city of
play

City of Georgetown Retail Strategy and Recruitment Plan October - PowerPoint PPT Presentation

City of Georgetown Retail Strategy and Recruitment Plan October 25, 2016 Agenda Background Project Outcomes Process Findings and Recommendations Implementation/Next Steps Background City Council Goal Expand and


  1. City of Georgetown Retail Strategy and Recruitment Plan October 25, 2016

  2. Agenda • Background • Project Outcomes • Process • Findings and Recommendations • Implementation/Next Steps

  3. Background • City Council Goal – Expand and diversify the (commercial) tax base • Initiative to create a Comprehensive Strategy to attract quality retail to the community: – Generate a snapshot of existing retail conditions and trends – Identify trade areas – Calculate Retail Sales Demand and Leakage – Identify Top Retail Sites/Centers

  4. Retail Strategy and Recruitment Plan To identify targeted retail aimed to sustain and improve retail vitality in Georgetown, including:  Attract quality infill development  Recruit anchors for active projects  Identify new growth along emerging nodes

  5. Comprehensive Assessment 1 Downtown 6 2 Wolf Ranch Town Center 8 3 Wolf Lakes 4 The Rivery 5 Williams Dr 10 6 Ronald Reagan Blvd at 5 Williams Dr & CR 245 4 7 SH 29/University Ave & 3 7 1 SH130 Toll 2 8 SH 195 & I-35 9 9 Longhorn Junction 10 Lakeway Dr & I-35

  6. Process 1 Market Assessment 2 Trade Area Analysis 3 Market Analysis 4 Competitive Assessment 5 Property Analysis 6 Potential Tenant Identification 7 Merchandising Plan

  7. 1 MARKET ASSESSMENT

  8. Retail Market Assessment Effective Marketing Tool 1 Brief 2 Focused for Retail 3 Brand Awareness

  9. 2 PRIMARY TRADE AREA

  10. 134,031 PTA POP 57,958 City POP

  11. Primary Trade Area • Creates a statistical foundation for decision making • Enhances prospective retailers to understand customer shed • Creates ability for existing retailers to understand customer base • Establishes a baseline to measure changes and factors that impact the PTA

  12. 3 MARKET ANALYSIS

  13. Stakeholder Interviews • Commercial balance critical to the fiscal health of Georgetown • Moment in time to activate key assets in Georgetown • Bring commercial “to the people” • Need to understand current capacity for retail • Strong potential to activate “Eastside” and Ronald Reagan corridor and Williams Dr. • Anchor buy-in is soft – need to strengthen value proposition

  14. Demographic Highlights 1 Georgetown has 10% greater Baby Boomers than Texas average and 5% more 75+ 2 Georgetown Household income is greater than both Texas and Austin

  15. Demographics 1 City ownership rates are over 15% greater than the Texas average of 50%. 2 Current population is estimated at 57,958 with a growth rate of almost 40% (in 10 years) 3 Current housing growth rates will increase retail demand by 62,000 square feet per year (about the size of a grocery store)

  16. Retail Leakage (“demand”) 532,895 Total Demand 2016 - 2046 600,000 323,409 500,000 268,089 400,000 144,639 137,618 127,786 127,255 300,000 91,459 83,211 59,726 51,408 200,000 31,848 31,820 22,977 21,960 16,101 15,178 10,966 6,395 6,191 6,015 3,844 100,000 - 2016 Total Unmet Demand: 1,015,721SF Projected 2046 Total Demand: 2,403,952 SF

  17. 4 COMPETITIVE ASSESSMENT

  18. NTS

  19. 5 PROPERTY ANALYSIS

  20. Market potential & property owner interested in developing in 12-24 months • Longhorn Junction • Wolf Lakes Active • The Rivery • Lakeway Dr and I-35 Market potential in the next 3 to 10 years • Ronald Reagan Blvd at Williams Drive and CR 245 • SH 29 (University Ave) and SH 130 Toll Emerging • SH 195 and I-35 Available today • Williams Drive corridor • Downtown In-Fill • Wolf Ranch Town Center

  21. Active Longhorn Junction Population 30,635 Households 10,342 Daytime Pop 10,516 Median $69,230 Income Supportable SF 1.696M

  22. Active Wolf Lakes Population 26,665 Households 9,538 Daytime Pop 14,519 Median $60,320 Income Supportable SF 1.29M

  23. Active The Rivery Population 32,010 Households 11,569 Daytime Pop 16,447 Median $62,384 Income Supportable SF 1.6M

  24. Active Lakeway Dr/I-35 Population 28,017 Households 10,046 Daytime Pop 14,271 Median $73,991 Income Supportable SF 1.66M

  25. Emerging Williams Drive & Ronald Reagan Blvd Population 6,347 Households 2,614 Daytime Pop 177 Median Income $85,999 Supportable SF 436k

  26. Emerging University Ave/SH 130 Toll Population 13,305 Households 4,923 Daytime Pop 4,092 Median Income $87,827 Supportable SF 934,830

  27. Emerging I-35/SH 195 Population 13,305 Households 4,923 Daytime Pop 4,092 Median $87,827 Income Supportable SF 934,830

  28. In-Fill Williams Drive Population 31,607 Households 11,562 Daytime Pop 16,192 Median $69,087 Income Supportable SF 1.75M

  29. In-Fill Downtown Population 34,065 Households 11,875 Daytime Pop 15,836 Median $60,730 Income Supportable SF 1.65M

  30. In-Fill Wolf Ranch Town Center Population 26,665 Households 9,538 Daytime Pop 14,519 Median $60,320 Income Supportable SF 1.29M

  31. 6 TENANT ANALYSIS

  32. Tenant Analysis • Identified over 40 potential operators that align with Georgetown’s characteristics • Categories include but not limited to: – Specialty food stores, – Specialty retail stores, – Sporting goods, – Book stores, – Department stores, and – Full-service restaurants

  33. Activating the Plan IMPLEMENTATION/NEXT STEPS

  34. Implementation Scope of Work 1 Align merchandising targets to key properties 2 Create targeted marketing for each prospect to support locational factors and operational needs 3 Continuous recruitment Track sales cycle for prospects “evaluating” market 4 5 Attend trade shows to champion Georgetown (i.e. ICSC, Retail Live, ICSC Recon) Ongoing measurement on pipeline, “net new” SF, # of 6 prospects, and conversions. 7 Monthly review of all prospects

  35. Implementation Approach Brokers Retailers Developers

  36. Implementation: Brokers & Developers • Continue developing relationships • Outreach to brokers and developers to share attributes and opportunities within Georgetown • Have information online and readily available • Customizable reports

  37. Implementation: Retailers • Directly target identified retailers with customized packages • Continue to identify retailers • Attend relevant trade shows and recruitment trips • Include retailers in business retention program

  38. City of Georgetown Retail Strategy and Recruitment Plan October 25, 2016

Recommend


More recommend