Site selection is the process through which big businesses seek a new location for their headquarters because of expansion, changing market conditions or gaining a competitive edge. The process, which measures the needs of a new project against the merits of potential locations, includes initial assessment, research and scouting, due diligence, site visits and final negotiations in order to help companies to find the ideal location to do business.
Cities that want to compete to attract businesses in the process of site selection should prepare well ahead of time by having specific target businesses and attraction strategies, creating marketing materials, establishing professional networks, knowing what they are willing to provide, and coordinating with state or other local agencies. RSG can help cities better understand themselves and their situation with a third-party perspective and assist in preparations to compete in the site selection process.
Written by Dima Galkin, who is a Senior Analyst at RSG.