McKinney To Compete With Neighbors For Retail Business
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MCKINNEY (CBSDFW.COM) - With explosive growth across north Texas, some Collin County cities are getting competitive with the billions of dollars worth of retail business.
The area along Highway 75 north of Highway 380 is like an empty canvas for economic development. It's one of eight areas in McKinney that city leaders are studying as they prepare to stop losing retail business to neighbors like Frisco and Allen.
McKinney Square is a popular retail spot that draws shoppers like Crystal Clark from outside the city.
"They just have a lot of neat little shops and cute, little restaurants that you can't get everywhere else, not some of your chain restaurants and shops and stuff like that," Clark said.
But city leaders say it's not enough. Analysts estimate McKinney did $2.7 billion worth of retail business last year, but they think there's some $3 billion more in retail business that they're losing as shoppers look beyond city limits for options.
"So when we talk about trying to maximize the capture of that $3 billion, what we're talking about is building the type of retail and convincing people to shop at the retail in McKinney rather than go elsewhere to spend their retail dollars," Assistant City Manager Barry Shelton said.
"The big name brand stores like Dillard and Macy's and all that's out there in Allen, which is closer than Frisco, so I think that would be nice to have closer in McKinney," McKinney shopper Tori Gracekraft said.
Shelton points to the Waters Creek mixed-use development in Allen as a model for the type of shopping experience that could work in McKinney. In addition to convenience for shoppers, Shelton says the city would benefit from having more sales tax revenue and becoming less reliant on property taxes.
"As we build out in particular our northwest sector, we're going to be reaching further north of 380 than we currently do," Shelton said.
City leaders point out that a portion of all sales tax revenue is reserved for economic development and community development to pay for things like parks and other amenities.
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