Consultant seeks 20 retailers to Cape, Jackson area

A Dallas-based retail consultant hopes to help attract new retailers to the Cape Girardeau and Jackson market.

Jason Claunch, president of Catalyst Commercial Inc., told the Cape Girardeau City Council on Monday his firm has identified 20 retail companies it is attempting to recruit to the area. Claunch did not identify the retailers during the study session.

The current focus is on companies that already operate elsewhere in Missouri, he said at the council's study session.

"Our goal is to add value to this process as quick as we can," he told council members. "Going after operators in Missouri but not in this region makes sense."

Claunch said he hopes to "solidify" some deals later this year.

The Cape Girardeau County Industrial Development Authority and the cities of Cape Girardeau and Jackson hired Catalyst Commercial last year. The 12-month project, which began in the last half of 2016, will cost $68,000 plus expenses not to exceed $5,000, officials said last August.

Jackson Mayor Dwain Hahs attended Monday's study session to hear the presentation.

Cape Girardeau Mayor Harry Rediger welcomed the retail recruitment effort.

"Our budget is so sensitive to sales tax that this is really, really important to us," he said.

Rediger said, "One of our challenges is the mall."

Claunch said West Park Mall will benefit from being in a regional hub. The Cape Girardeau mall "has potential" to thrive, even as other malls around the country have closed, he said.

"We are working on a number of malls in a number of markets. This is probably the best-positioned mall," he added.

Claunch said the Cape Girardeau market primarily draws consumers within a 31-mile drive of the city. There are more than 100,000 people living within the primary trade area, he said.

"That is an important sort of milestone," he told the council, explaining the population size allows the area to attract major retailers who won't locate in smaller markets.

Claunch said his company's market analysis has concluded the area could "conservatively accommodate over 200,000 square feet" of additional retail space.

Median household income in the Cape Girardeau area is expected to rise to $49,328 by 2021, an 11.8 percent increase, Claunch said.

Claunch said Cape Girardeau has "an amazing downtown" that is experiencing new development.

The new indoor sports complex under construction at the Interstate 55 "Center Junction" has great potential to attract more commercial facilities to that area, he said.

The Cape Girardeau area has a lot of millennials ages 18 to 35, Claunch said. He said he credits that to student enrollment at Southeast Missouri State University.

Claunch said that demographic provides an opportunity to attract retailers who appeal to that age group.

When it comes to recruitment, "we know at the end of the day that we want to find retailers with high sales per square foot," he told the council.

Claunch said he is excited about recruiting businesses for the Cape Girardeau and Jackson area as a whole.

"It gives us a bigger sandbox to play in," he said.

Capital improvements plan

At its regular meeting, the council held a public hearing on its five-year capital improvements plan which outlines funded and unfunded projects slated for 2017 through 2022.

No city resident spoke at the hearing. The council is expected to approve the plan next month.

The plan serves as a road map for future capital projects, addressing everything from roads and facilities to sewers and storm drainage.

Updated annually, the current plan details $80.9 million worth of projects for which funding has been identified as well as more than $183 million in unfunded projects.

mbliss@semissourian.com

(573) 388-3641