Source: Oklahoma State University, Cooperative Extension Service – Community Economic Development
Contact: Dave Shideler – Associate Professor & Extension Economist
E-mail: dave.shideler@okstate.edu
Phone: (405) 744-6170
The Oklahoma Cooperative Extension Service – Community Economic Development offers workshops to help communities attract new industry, expand existing industry, attract new businesses, retirees, or increase recreational opportunities. Retail is one area of specialty.
The retail sector is important to local communities for three reasons: it is a barometer of the local economy, it adds to the community’s quality of life, and it is a source of employment and income for residents. Because local retail businesses primarily serve the local population, the performance of this sector is dependent upon the level of wages and income of residents. The retail sector thrives when wages are high and unemployment is low, but it diminishes when wages drop or unemployment rises. Tracking retail sales in a community helps gauge how the local economy is performing. The retail sector also contributes to the quality of life in a community by providing goods and services. By providing a variety of goods locally, retail merchants increase convenience and provide a form of recreation for locals. Lastly, the retail sector creates jobs and income for entrepreneurs and employees, who in turn spend their wages locally. Communities should study their retail sectors to inform their planning and capture these benefits. Extension provides assistance with the following types of analysis to further a community’s understanding of this sector.
