April 2, 2025
Joel Belding & Ashley Zaragoza
Economic Development Director &
Economic Development Manager
ECONOMIC DEVELOPMENT UPDATE
2 3
Director Manager Analyst Assistant
OFFICE OF ECONOMIC DEVELOPMENT
Administrator Administrator
Economic Development Strategic Plan
Strategic Goals
Strategic Actions
Key Performance Indicators
Milestone Measurements
6 44
27 21
93%
Of Strategic Actions are
in progress, complete,
or ongoing.
5 In partnership with our local and regional partners,
elevate and support entrepreneurs and small
businesses in Corona.
Elevate Entrepreneurs & Small Businesses
Facilitate the retention and expansion of existing
businesses and the attraction of new businesses in
Corona.
Facilitate Business Expansion & Retention
Provide our community with the skills resources,
and support they need to prepare for the jobs of
the future in Southern California.
Prepare & Support Our Residents for
Jobs of the Future
Facilitate a collaborative, responsive, efficient, and
business-friendly development review process to
ensure best in class service to our development
community.
Facilitate Planning & Development
Encourage the development of lively public spaces
by celebrating our heritage to promote the local
economy and our community’s health, happiness,
and well being.
Encourage Placemaking & Community
Enhance communication and connection with
community by celebrating our successes and
ensuring all residents have equitable access to
City resources.
Enhance Communication & Connection
Economic Development Strategic Plan
6 Strategic Goal 1
A new cohort with Asociación de
Emprendedor@s will begin in July
2025!
Partnering with SCORE to launch
an entrepreneurship program, set
to begin in April 2025!
Completed ARPA-funded small
business grant program
Awarded 60 entrepreneurship
grants of $5,000 each
30 small business grants of
$10,000 each.
Promoted 24
businesses since last
Spring
Expanding outreach of
free business promotion. 7
Strategic Goal 2 Assisted 25 companies
with identifying sites for
relocation or expansion.
Enhancing marketing efforts and
tenant outreach to unique retailers
through tradeshows like ICSC.
Successfully connected with
shopping centers and supported
their business promotion and tenant
vacancy needs.
150 Businesses Assisted
Deploying targeted recruitment
strategies and actively engaging
with shopping centers and major
commercial centers.
8 Strategic Goal 3 Promoted marketing
campaign
24 Current Pledges
Annual New Business Reception
on June 2nd to connect
businesses in Corona with
resources for success.
Advanced development of
the future Innovation
Center & awarded $2.5M
9 Strategic Goal 4 Launching Family-owned
business workshops in
collaboration with Riverside
County.
Hosted a healthcare workshop
with the Corona Chamber of
Commerce with 37 attendees.
Connected with key healthcare
brokers in the region.
Held 20+ Team Corona
meetings to support business
expansion and relocation
10 Strategic Goal 5 5 awards for Downtown
Commercial Beautification
Grants up to $20,000
each.
17 Downtown acquisitions
since last Spring
Advanced Downtown
Signage Efforts
Parking Lot Renovation and
New Tenants: Spring 2025
South Mall Branding: Unique
identity for a unique experience
11 Strategic Goal 6 Enhancing branding and
signage for downtown to
elevate Corona’s core.
12 businesses promoted
via video with 105K views
Recalibrating the Shop Dine
Corona campaign with
continued marketing and
promotion.
Grew target audience through
dedicated outreach and
increased newsletter subscribers
and social media network.
12 13
2024: 87,239 jobs
State Unemployment: 5.5%
Riverside County Unemployment: 5.3%
Corona: 4.4%
Employment
$97,709,068 sales tax in 2024
$101,000,000 sale tax revenue in 2023
-3.38%
Sales Tax Generation
3,984 permits issued in 2024
4,727 permits issued in 2023
-15.7$%
Development Permit Activity
9.1% Warehouse, +3.6% increase
14.2% Office, -0.5% decrease
8.2% Retail, -0.2% decrease
Vacancies
266 New Housing Units in 2024
100 New Housing Units in 2023
Housing Development
City of Corona
14 RETAIL RECRUITMENT HIGHLIGHTS
The Retail Coach has connected with and
submitted market data to over 100 retailers,
restaurants, entertainment concepts, brokers and
developers.
Match List Process
1. TRC created targeted retailer list based on market demographics, psychographics, current retail trends, and industry expertise.
2. Real Estate Inventory
3. Collaboration and feedback from City Staff
4. City-wide survey responses (3,000+) of desired brands & concepts Focused list for Downtown and for the City of Corona as a whole Special emphasis on unique concepts vs. national chains
RETAIL RECRUITMENT HIGHLIGHTS
Retailers, Restaurants, and Entertainment
Concepts look at many variables:
Market Factors
Population Density + Growth (Trade Area + Set Drive-Times/Radials) Income Profile
Psychographics (Tapestry Data)
Planning/Zoning Processes
Incentives
Existing Brands + Performance
Real Estate Factors
Vehicle Traffic
Visibility
Store Spacing
Co-Tenants
Second Generation or New Construction
CORONA RETAIL TRADE AREA
CORONA RETAIL TRADE AREA
CORONA RETAIL TRADE AREA
POPULATION: 157,732 POPULATION: 845,212
Med. Age: 36.7
Ave HHI: $140,000
Med HHI: $108,000
Med. Age: 36.71
Ave HHI: $135,000
Med HHI: $104,000
CORONA RETAIL TRADE AREA
Home Depot:
73% Higher
Foot Traffic
Costco:
57% Higher
Foot Traffic
Texas Roadhouse:
2X Average
Foot Traffic
99 Ranch:
51% Higher
Foot Traffic
CORONA RETAIL TRADE AREA
Home Depot:
2X Average
Foot Traffic
Sams Club:
3X Average
Walmart: Foot Traffic
3X Average
Foot Traffic
BEDFORD MARKETPLACE / CROSSINGS AT CORONA
CORONA RETAIL TRADE AREA
Bath & Body
Works:
Average Store
Foot Traffic
Wood Ranch:
Average Store
Foot Traffic
Express:
25% Lower
Foot Traffic
Trader Joe’s:
Average Store
Foot Traffic
ACE Hardware:
65% Higher
Foot Traffic
RETAIL RECRUITMENT HIGHLIGHTS
Previous recruitment efforts have identified
interested tenants that have requested site
information to review with their brokers include:
- multiple national development firms
- national beverage/package retailers
- multiple coffee concepts
- major flag hotel
- entertainment concepts (trampoline, bowling, etc…)
TRC to continue outreach efforts for new retail,
restaurant, and entertainment brands and
provide direct access to city staff.
26 A City
Designed
for Action
Recognize Completed Actions
Prioritize Remaining Strategic Actions
Identify Possible Updates
Develop Implementation Schedule
Creating a walkable, vibrant, mixed-use space
that integrates retail, housing, and community
areas while boosting economic growth and
local engagement.
Spring 2025: Assess redevelopment opportunities and
commence Phase 1 demolition.
Fall 2025: Present redevelopment proposals to the City
Council.
Spring 2026: Secure project entitlements.
Summer 2026: Establish a development partnership.
The expansion of economic opportunities will
drive growth and development within the
community. Residents will experience a higher
quality of life through improved services,
infrastructure, and overall living conditions.
South Mall Progress Rate:
North Mall Progress Rate:
Telling Our Story
From Craft to Corporate
See why businesses big and small choose Corona.
Be at the Center of it all!
Development of Industry Infographics, a
Business Programs and Incentive Guide and
more!
A campaign series focused on telling the
Corona story locally and globally!
A Masterclass Series
EDSP Milestone "How To Do
Business" guide
Engaging topics and resources.
Aimed to empower businesses
with an understanding of how to
navigate permits and approvals.
Improved resident awareness of
and support for local businesses
Find a perfect...
Improved business to business
relationships
Expanded tools to attract and
retain job creating businesses
The Next 4 years
2025 2026 2027 2028
Communication Strategy Deployment
EDSP Action Plan
Incentive Strategy
& Small Business
Symposium
Launch Innovation Center
and enhance local and
regional partnerships
South Mall fully leased
North Mall Redevelopment
Commences
North Mall Redevelopment
Phase 1 Complete
Working together to create the talent
pipeline for tomorrow.
Enhancing partnerships for creative
solutions.
Developing livable and walkable
spaces for the community.
37