Advocate Editorial Board opinion: Statistics on shopping offer perspective
Victoria is experiencing a time of prosperity. Over the past few years, we have seen a growth in industry, new restaurants moving to town, more retail chains opening and more.
We would love to see that growth continue, but progress and success need more than wishes and good intentions. The city of Victoria is investing in an agreement with The Retail Coach to hold a study examining factors of Victoria's retail industry. The company's proposal says the study will examine demographics, socioeconomic and psychographic profiles; the workplace population; consumer spending patterns; and other factors that affect and shape the retail industry in the Victoria area.
This study will offer important feedback to the retail community and prospective companies looking to expand in the Victoria area. Our city government relies on the revenue from sales tax, so this will be a positive investment for both the industry and the city government. We applaud the city for having the foresight to request this study while times are good and the economy is strong. By acting now, Victoria can use the results of this study to put together strong proposals to attract more businesses to our hometown and further strengthen and expand the retail offerings available to residents.
Currently, Victoria's retail industry is strong, but there is definite room for growth. Residents can find all of their basic needs in town, but there are still many specialized items that must be bought either online or by visiting one of the surrounding cities. This study could provide valuable information that will help attract some of those businesses that can provide special items that will cater to the needs and desires of Victoria and Crossroads residents.
Although the study will cost $53,000, it will be paid by the Victoria Sales Tax Development Corp. Spending sales tax revenue to find ways to attract more companies that will contribute to that revenue stream is a good investment, and we look forward to seeing what information the study will glean from Victoria's retail market. With the right perspective and incentives, Victoria will stand a much better chance of attracting businesses to our community. And with those new businesses will come new jobs and a stronger economy. We look forward to seeing these possibilities come to life through the results of this study.
This editorial reflects the views of the Victoria Advocate's editorial board.