Chamber’s thought leaders speak at Spring Retail Symposium

What is thought leadership?

Thought leadership is a content marketing strategy that positions a person or brand as a trusted subject matter expert in a particular field or industry. It involves the process of creating and promoting content about your industry and contributing to the conversation that’s happening with your prospects, customers, members, and strategic partners.

Background: Retail continues to change in complex ways, and the future will look very different from today.

• On May 12, this retail symposium explored the principal trends that will impact the retail experience from 2023 onward, and how best to future-proof your business for this transformation.

Why it’s important: NWA is at the center of retail. We are home to the world’s largest retailer and to hundreds of smaller retailers that thrive in the ever-changing region.

What happened:

ULI Northwest Arkansas invited Karen Wagaman (Vice President of Downtown Development) and Geovanny Sarmiento (Senior Vice President of Community Engagement and Inclusion) to speak about Main Street Trends: Supporting Downtown Businesses:

Downtown development insights:

Presented by Karen Wagaman

• The Plan: The Downtown Rogers Masterplan has been a success attracting retail and restaurants and transforming downtown into an ideal destination for entertainment, and nightlife.

• Infrastructure: The City of Rogers’ investment in water and sewer infrastructure, new sidewalks and street, parks, The Butterfield Stage and public arts, as well as the Railyard Entertainment District, have further attracted new investment in Downtown Rogers.

• Retail trend: Merchants who offer interactive experiences are successfully growing their customer base. They are taking advantage of the popularity of providing ticketed events including food/beverage and art classes, live music, outdoor experiences, book clubs, fun runs, pop-up shops and opportunities to collaborate with and support non-profit organizations.

Minority business insights:

Presented by Geovanny Sarmiento

• Challenges: Minority owned businesses are facing pressures from escalating rent, supply chain issues, and financial rate increases.

• Needs: There is a growing need for code changes and expansion to transform old light industrial zones nested in very desirable areas into retail space to accommodate the growing need for affordable retail fronts.

• Growth trend: The rapid demographic growth in the major cities in NWA has contributed to the success of many minority entrepreneurs serving the retail needs of the growing population.