CARIBOU — A consultant, hired by the Caribou Development Corp. to determine whether Caribou would be a viable location for a factory outlet community, arrived Wednesday.

Ted Kraus, president of TKO Real Estate Advisory Group of Belle Meade, N.J., has been retained at $2,500 plus expenses to help look into the problem of reduced retail operations in the city.

“We are addressing the loss of business that will go to the new mall in Presque Isle and the loss of consumers when Loring (Air Force Base) closes,” Kristi Perrow, director of the Caribou Office of Economic and Community Development, said Monday. “We know looking at one problem area is not going to resolve all of them.”

Securing Kraus’ expertise in retailing and shopping centers is one phase of a multipointed strategy to deal with the city’s economic situation in Caribou, Perrow added.

For more than 19 years, Kraus has been involved in retail real estate. He has extensive experience with site development, leasing and management, and he lectures and publishes on those issues.

He will speak at a dinner Friday night with the boards of directors of the development corporation and the local Chamber of Commerce.

The business community is invited to hear an initial review by Kraus at 8 a.m. Saturday, Aug. 28, at the Chan Center at Caribou Medical Center. Reservations may be made by contacting the city’s Office of Economic and Community Development at 493-4233 by Friday.

Kraus will issue his findings at a later date.