“Paducah Economic Development Holds Annual Meeting”
The meeting’s guest speaker was Lacy Beasley, the President and COO of Retail Strategies, a full-service advisory firm that works with municipalities to bring retail and restaurant business to the community. Beasley and her team at Retail Strategies, conducted an in-depth Facebook survey which revealed how an average consumer in Paducah is different from the average American.
The survey indicated where people spend their income, what brands they choose to shop for and how that impacts the local retail economy. Based on the data, Paducah is in a position to benefit from the continued growth and the changing environment in the retail industry.
“What we learned today was that the opportunities are more and not less to grow our retail position in Western Kentucky,” said Scott Darnell, president/CEO President of Paducah Economic Development.
“City’s ‘dynamic’ retail sector highlighted at PED meeting”
Lacy Beasley, the president of Retail Strategies of Birmingham, Alabama, spoke Friday about Paducah’s diversity, what makes it attractive to businesses and people, and how that diversity can help the city grow.
Beasley was the keynote speaker for the annual Paducah Economic Development Board of Directors meeting at the Walker Hall Event Center.
“This town is just as vibrant and incredible as I remember it” from a visit in 2011, she said. “You have just a really unique, quality place here in Paducah.”
“What we are recognizing is that this is a great economy,” she said. “We’re at an 18-year high in consumer confidence. We’re at a 17-year low in unemployment rate. So why are we experiencing this retail apocalypse? I’m here to tell you that retail is not dying; it’s just changing.
“You have to adapt or die in this industry. A lot of the retailers closing or filing for bankruptcy are the ones that did not adapt with the times and the technology and stay ahead in customer service.”