VIVA NOLA April 2020

economic development
economic development
why
technology and data
By Alejandra Guzman
@aleguzman
matter
There is a lot of discussion in the
Economic Development field
on how technology is changing
the nature of our current jobs and
what that means for the future of work
and designing curricula to meet those
demands. In New Orleans, the different
organizations that are involved in this
topic are in constant communication and
coordination with each other to help
address this challenge. Although this is a
huge issue that needs to be addressed,
I also want to point out that there are
more positive aspects to technology
and the data than can be collected
through it. This is benefiting workforce
development, for example, by increasing
access to online curricula and providing
more flexibility to both students and
educators. It is also benefiting other areas
of economic development. For example,
at the New Orleans Business Alliance,
we use data and technology to support
our work around business attraction and
retention.
A big focus of my 2020 work will
be on developing and executing
real estate, policy, and partnership
strategies to promote the development
of communities that have been
handicapped by disinvestment.
Technology and data analytics will play a
large role on this.
In the case of real estate development,
we partner with internationally
recognized data analytic companies
such as Buxton to build the case of why
investment opportunities have a high
probability of being successful in our
market. Our partnership will help us
gain access to relevant information and
elevate our potential to recruit retailers
and real estate investments to New
Orleans.
It is important to note that over the
last decade, the process of retail site
selection has changed significantly. Once
considered solely an art, relying on the
experience of seasoned professionals,
it is now becoming a blend of art and
science. In the past, cities would be
“With data analytics,
we now understand
purchasing behaviors,
media preferences and
lifestyle characteristics”
analyzed mainly on median income levels
and other demographic factors, which are
important, but not the only ones. They
do not fully capture the lifestyle details
that explain why people have specific
shopping behavior. Psychographics
can provide a much clearer picture
of the potential customer base. With
data analytics, we now understand
purchasing behaviors, media preferences,
and lifestyle characteristics. This
information has helped us clarify certain
misconceptions around the communities
we want to support.
We have proven with data that just
because a certain area lacks retail and
restaurants at the moment doesn’t mean
that there is not a consumer base to
support them. This has helped us focus
our energy on the real challenges and
make a more compelling business pitch
to those brands that we want to attract.
Our NOLABA team will be using this
information on RECon, the International
Council of Shopping Centers’ largest
global gathering of retail and real estate
professionals.
For the 10th year in a row, the New
Orleans Business Alliance will build a
large contingency of locals to make the
trek to Las Vegas from May 17-19 in an
effort to showcase the retail and real
estate opportunities our city has to offer.
We are committed to working closely
with our partners to keep new retail
projects moving. All members of the New
Orleans delegation will have access to
the NOLABA booth with meeting space,
Buxton data analytics (applicable to
their specific projects), and networking
opportunities, among other benefits. I´m
very excited about the future of our city!
If you also want to be part of this effort,
make sure to visit nolaba.org for more
information.
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