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8.A. - Page 3 of 56 ANALYSIS The Retail Action Plan (Attachment A of this report) has two sections. Both sections draw from best practices and policies used by other communities to revitalize retail in downtowns. The first section is the "Downtown Retail Work Program" and is comprised of tasks and actions that can be implemented immediately to better position the Downtown for retail opportunities. Many of these tasks are already underway as they were part of the Economic Development Work Program that the City Council approved on May, 6, 2019, which has a two-year implementation timeline. This section also provides an update on the current retail environment and a brief explanation of the types of retail formats in the market today. The second part of the Action Plan, "Downtown Retail Policy Recommendations", resulted from the work of the Downtown Retail Task Force. The recommendations were further researched and analyzed by the consultant and City staff. It should be noted that the retail consultant's policy recommendation for increasing housing, office and retail in the downtown core should be considered as part of the next community visioning process for the downtown. Depending on the complexity of the recommendation, some of the policies, specifically land use planning, zoning, and public right of ways, will take additional time (approximately twenty-four months) to bring these items forward for City Council deliberation and potential approval. Attachment E to this report includes a table referencing how recommended initiatives fit into existing or anticipated work and the proposed priority order of initiatives recommended in the Downtown Retail Action Plan when Retail Work Program Policy recommendations are expected to be explored and reviewed in context with broader upcoming City initiatives. Below is a summary of the key findings and conclusions from the City's retail consultant that are the foundation for the final Retail Action Plan policy recommendations. Key Findings and Conclusions from the City's Retail Consultant: • The addition of mixed-use projects (housing and office), restaurants, and entertainment venues has helped activate the Downtown. However, the Downtown Core could benefit from additional foot traffic provided by more residents and visitors who support retail businesses. Accommodating additional housing units may need to be part of a greater community visioning planning process for the downtown. • The section of Broadway between Main and Hamilton Streets has the strongest potential for retail activity. Other blocks are limited because of the lack of contiguous storefronts and limited access to parking within a block. Development of the Chase Bank site as a mixed use project with retail space on the ground floor and housing would increase synergy along Broadway between Hamilton and Winslow Streets. • Banks and financial services do not create the vibrancy retailers or restaurants provide on a prominent, highly visible, high traffic corner or street. These uses do not create location interest from other retailers and weaken retail synergy. • Many cities are dealing with the problem of long-term vacant storefronts in downtowns and commercial areas. The magnitude of the problem is on a smaller scale in Redwood City compared to Oakland, San Francisco, and San Jose but will be assessed at a City Council study session in January 2020. City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 223