Economic Development & Tourism Goal 3
Attract businesses to Shepherdstown that will contribute to the vibrancy of the existing local business base and expand the range of goods and services available in the community.
3.1 Develop a Business Recruitment Plan
STRATEGY: Prepare a comprehensive business recruitment and retention strategy based on stakeholder input and a market analysis that identifies existing business clusters and desired business sectors (to include the arts, culture and the “creative economy”), key locational strengths, available sites/buildings, rental rates, and incentives for locating in Shepherdstown.
JUSTIFICATION: The Shepherdstown market potential is difficult to identify based on available industry standard data due to its smaller market size, geographic location and specialized businesses. A more comprehensive approach that examines retail spending, local buying power and on-the-ground knowledge is needed to more accurately identify traditional business sectors with surplus and leakage and the non-traditional creative business opportunities. This detailed information on the current and potential market for various industry sectors is needed to help new or expanded businesses better assess and plan for the risks with operating a particular business or offering a particular product line and merchandise in Shepherdstown.
3.2 Develop Partnerships for Business Development
STRATEGY: Work closely with the Shepherdstown Business Association, other business organizations and leaders, and the Jefferson County Development Authority to develop partnerships for attracting new business and strategies to retain existing businesses.
JUSTIFICATION: Support from many partners will be necessary to develop a detailed business recruitment and retention strategy for Shepherdstown. Actively engaging potential partners will help ensure a comprehensive strategy is prepared. Developing partnerships helps identify local business needs more quickly, while helping to establish a solid network of available resources for new and existing businesses in Shepherdstown.