This region of Kentucky has long been in need of large-scale economic development, and it appears the Boyd County Fiscal Court is trying to bring it with its approval of a three-year contract with Retail Strategies.
The firm brings local governments and economic development authorities together with retailers seeking new markets.
In many cases, large companies ignore proposals such as those that come from small towns. Hiring Retail Strategies aims to solve that problem, Boyd County Economic Development Director T.J. Morrison said. Many employees of Retail Strategies have worked at major retail firms, which makes it easier to connect with large companies, many of whom see an unmanageable number of such proposals each year.
Morrison pointed out an industrial-based economy, such as what we are used to in the area, is outdated and must be replaced by a service-based industry. He also noted this liason with Retail Strategies must be one step of many to bring life to the local economy.
Boosting our economy will not come cheap.
The three-year contract with Retail Strategies will cost $185,000. Boyd County Judge-Executive Eric Chaney has challenged the fiscal court to find funding to take economic development expenditures from $100,000 per year to $500,000 per year.
While that might seem unreasonable, it’s true it takes money to make money. Whether the fiscal court can come up with those funds remains to be seen, but members of Boyd County government are on the right track in their thinking. We look forward to more details of their plan.