The City of Wetaskiwin is poised to grow its economic development activity following a series of studies exploring the region’s strengths, gaps and opportunities.
“The City of Wetaskiwin is ready for business, residential and tourism growth and the Economic Development department is committed to elevate awareness of Wetaskiwin’s attractiveness for investment, job creation and tourism,” says Raelene Coffey, Economic Development Coordinator for the City of Wetaskiwin.“The upcoming marketing campaign will highlight business opportunities and tell the story of Wetaskiwin, our quality of life and what we have to offer to compete for new and expanded industries and retail.”
The City of Wetaskiwin recently completed a number of studies for economic development, providing valuable data and insights into Wetaskiwin’s competitive advantages, retail gaps and opportunities as well as key target segments.
Funded through the Community and Regional Economic Support program (CARES) and conducted by Conway Advisory, the Target Industry Analysis was completed in October 2020.
The report identified five key target industries for Wetaksiwin, including metal and machinery manufacturing, food and beverage manufacturing, agriculture support, warehousing and logistics as well as aviation maintenance, repair and overhaul and pilot training.
Details on each of the target segments can be found at: wetaskiwin.ca/864/Key-Industries
In December of 2020, the Business Mix & Gap Analysis conducted by Key Planning Strategies, in partnership with FBM Architecture and funded through the CARES grant program, assessed the existing retail and commercial supply, analyzed key demographic data and determined the primary and Wetaskiwin’s secondary trade areas.
The final report completed in late 2020 identifies key target retail and commercial businesses for market expansion and investment opportunities.
This provides essential research and data to support strategic retail and commercial attraction and assist with retention and growth of local retail businesses, Coffey notes.
For example, the report identifies that Wetaskiwin has approximately 1.31 million sq. ft. of retail, professional and medical service space with a citywide vacancy rate of 10.1 per cent.
The strong growth opportunity estimates demand for approximately 167,740 sq. ft. by 2031. Read the full study at wetaskiwin.ca/879/Retail
These reports, along with additional studies, provide the economic development department data and tools to help both our local businesses grow, increase competitiveness and target retailers to fill our market gaps while assisting with long-term strategic planning.
The City of Wetaskiwin will be launching full marketing campaign this coming spring/summer of 2021 to spur shop and support local initiatives, increase brand awareness and investment.
To learn more, visit wetaskiwin.ca/831/Invest-Wetaskiwin