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 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

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

Comprehensive Assessment

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

1 2 3 4 5 6 7 8 9

10

Process

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

1 MARKET ASSESSMENT

Retail Market Assessment

Effective Marketing Tool 1 Brief 2 Focused for Retail 3 Brand Awareness

2 PRIMARY TRADE AREA

134,031 PTA POP 57,958 City POP

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

3 MARKET ANALYSIS

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

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

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)

Retail Leakage (“demand”)

532,895 323,409 268,089 144,639 137,618 127,786 127,255 91,459 83,211 59,726 51,408 31,848 31,820 22,977 21,960 16,101 15,178 10,966 6,395 6,191 6,015 3,844

• 100,000

200,000 300,000 400,000 500,000 600,000

Total Demand 2016 - 2046

2016 Total Unmet Demand: 1,015,721SF Projected 2046 Total Demand: 2,403,952 SF

4 COMPETITIVE ASSESSMENT

NTS

5 PROPERTY ANALYSIS

Emerging Active

Market potential & property owner interested in developing in 12-24 months

• Longhorn Junction
• Wolf Lakes
• 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
• SH 195 and I-35

Available today

• Williams Drive corridor
• Downtown
• Wolf Ranch Town Center

In-Fill

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

Active

Active

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

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

Active

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

Active

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

Emerging

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

Emerging

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

Emerging

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

In-Fill

In-Fill

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

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

In-Fill

6 TENANT ANALYSIS

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

IMPLEMENTATION/NEXT STEPS

Activating the Plan

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 4 Track sales cycle for prospects “evaluating” market 5 Attend trade shows to champion Georgetown (i.e. ICSC, Retail Live, ICSC Recon) 6 Ongoing measurement on pipeline, “net new” SF, # of prospects, and conversions. 7 Monthly review of all prospects

Implementation Approach

Brokers Developers Retailers

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

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

City of Georgetown Retail Strategy and Recruitment Plan

October 25, 2016