in
regard to the EDA's desire for restaurant recruitment:
Researched and developed a listing of restaurants and contact information
Researched and developed inventory of available commercial property for
sale/lease and posted the list on the city website
Dispersed a direct mail marketing letter, including the available sites list and
community information to the restaurant contact list (over 80 restaurants)
Response
Since the distribution of the marketing letter, staff has received one follow-up response;
confirming the letter was received. Staff has not heard from any of the other restaurant
contacts. In the meantime, additional restaurant contacts have been added to the
comprehensive list, and the available site list has been updated and posted on the city
website.
Next Steps
At the May 12`h, 2008 EDA meeting, the EDA authorized staff to enter into a contract
with the University of MN Extension Service to conduct a Retail Trade Analysis Report
and hold a workshop. Staff has met with Claudia Cody, U of M Extension Service region
consultant, and has reviewed the preliminary RTA report statistics. (Ms. Cody will be
presenting the data at the August EDA meeting) Staff feels the statistics in the report
would be extremely valuable data to share with the restaurant contact list, and benefits
Elk River's marketability to the restaurant market.
Once the RTA report is finalized, staff will distribute a second letter to all the restaurant
contacts including excerpts from the RTA report and updated sites list. Meetings will be
scheduled with primary restaurant contacts to discuss opportunities to locate in Elk
River.