|A.||Objective Description: Administer the Retail Coach Contract|
In 2021 the Town entered into an agreement with the “Retail Coach” a consultant that provide market analysis of commercial areas and recruits commercial businesses to shopping centers with high vacancies. Since retaining the Retail Coach there has been a higher level of communication with Kimco’s 280 Metro management directly by Town staff and reinforced by regular check-ins by The Retail Coach. A snapshot of progress filling vacant retail spaces is provided in the table below:
The Retail Coach has confirmed that under the Ross lease, no more than five food businesses may occupy 280 Metro spaces.
New businesses already opened or in the process include Boot Barn, DashMart, Pet Club, Good Feet, and Raising Cane.
Q2-2021 Sales tax revenues from 280 Metro showed an estimated shortfall of approximately 20% due to the eight vacancies at that time. Seeing the closing of that gap clearly will not likely appear in quarterly reports until late 2023.
|B.||Objective Description: Target New Auto Dealerships|
Auto row has seen the addition of the new Cadillac dealership, the expansion of Kia’s business facilities, and soon the opening of VinFast in the vacant Acura dealership property at 475 Serramonte Blvd.
|C.||Objective Description: Coordinate with Cemeteries and Auto Dealerships to Promote Local Restaurants|
|D.||Objective Description: Process Use Permits in Commercial Districts – Retain, not Replace Retail|