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Industrial development is not all positive. One major concern is dependence. A <br /> City whose economy grows too dependent on one industry for growth is once <br /> again beholden to the broader market(as well as the management of that <br /> particular industry),sometimes with devastating effects. Pollution,traffic <br /> conflicts,loss of rural character and natural amenities,and high demands on city <br /> infrastructure are all negatives often associated with this type of development. <br /> > Professional/Service. These uses are located in different areas in town as they <br /> are less dependant on location than other sectors. Service industries are highly <br /> adaptable—Pequot Lakes is beginning to see residential homes redevelop(often <br /> without any structural changes)into service commercial. The most important <br /> factor of success for professional and service industries is consumer awareness, <br /> which differs from location. Location-particularly visibility and access- is <br /> essential to the business attracting the passive or non-native consumer,but most <br /> patrons of service establishments will seek out the services they desire if they are <br /> aware of their presence. <br /> Professional and other service employment is dependant on the size of the <br /> neighborhood it serves. Employment in this sector has grown as the local <br /> population has grown. This will continue,with some loss of potential possibly <br /> being realized over time to the Brainerd/Baxter regional center. However,there <br /> will always be services that will be demanded locally. With more people, <br /> especially more affluent,elderly people who typically have higher service needs, <br /> this sector should continue to experience rapid growth. <br /> Rapid growth in the service sector is desirable not only for the new employment <br /> opportunities it provides,but because these types of jobs increase the quality of <br /> life and convenience for local residents. They also help to keep business local <br /> and slow the flight of capital to other neighborhoods and centers. Additionally, <br /> the demands that professional and service businesses place on a city are minimal. <br /> Once a minimum population base has been achieved,all that is needed to grow <br /> \.- this sector is available office space,an educated work force,the ability to <br /> advertise and the availability of technology,especially telecommunications and <br /> high-speed internet. Having a community that identifies and builds on its <br /> character will also help as many transactions in this sector are based off of <br /> relationships. <br /> A low startup cost often makes competition fierce in this sector. A high rate of <br /> business failures and the fact that some of these jobs are low paying will cause <br /> temporary stress in the local economy. Also,in Pequot Lakes these businesses <br /> are not immune from the seasonal fluctuation,which means their benefits are <br /> sometimes only felt for part of the year. <br /> > Retail. Retail businesses in Pequot Lakes are clustered primarily in the <br /> downtown area one block east and west of Highway 371. This location is not <br /> incidental as small-town retail is often dependent on visibility. The success of <br />