Characteristics of Successful Retail Towns in the Midwest

Leistritz, F.; Ayres, Janet S.; Stone, Kenneth E.

Characteristics of Successful Retail Towns in the Midwest

F. Leistritz, Janet S. Ayres and Kenneth E. Stone

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: The rural retail sector has been particularly hard hit during the last decade of economic turmoil. Small town businesses typically have been garnering a declining share of a shrinking market. Several factors have contributed to the declining market share of the smaller rural trade centers. A study was undertaken to contribute to a better understanding of the dynamics of rural retail trade and to document strategies that have been used successfully by rural communities to revitalize their retail sectors. The study examined relative retail performance of various towns or counties. In-depth case studies were conducted of 37 diverse communities in 3 states. Information was obtained concerning organizational techniques, business financing, business recruitment, promotional campaigns, and critical needs of business communities. The general findings of the study reiterate the importance of a strong economic base, business management training, mechanisms to transfer business operations, innovative financing mechanisms for new or aspiring businesses, and planning for the future.

Date: 1992-10-01
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Published in Economic Development Review, Fall 1992, vol. 10 no. 4

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