National Inner City Retail Advisory Board Founded; Group Tasked with Studying Retail Expansion...

BOSTON -- The Initiative for a Competitive Inner City (ICIC) today announced the formation of a new national Inner City Retail Advisory Group comprised of top retail thought leaders that will guide an initiative to understand lessons and best practices in retailing U.S. inner city neighborhoods.

The group will convene in Atlanta, September 19th to hold a working meeting and then meet with press. Topics for discussion will cover the challenges for expansion of retail in inner cities and the opportunities to fill the $42B retail gap which in dollar volume shows how the lack of retail stores forces inner city residents to shop outside their neighborhood. The Inner City Retail Advisory Group will also discuss specific strategies for security, community interaction and workforce training that are unique to inner city retail operations.

"Eight years ago ICIC and The Boston Consulting Group presented national market data that showed the potential enormity of the inner city retail market," said Harvard Business School Professor Michael Porter, Founder and Chairman of ICIC. "Today, more and more retailers of all sizes have entered that market and realize the value of continued expansion. We created this Retail Advisory Group to share their lessons--both successes and failures--and learn how they have developed a model that works." Porter continued. "For growth- oriented retailers seeking new opportunities in the marketplace, America's inner cities still remain the next retailing frontier for revenues and profits."

Participants will include Chili's, CVS, Family Dollar, HEB Grocery, Harlem USA, Starbucks, Staples, Grid Properties, and MacFarlane Partners. Other invitees include Earvin "Magic" Johnson, Keyshawn Johnson, and others

Immediately following the Inner City Retail Advisory Group meeting, Porter will also release a new national survey of market data on inner city retail at the meeting in Atlanta. The Retail Advisory Group meeting and inner city market retail data release are the highlights of ICIC's two day annual Inner City Economic Forum (ICEF), the U.S.'s premiere meeting on urban economic development. The 4th Annual ICEF Summit will be held Sept. 19-20 at the Atlanta Hilton and will be attended by top corporate, civic and academic leaders.

About The Initiative for a Competitive Inner City

The Initiative for a Competitive Inner City (ICIC) is a national, non-partisan, not-for-profit organization founded in 1994 by Harvard Business School Professor Michael E. Porter, following several years of pioneering research on inner-city business and economic development. ICIC's mission is to promote economic prosperity in America's inner cities through private sector engagement that leads to jobs, income and wealth creation for local residents. ICIC brings together business and civic leaders to drive innovation and action, transform thinking and accelerate inner city business growth and investment. For more information, please visit our web site at www.icic.org