The City of Fayetteville has contracted with NextSite, LLC based in Birmingham, Alabama to help identify and act on opportunities to attract key businesses to the city, which leaders hope will help fill in some of the existing storefront vacancies and reduce what is known as “retail leakage”.
A city planning term, “retail leakage” is when consumers leave a certain retail trade area to purchase goods and services. Within the scope of this new contract, NextSite will help Fayetteville identify and analyze retail recruitment opportunities.
NextSite will also help the city learn from similar communities locally and across the nation when it comes to finding good matches between key retailers and the community. This community peer analysis will help Fayetteville to be proactive instead of strictly reactive in pursuing retailers that local residents would like to attract.
Developing marketing materials is a key part of the plan, and NextSite will work with Fayetteville to do that as well.
According to Interim Economic Development Director Brian Wismer, the first of NextSite’s initial reports should be completed in the next few weeks, and those analyses will be presented to the public.