A screenshot of Downtown West data from Minneapolis Downtown Council's new retail inventory

The Minneapolis Downtown Council has new, publicly-available tools on its website for analyzing commercial vacancy, residential population, and other metrics.

Alongside its broader downtown dashboard, the Downtown Council has developed a comprehensive retail inventory, featuring data on every retail space in Downtown East and West, North Loop, Elliot Park, and Loring Park, including the entire skyway system. Staff canvassed each neighborhood to collect data for the retail inventory, so it provides a more granular view of the market than the downtown dashboard, which relies on figures from CoStar, a global provider of commercial and residential real estate analytics.

The retail inventory sets a baseline for the state of downtown retail, which is especially helpful as a starting point for independent consultants hired by the Downtown Council, according to Lisa Middag, senior director of economic development. That includes Lee Krueger, former president and CEO of the St. Paul Port Authority, who was recently brought on to play matchmaker between landlords with retail vacancies and business owners looking for a space.

Krueger is able to work with the brokerage community to facilitate deals in a way that doesn’t threaten commission for tenant representation brokers since the Downtown Council is paying him. He also tries to get budding entrepreneurs a favorable deal, gives them advice, and coaches them on their business plans.

The City of Minneapolis provided funding to the Downtown Council for the new tools and hiring Krueger.

A screenshot of the Downtown Council’s new downtown dashboard

The retail inventory and downtown dashboard are at Krueger's disposal when he's on the hunt for a particular business' perfect location. The retail inventory will tell him specific details of a space, like whether it has a kitchen hood, while the downtown dashboard shares wider demographics for the neighborhood as a whole.

The retail inventory, in particular, "is a unique tool," Krueger said. "It saves time, and it can answer a lot of questions," including potential competition from nearby businesses.

If you notice that information from the retail inventory is inaccurate or out of date, you can submit a change request to alert the Downtown Council.

The Downtown Council's 2035 plan, Downtown by Design, set a goal of neighborhood cultivation through retail by developing a “downtown retail strategy that serves neighborhood livability.” The plan calls for a retail node analysis and strategy to identify existing or potential retail nodes and offer recommendations for business recruitment and other tactics to support economic growth in underserved neighborhoods, while nurturing those that are already flourishing.

The Downtown Council recently put out a request for proposals for the retail node analysis and strategy. Proposals are due by May 9 at 5 p.m.

“We’re getting serious about trying to support small businesses downtown,” Middag said.