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Hot Summer? Chill out with a Cold Storage Strategy.

Here at Hickey Global, we wanted to provide a quick break from the heat by discussing the cold storage industry as an economic development business development opportunity.

As consumer demand for fresh and frozen goods rises, so does the market for a robust cold chain infrastructure network. This translates into an opportunity for economic developers to attract and support cold storage facilities as part of a broader supply chain and logistics business development strategy.

Cold storage facilities are specialized warehouses that maintain specific temperatures for perishable goods like produce, pharmaceuticals, and frozen foods. They’re essential links in the supply chain, ensuring product quality and safety from production to product consumption. Located near seaports and airports, at railyards, and in rural areas near the heart of agricultural production, these literal powerhouses require significant capital investment and are in play for communities of all shapes and sizes in all corners of the country.

Aside from their crucial role in ensuring the safety of our food and medicine, cold storage facilities offer a host of unique advantages that make them a prime target for economic development. Let's explore three key benefits of these facilities.

1.      Workforce

Cold storage facilities require talented professionals to keep them operating. From truckers to warehouse workers to engineers and technicians to management professionals, these fridge and freezer operations can help feed the local economy with good jobs that, at a minimum, demand living wages. Get a bigger bang for your buck by working with community colleges and existing employers to understand what new skills the industry demands and ensure an opportunity for upskilling exists locally.

2.      Resilience

Another obvious benefit of having a robust supply chain network that includes cold storage is that it can boost your region’s economic resilience. Even during economic disruption, a robust cold chain infrastructure can help ensure that essential goods reach consumers even during challenging times. Moreover, by providing efficient storage and distribution solutions, modern cold storage facilities can attract further investment in industries that rely on their use, like food processing and pharmaceuticals. The positive ripple effect is yet another positive for the local economy.

3.      Strategic Business Development

Playing off the ripple effects of benefits to the local economy, communities can use their strategic cold storage market advantages not only to meet the needs of the industry ecosystem but also to enhance an attraction value proposition. Strategic partnerships with industry associations, utility companies, and logistics providers can help fill the gaps in providing information and data about market strengths and opportunities.  Infrastructure investments supporting the efficient movement of goods, such as roads, ports, and intermodal facilities, are critical to a thriving supply chain. Communities that promote those details and others, such as proximity to markets, can start to control the conversation about why their market makes sense for a new or continued corporate location.

At Hickey Global, we've been instrumental in helping numerous communities create mutually beneficial scenarios for their economies and businesses. By incorporating an industry-specific focus, such as cold storage, into their business development strategies, these communities have seen targeted returns on their economic development investments. Reach out to us today to explore how we can assist you in developing industry-specific attraction and retention strategies.

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