Wood officials encouraged by Buxton Study results

PARKERSBURG - Local officials are optimistic they can bring in new companies and development as the result of a recently completed market study.

Wood County Economic Development Executive Director Keith Burdette and Parkersburg Mayor Bob Newell have received the results of the Buxton Co. marketing study and plan to begin trying to attract prospective companies to the area.

Buxton identified more than 220 companies whose target area and expansion plans mesh with local demographics and shopping habits.

Officials, including Buxton, want to concentrate on stopping leakage, identifying where area shoppers travel outside the area to make purchases. Officials want to lure those missing goods and services to the area to keep shoppers in the Mid-Ohio Valley, as well as attract new shoppers.

"The results of the study showed where people go to shop," Newell said. "Now we have a handle on what needs this community has."

Late last year, Parkersburg City Council and the Wood County Economic Development Authority commissioned a $70,000 market study from the Buxton Co. Officials gave Buxton information related to three areas of the city: Fort Boreman, the Patriot Center on West Virginia 14 and the south side. Buxton used the area's demographics and psychographics (shopping and spending habits) to profile companies whose targeted shoppers and expansion plans would match well with the area.

"These are companies that want to expand now," Burdette said.

Burdette said the company came back with 111 companies that expressed plans to expand into the state, as well as an additional 112 companies already in the state or the area that plan to further expand. For instance, an auto parts store with a location in Vienna might be looking to build another store in Parkersburg.

Burdette said the potential companies cover about 31 sectors of business, including restaurants, supermarkets, apparel, sporting goods, theaters, drug stores and others.

Officials will concentrate on companies looking to expand into the area, not ones already here.

Development officials will initially select 20 companies to target. Buxton will prepare an introductory letter to the companies, alerting them of Parkersburg's interest. Buxton will also produce individual recruitment packets for local officials to use with prospective company representatives.

Burdette said meetings with prospective companies will be made by local officials.

"We started with companies that invest in bricks and mortar," Burdette said, referring to companies that build their own buildings.

"We are not developers," he added. "We are trying to promote development."

Burdette said the study is a good start, but it is still early in the process.

"It is a good first step," he said.

The study cost the city and the development authority a combined $70,000. That's money well-spent if just one medium-sized box retailer comes into the area, Burdette said.

"That pays for this study in sales tax, construction, B&O tax and employment," he said, adding he believes the Buxton study will provide much more.

"We believe we can generate enough development that it will pay for this study 10 times over."

Marmac, which owns the Fort Boreman property, is taking a more active role in the property. The company is working with the West Virginia National Guard on a possible armory site, as well as the potential development of the surrounding area.

With the Buxton study, Burdette said development officials can help put Marmac in touch with prospective companies. Newell said that's also good news for local developers.

"It gives developers an opportunity to develop these new facilities."