Business Retention and Expansion (BR&E) is an economic development approach that emphasizes the importance of existing businesses to the local economy. Traditionally, economic development strategies have focused on new business attraction. However, studies from the Association of Business Retention and Expansion International in the United States estimate that 60-80% of new employment is created by existing firms rather than by attracting new businesses to communities. Furthermore, business attraction efforts are less likely to be successful if existing businesses are not happy with the local business climate.

Through the BR&E program, concerns and barriers to survival and growth facing local businesses are identified and key projects are initiatives are then implemented to support business retention and expansion.

There are four phases within the BR&E process:

Phase 1: Project Planning and Business Visits;
Phase 2: Immediate Follow-Up of Red Flag Business Concerns;
Phase 3: Data Analysis and Strategic Planning;
Phase 4: Public Meeting and Implementation of Initiatives.

2008-2009 Prince Albert Regional Business Retention and Expansion Results

The Prince Albert Regional Economic Development Authority (PAREDA) understands the importance of the success of existing businesses to the overall economic health of the region.To better understand the opportunities and challenges faced by these existing regional businesses, and as a step towards ensuring a collaborative approach to supporting regional growth, the PAREDA, along with a number of regional partners has completed a Business Retention and Expansion (BR and E) Visitation program in the Prince Albert region. BR and E is an economic development approach that recognizes the importance of existing businesses and focuses on engaging the business community in gathering important information, -information that illustrates overall trends within the region. Studies have shown that anywhere from 40 to 80% of new jobs come from existing business within a community.