The Town of Prescott’s Business Retention and Expansion process is growing closer to completion.
On July 19th local business owners, community members and town officials gathered at Fort Wellington to hear the results of the 66 interviews conducted with local business owners and have their opinions heard. Jacqueline Schoemaker Holmes, Economic Development Officer for the Town of Prescott, says those in attendance were enthusiastic about the process’s success so far.
According to the Town of Prescott all 14 of the industries represented in the town were represented in the 66 local businesses interviewed. 38% of the business owners said they plan to expand their businesses over the next 18 months. These expansions will include increased staff, increased space and in some cases both. Three quarter of the business owners interviewed also said they expect their sales totals to increase during the next year. The town says this optimism is not built on hope because many of the businesses have plans to expand services, products, markets or marketing and advertising. The town says over the past three years existing businesses have created 123 jobs and, if workforce projections stand, another 51 jobs over the next 18 months.
Local business owners identified Prescott as an ideal geographic and aesthetic location for business because of its low cost structure business. The surveys did however suggest some areas they thought could improve. Some of the highlighted areas include the vacancy rate in the downtown core, the perception of a poor economic environment and business owners struggling with a lack of skilled labour, low population and resistance to change or innovation.
This process will conclude in the fall with the first ever Town of Prescott Economic Development Summit where the town plan to unroll the Business Retention and Expansion Action Plan. The finished plan will take all the recommendations collected during the process and turn them into specific actions the town can take to make the town the most business friendly environment possible.
For more information about the Business Retention and Expansion process and possible actions that may be coming as a result go to http://www.prescott.ca/en/do-business/prescott-s-business-renention-and-expansion.asp or contact Jacqueline Schomaker Holmes at 613-925-2812, ext. 6221 or [email protected].