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8.A. - Page 10 of 56 <br />4. Develop a list of retail real estate brokers and relevant links to databases that provide <br />information about available spaces and vacancies in the Downtown and City. (This task is <br />already in the economic development work program 2019-2020.) <br />Analysis: Relationships with retail broker who represent regional and national brand stores are <br />an important resource for implementation of the Downtown Retail Work Program. The retail <br />environment is changing constantly in terms of store formats, trade areas, customer base, <br />location requirements, etc. Retail brokers provide current information about the expansion <br />plans of retailers. They also provide current market information about vacant and occupied <br />retail space; more current demographic information; and insight about the location strategies of <br />retail stores that are expanding. <br />Recommendations: <br />1) Develop a contact list for retail brokers who are active in Alameda, Santa Clara, San Mateo <br />and San Francisco Counties. <br />2) Information meetings and tours of retail opportunity areas in the City for these brokers <br />should be held annually. (This task is already in the economic development 2019-2020 work <br />program.) <br />3) Keep current market information about Downtown and Redwood City that includes <br />demographic information and new residential/office developments in the City should be <br />kept current and provided to retail store location decision makers and brokers that <br />represent them. The information should be available on the City's website. (See Attachment <br />B for Downtown map of showing current and planned developments.) <br />S. Identify a list of anchor businesses that may be a fit for larger spaces in the Downtown. These <br />anchor businesses draw patrons on a regular basis and support in-line boutique stores. <br />Analysis: This list can be developed by creating a "Void Analysis" that would identify tenants by <br />size and category. The size and category would then be applied to vacant spaces. The City can <br />also provide listing retail brokers and property owners with ancillary attraction assistance and <br />strategy via the City's retained Retail Consultant. <br />Recommendation: Since there is currently only one vacant space (the former Cost Plus space) in <br />the Downtown that could accommodate an anchor tenant, the City should consider: <br />1) Directing the Retail Consultant to assist the listing retail broker and property owner with <br />ancillary attraction assistance and strategy <br />2) Directing the Retail Consultant to develop a "Void Analysis" to determine anchor businesses <br />that may be a location fit for the Downtown or <br />3) Directing the City's sales tax consulting firm to complete a Void Analysis or <br />4) Deferring the Void Analysis until there are two or more vacant anchor spaces available in <br />the Downtown. <br />4 <br />230 <br />