ROANOKE, Va. – If you ask the common Roanoker what sort of new business they’d like to see brought to the region, more than likely the answer you’ll get is either Trader Joe’s or Costco.
The hopes and dreams of people living in the Roanoke Valley could potentially come true through a new partnership.
Roanoke City, Roanoke County and the City of Salem have teamed up with Retail Strategies. The consultant firm specializes in recruiting the next round of retail businesses to come to a specific area.
The Town of Blacksburg has also teamed up with Retail Strategies.
Retail Strategies’ mission is to provide the real estate expertise, tools and human effort that position deserving towns as alluring locations for national businesses.
Brady Lawrence works with Roanoke’s economic development team. She hopes the partnership can address three areas.
“Attract some exciting new options, diversify our retail options and diversify some of our key commercial corridors throughout the region,” Lawrence said.
It’s a game of matchmaking between national retailers and local property owners. They say the area around Tanglewood Mall is a point of interest, especially Electric Road.
Sarah Beth Stewart is the Vice President of Community Partnerships with Retail Strategies. She tells 10 News her team already visited the Roanoke Valley to scope out real estate opportunities.
“Call on the brokers, call on the developers, the retailers, the franchisees saying hey we’ve got this site and it fits your site selection criteria. Every single retailer, it doesn’t matter who it is, they have a very specific set of data points that they need to match in order for them to open a store,” Stewart said.
Of course, we come back to Trader Joe’s and Costco.
“Those two brands are probably the number one asked for every community in the country. Doesn’t matter the population, doesn’t matter the region,” Stewart said.
Retail can be a foundational entity in the umbrella of economic development. Without good retail, other businesses whether it’s industrial or manufacturing may not move to the area.
“Retail really enhances our entire economic development ecosystem. For example, when doctors are being recruited to Carilion or researchers to FBRI, their family members are going to want somewhere to shop or somewhere nice to dine,” Lawrence said.
People shouldn’t expect new development anytime soon, at least anything new that hasn’t already been in the works. However, the partnership is set for three years and the opportunities for the future are beginning now.