Members of the Seminole Economic Development Corporation's Board of Directors will consider and take possible action upon scheduling a stakeholders meeting for The Retail Coach this coming Monday afternoon, in the corporation board's regular monthly meeting.
That meeting, according to an agenda obtained Friday by the Seminole Sentinel, is slated for a 5 p.m. start inside the Council's Chambers at Seminole City Hall, located at 302 S. Main St. Monday's meeting is open to the general public, for those who wish to attend.
In late January, members of the SEDC's Board unanimously approved of a a $32,500 contract with The Retail Coach, LLC, which will develop market/location intelligence and demand analysis, retail strategies, developer strategies and an action plan for the corporation.
Back in November 2013, SEDC officials received a presentation from Aaron Farmer, vice president of The Retail Coach, who briefly assessed the Seminole community's needs in a 30-minute presentation.
"You have a lot of things happening within your community," said Farmer, in the November presentation "However, from my brief assessment, I feel your community is way underserved, especially in three key areas."
Those areas included -- casual, sit down eateries, more clothing retailer options, and more grocery options.
"The traffic you have coming into and out of this town is remarkable," said Farmer, who is based out of the company's Austin office. "You take that, along with what all is happening within this area with the oil boom and your unique situation in steady growth with the German community, you have a lot of positive things going for you that regional and national retailers like to see when searching for new locations."
The Retail Coach, according to the company's website, is a national retail consulting, market research and development firm that combines strategy, technology and creative expertise to develop and deliver high-impact retail recruitment and development strategies to local governments, chambers of commerce and economic development organizations.
According to contract language provided in Monday's meeting, the SEDC will pay The Retail Coach $10,000 upon the execution of the agreement to the company, $10,000 upon completion of Demand Analysis; and $10,000 upon presentation of final strategy development. The remaining $2,500 fee, according to contract language, is for reimbursable project expenses.
Farmer said the company could assist the SEDC -- through an 12-month contractual agreement -- in the recruitment of regional and national retailers through recruitment communications, as well as the development of local economic statistical information such as: demographics, psychographics, gap analysis, retail studies, land use/availability studies and vehicle license plate analysis.
"Retailers, especially the larger chain companies, want to know as much information about a community before making a decision on expanding," said Farmer. "Just like any business, they want to make sure they can be successful and make a profit before proceeding with any kind of development. And, that's a service we can provide."
In other action on Monday afternoon, SEDC officials will consider action on the following items:
• election of officers for SEDC Board of Directors;
• consider/act upon approving advertisement for Texas Wide Open for Business publication, and;
• routine business items pertaining to minutes from the Jan. 27 regular meeting and monthly expenses/financial report.