Pullman, Washington Retail Recruitment Plan
Our Partnership THIS IS A The initial 90 business days Pullman has multiple dedicated after engaging in our PARTNERSH staff members working on partnership have been spent IP. behalf of the community in their on due diligence for the areas of expertise. A Portfolio The City of discovery phase. The Director will serve as the following information is a primary Point of Contact (POC) Pullman is the highlight of key information to interact with Pullman ’s local expert. collected that will be used as a primary POC. Additional team Retail Strategies starting point to begin the members include: company proactive marketing to a executives, retail development is the retail real national network of retailers, team, marketing, research and estate expert . brokers, developers and key legal teams. Confidential and industry contacts on behalf of non- confidential information Retail Strategies is very the community. Additional will be communicated with the pleased to partner with materials will be created POC. It is Retail Strategies Pullman for a common goal to throughout the course of the goal to spend our time doing generate new retail engagement. the job you hired us to do and communication that would not Project specific materials and allow the local POC to otherwise happen. In April reports will be created on a navigate the local political 2017 Pullman engaged Retail case-by-case basis as needed landscape and communication Strategies to market the for effective information flow. Local feedback and community to key retail real sharing, data analysis and communication sharing from estate industry contacts. marketing efforts. the primary point of contact Although we cannot guarantee working with Retail Strategies The discovery is success, we do guarantee you is a critical part of the an ongoing will be better off with us than engagement. without us. process that will Prepared for Pullman WA by Retail Strategies 2 not stop.
Retail Strategies Overview We are retail real estate professionals. We will tell your story in a way that matters to retailers. 20 34 130 4:1 44 1 Goal States Our Team has Create Success Licensed Retail Real Team Members Communities Served Client to Staff Ratio Located Retailers for Our Clients Estate Professionals Prepared for Pullman WA by Retail Strategies 3
Our Partnership Executi ve Team Marketing & Research Accounti ng Prepared for Pullman WA by Retail Strategies
Retail Strategies Process Market analysis- Data, Data, Data We start where the retailers and landlords start. A retail site will only be chosen if it meets all of a retailers’ key criteria. This criteria is two fold: market criteria and site criteria. Each retailer has its own formula for determining what market characteristics are needed to allow for a profitable store. Which is why this first step is central to formulating an effective retail recruitment strategy. Through our comprehensive market analysis process we have evaluated, consumer spending patterns, peer communities, local commercial real estate asset, as well as the demographic and psychographic make-up of your unique consumer trade area. Our partnerships with pioneering data organizations allow us to provide the deepest, most accurate, insight into your community and its consumers to retailers and landlords across the country . Strategic Planning – The Playbook Every community offers unique assets and challenges to retailers and developers. Taking the market analysis a step further we have sent a experienced retail real estate team to Pullman to view the market first hand as a retail site selector would (Boots on the Ground). Then through connecting with local city leadership and key stakeholders in Pullman’s commercial real estate sector we gain the insight and feedback necessary to access the markets strengths and weaknesses. Many times what the data shows is incomplete. Other critical factors such as co-tenancy, sight lines, access and most notable success of existing retail are taken in to account in creating your strategic retail recruitment plan. Retail Recruitment- Connecting The Dots This is where the real heavy lifting begins as we put the data and underutilized real estate assets to work by connecting them with targeted businesses. Retail recruitment is a complex business and involves multiple parties. Our team has National connections that we will put to work on your behalf. We currently know who to contact, their Time Resources Experience Connections expansion plans, and their site criteria for over 9000 retailers nationwide. Prepared for Pullman WA by Retail Strategies 5
Your Research
Discover: Market Research – Research Investment $176,000 Trade Area Identification 87 specific Drive Times reports Radius Rings Customized Trade Area 23,555 unique Psychographic Profile variables Data Based Decision Making Tapestry Segmentation 7 geographie s Market Opportunity per Analysis variable 3,367 Peer Community Analysis variable Void & Distance Tolerance s Gap Analysis to analyze Mobile Data Collection GIS Mapping & Data Resources Paid Subscriptions and Reports $ 60,000 $111 111,000 $5,000 An industry leading report which utilizes cell Sitewise, Site to Do Business, REGIS Retail Lease Trac, Plain Vanilla Shell, Supermarket News, Sales Genie, Nation’s STI PopStats, ESRI, Applied Geographic phone data to identify the home location of Solutions, Land Vision Restaurant News, Crittenden Research, Loopnet consumers that visit a defined shopping area within the trade area . 7
Discover: High Level State of Washington Population 7.28 Million Pullman, WA CBSA Population 49,232 Pullman, WA Population 33,242 Prepared for Pullman WA by Retail Strategies 8
Discover: Drive Time & Radius Prepared for Pullman WA by Retail Strategies 9
Discover: Drive Time & Radius Drive-Time & Radius Traditionally when retailers and developers first 3-Mile 5-Mile 10-Mile 5-Minute 10-Minute 15-Minute look at a market for the purpose of evaluating Category Radius Radius Radius Drive Time Drive Time Drive Time demographic information relevant to market potential they begin with radius rings. This approach can work for a quick simple analysis Current Year Estimated 33,736 34,551 61,384 27,470 34,473 42,020 but fails to take into account the unique aspects Population necessary for an accurate and complete assessment. Number of Households 12,813 13,154 23,707 9,774 13,125 15,624 By assessing demographic make-up based on drive-time geographies we are able to overcome Projected Annual Growth 6.21% 6.22% 4.74% 4.92% 6.21% 5.45% (5 YR) some of the short falls related to the radius ring method. Using distances along actual streets and highways provides a more narrowly focused way Median HH Income 2017 $44,720 $44,858 $43,677 $44,611 $44,824 $41,773 to look at a trade area. This perspective takes in to account natural boundaries (mountains, rivers, lakes, etc.) as well as man-made factors Current Year Average Age 29 29.1 30.4 29.4 29.1 29 (bridges, railroad tracks, interstate networks etc.) that traditionally affect consumers shopping Average Home Value $313,512 $312,101 $279,234 $315,447 $311,887 $293,606 patterns. Neither the drive-time nor the radius ring Current Year % Bachelor's 61% 60% 56% 60% 61% 57% methods are able to take into account certain Degree factors necessary to fully assess a retail trade area. In the next section you will see how we have taken this process a step further by using Daytime Population 64,359 67,073 116,888 58,604 66,827 99,422 real consumer data to identify where consumers are actually coming from to shop in your market. By combining mobile tracking data with an Labor Force 17,307 17,764 31,878 13,807 17,722 21,814 assessment of other factors unique to your community we are able to define a custom trade area that goes beyond these predefined The variables on the chart above are all important variables considered by retail site selectors boundary methods. Prepared for Pullman WA by Retail Strategies 10 * Demographics pulled from city center as identified by internal GIS / Data Source: STI PopStats
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