Transcript of Pollard ICMA Draft
- 1. Retail in the land of Unspoiled Splendor Economic
Development
- 2. 2 Retail Strategy Poll Does your city/county organization
have a retail strategy? Yes, for more than 10 years Yes, for more
than 5 years Yes, less than 5 years Just adopted, or close to
adopting In the strategy development process No, but plan to in the
future
- 3. 3 Introduction 2014 Population 29,830, 4.67% growth since
2000. Median home $170,000. Appreciation in LY 8.7%. Rochesters
Cost of Living Index is +14.20% higher than U.S. Unemployment 3.9%,
(U.S. avg is 5.7%, NH avg 4.3%) Recent job growth is positive,
Rochester jobs have increased .88% TY Karen Pollard, CEcD, EDP ICSC
Shopping Center University +30 Years in Retail & Economic
Development Karen.pollard@rochest ernh.net NO SALES TAX NO STATE
INCOME TAX HIGH VISITOR INDEX HIGH # SECOND HOMES
- 4. 4 Why a Retail Strategy? #1 - Increase tax base Maximize
development #2 Diversify employment #3 - Eliminates leakage $1.734
Billion Consumer demand Population growth Sophisticated Consumers
Attracts visitors & business customers Untapped market
Amenities for the regional population Restaurants, stores, services
Demand diversity of chain & independent Reduces the need to
travel Traffic, environmental
- 5. 5 Lands of Opportunity Identify Locations (like a Site
Selector!) Buildout Analysis Assess infrastructure Traffic Study
Zoning & Permitting Have a Plan B Partnerships Rochester
Crossing (Wilder Co) +600 employees 100% leased Valuation
$24,669,700 $650,293 new annual revenue Before - 2008 After
2012
- 6. 6 Retail Location Poll Has your city/county organization:
Identified a specific location or district for retail? Modified
zoning or permit requirements to be friendly to retail? Trained
professional staff committed to support retail growth? Invested in
utility expansions and infrastructure to support retail?
- 7. 7 You Need Business Intelligence Target Retailers Make a
List Research them Talk to existing retailers (status) Know what
they want Not just what you have Know how decisions are made Give
them data about their customers in your area Do a Retail Analysis
Identify the Trade Area Become an expert on your trade area
Identify the Customers Identify sites with maximum potential
Develop a Retail Team Training & Practice Strategy for
retention & attraction
- 8. 8 Think Trade Areas How long and where do people commute?
How long/far will people drive for groceries? For medical care? For
a wedding dress? For a special dinner? For an everyday meal?
Political Boundaries Drive Time Polygon Regional Map
- 9. 9 Who Are the Consumers in Rochester, NH? Dominant Segments
Description Households % of All Households D15 Sports Utility
Families 935 5.03 E21 Unspoiled Splendor 1,180 6.34 F23 Families
Matter Most 658 3.54 H29 Destination Recreation 1,025 5.51 I30
Stockcars and State Parks 791 4.25 I31 Blue Collar Comfort 687 3.69
K40 Bohemian Groove 596 3.20 L42 Rooted Flower Power 665 3.58 L43
Homemade Happiness 829 4.46 M44 Red, White, and Bluegrass 880 4.73
N47 Countrified Pragmatics 1,492 8.02 O51 Digital Dependents 934
5.02 Q64 Town Elders 1,193 6.41 R66 Dare to Dream 628 3.38 S70
Tight Money 649 3.49
- 10. 10 Data Driven Site Selection 0% 2% 4% 6% 8% 10% A01 A02
A03 A04 A05 A06 B07 B08 B09 B10 C11 C12 C13 C14 D15 D16 D17 D18 E19
E20 E21 F22 F23 G24 G25 H26 H27 H28 H29 I30 I31 I32 I33 J34 J35 J36
K37 K38 K39 K40 L41 L42 L43 M44 M45 N46 N47 N48 N49 O50 O51 O52 O53
O54 O55 P56 P57 P58 P59 P60 P61 Q62 Q63 Q64 Q65 R66 R67 S68 S69 S70
S71 Percentage Segments 60 Farmington Rd Dominant Segments
Description Households % of All Households D15 Sports Utility
Families 935 5.03 E21 Unspoiled Splendor 1,180 6.34 F23 Families
Matter Most 658 3.54 H29 Destination Recreation 1,025 5.51 I30
Stockcars and State Parks 791 4.25 I31 Blue Collar Comfort 687 3.69
K40 Bohemian Groove 596 3.20 L42 Rooted Flower Power 665 3.58 L43
Homemade Happiness 829 4.46 M44 Red, White, and Bluegrass 880 4.73
N47 Countrified Pragmatics 1,492 8.02 O51 Digital Dependents 934
5.02 Q64 Town Elders 1,193 6.41 R66 Dare to Dream 628 3.38 S70
Tight Money 649 3.49
- 11. 11 Purchase Behavior Lifestyle Characteristics Index
Recently Purchased a Riding Lawn Mower 480 Drive Domestic Sporty
Cars 306 Recently Purchased Hunting Clothes 251 Watch the show How
I Met Your Mother 215 Use the brand Neutrogena 210 N47: Countrified
Pragmatics Lifestyle Characteristics Index Belong to an
Environmentalist Organization 205 Visit fishing websites 198 Watch
How-To or DIY TV shows 171 Have a Graduate Degree 167 Drive a
Hybrid Car 153 E21: Unspoiled Splendor
- 12. 12 Dunkin vs. Starbucks How much is too much? Dunkin came
in for their 9th location Planning Board anxiety Starbucks Nov 2008
to April 2009
- 13. 13 Be a Destination Own Your Strengths! Vehicle Dealers
& Parts 110% Dealers +$5M Other MV Dealers +$28M Building
Materials & Garden Equipment 110% Home Centers +$15M Hardware
+$7M Power Equipment +$3.4 M Food & Beverage Stores 120%
Supermarkets +$77M C-Stores +$12M Specialty Foods +$1M Other
Sub-sectors Florists +$2.4M Gifts & Souvenirs +$300K Specialty
Foods +$1M
- 14. 14 Retail Leakage = Opportunity Leakage Report X Purchase
Behavior = RETAIL TARGETS $3B Potential/$1.3B Actual Furniture
& Home Dcor -85% -$70M Electronics & Appliances -80% -$76M
Health Care Stores -45% -$14M Clothing & Accessories -80%
-$198M Sporting Goods, Hobby, Book & Music Stores -70% -$65M
General Merchandise -67% -$114M Misc. Merchandise Stores -65% -$80M
Food & Drinking Places -75%-$209M
- 15. 15 Plan to Work Work Your Plan Buy-in for Strategy Invest
in Tools Recruit a Team Training Brand your materials Trade Shows
Be where your targets are Events & Awards Host, Sponsor,
Participate Follow Up, Follow Up and Follow Up
- 16. 16 Be Prepared to Work Hard
- 17. 17 Benchmarking
- 18. Granite Ridge Development District Zoning Unified &
Adopted 2009 Capacity for 2 Million Square Feet of Dev. $3B Demand
for Amenities, Services & Entertainment Waterstone Development
Leasing 300,000 ft2 51,000 ft2 still available Now Leasing 50,000
ft2 (CBRE former Thompson) Tax Increment Financing $5 Million Phase
1 1995 Value $28,145,137 186,372 ft2 2013 Value $62,326,773
+121.45% Annual Rev. $1,642,934 594,316 ft2 2030 Est. Val
$222,179,930 +271.89% Annual Rev. $3,137,580 2,210,220 ft2 Holiday
Inn, Granite Ridge
- 19. 19 The Ridge Waterstone Retail Entertainment based center,
130 acres Phase 1, 300,000 ft2 Movie theater, restaurants, retail
Phase 2, 60,000 ft2 Est. $30 Million tax base Est. Employment 800
Before 2014 After 2016
- 20. 20 Downtown Retail Poll Does your community desire Downtown
retail? Do you have a strategy or master plan? Are your current
retailers engaged? Do you have ways to overcome the obstacles?
- 21. 21 What to do about Downtown? Step 1 3 months Business
Retention Program 1 on 1 Visitation Resource Team Step 2 5 months
Create comprehensive program & pitch to Council Short &
Long-term goals Step 3 8 months Implement projects & programs
Step 4 - Report out Maintain successful elements Downtown Rochester
Business Retention Plan 2008
- 22. 22 Retention Visit Results 65% on the edge Not Adapted Over
Time Inventory Technology Unprepared Financially Lack of Planning
Overall No Emergency Preparedness Expectation to go Back to the Way
it Was Each participant received a free customized suggestion plan
and resource packet Scholarship Program for Training
Entrepreneurial Bootcamps Social Media for Businesses SBDC 1-on-1
meetings re: financial issues
- 23. 23 Downtown Destination Plan INCENTIVES 7 NEW Downtown
Events Main Street Program & FT Manager Business Guide &
Map Active Shop Local Program Downtown Dining Program Monthly
drawings & contests Co-op ads in various outlets TV Commercial
targeting young professionals Decorating Contests for store windows
Pirates of the Cocheco Business Retention Plan 2008
- 24. 24 One-by-One One building owner One tenant One challenge
One success Battle of inches No Shortcuts Measure every
improvementNational Comic Book Day 2014 attendance 5,000 ppl
Revolution Taproom October 2014
- 25. 25 Downtown Attraction Strategy Develop a Downtown Target
List Attraction Packages Specific Challenges Real Estate Open House
Tours of Available Space Landlord Groups Referral Systems
Entrepreneurial Support Programs