Redevelopment commission pp 9.01.11
-
Upload
city-of-beaufort-planning-department -
Category
Business
-
view
759 -
download
0
Transcript of Redevelopment commission pp 9.01.11
![Page 1: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/1.jpg)
Seth Harry and Associates, Inc.
Beaufort Retail Report Debriefing:
Redevelopment Commission
September 1, 2011
![Page 2: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/2.jpg)
Seth Harry and Associates, Inc.
The Market
![Page 3: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/3.jpg)
Seth Harry and Associates, Inc.
Extra-Regional Context
![Page 4: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/4.jpg)
Seth Harry and Associates, Inc.
Regional Competitive Context
![Page 5: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/5.jpg)
Seth Harry and Associates, Inc.
Local Competitive Context
![Page 6: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/6.jpg)
Seth Harry and Associates, Inc.
Local Competitive Context
![Page 7: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/7.jpg)
Seth Harry and Associates, Inc.
Market Context
Primary:(Daily Needs)
Secondary:(Shoppers Goods)
Tertiary:(Regional/Specialty Goods)
![Page 8: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/8.jpg)
Seth Harry and Associates, Inc.
5 min -
Population:5,282/ 5,054/ 5,147
Households:2,210 /2,158/2,205
Median HH Income:$34,265$41,984$47,811
10 min -
Population:18,566/ 19,756/ 20,923
Households:7,371/ 7,930/ 8,413
Median HH Income:$38,260$47,757$54,507
30 min -
Population:64,891/ 73,633/ 80,129
Households:21,893/ 25,758/ 28,320
Median HH Income:$38,615$48,070$54,169
Demographics (2000, 2010, 2015)
![Page 9: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/9.jpg)
Seth Harry and Associates, Inc.
Demand(Potential) 5/10/15 min:
$56,537,694$48,666,322/$ 7,871,372
$179,242,620/$ 29,320,982
$574,680,879/$ 92,221,799
Supply(est.):
$143,125,115$118,781,660/$ 24,343,455
$329,412,426/$ 56,929,091
$912,903,068/$ 76,602,630
Leakage/SurplusFactor:
- $86,587,421- 41.9- 51.1
- 29.5- 32.0
-22.79.3
By NAICS:
![Page 10: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/10.jpg)
Seth Harry and Associates, Inc.
Oversupply Verses
Inflow of consumer dollars:
![Page 11: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/11.jpg)
Seth Harry and Associates, Inc.
Retail Sales per Square foot:
Range:$30 – 80/sq. ft.w/ some notable
exceptions
Restaurant Sales per Square foot:
Range:$200 – 300/sq. ft.
![Page 12: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/12.jpg)
Seth Harry and Associates, Inc.
Psycho-graphic Trends
![Page 13: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/13.jpg)
Seth Harry and Associates, Inc.
Psycho-graphic Trends
![Page 14: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/14.jpg)
Seth Harry and Associates, Inc.
Psycho-graphic Trends
•Mid-life Junction•Up and Coming Families•Great Expectations
•Rural Bypasses•Military Proximate•Silver and Gold
![Page 15: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/15.jpg)
Seth Harry and Associates, Inc.
Psychographic Characteristics
Diverse in many ways but --with the exception of “Gold and Silver” – have modest income levels, and are considered careful spenders, who frequent discount retailers and family-style chain restaurants.
![Page 16: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/16.jpg)
Seth Harry and Associates, Inc.
Psychographic Characteristics
“Up and Coming Families”represents one of the best long-term capture potentials –young in median age with a high level of disposable income.
![Page 17: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/17.jpg)
Seth Harry and Associates, Inc.
![Page 18: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/18.jpg)
Seth Harry and Associates, Inc.
![Page 19: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/19.jpg)
Seth Harry and Associates, Inc.
![Page 20: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/20.jpg)
Seth Harry and Associates, Inc.
![Page 21: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/21.jpg)
Seth Harry and Associates, Inc.
![Page 22: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/22.jpg)
Seth Harry and Associates, Inc.
![Page 23: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/23.jpg)
Seth Harry and Associates, Inc.
![Page 24: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/24.jpg)
Seth Harry and Associates, Inc.
![Page 25: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/25.jpg)
Seth Harry and Associates, Inc.
![Page 26: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/26.jpg)
Seth Harry and Associates, Inc.
Strategic Response(threats and opportunities)
• Nearby Shopping Centers compete for local purchases
• Internet/Hilton Head Competes for Shoppers Goods
• Tanger Factory Outlets (Fashion/apparel focus)
• Ad hoc Visitor experience
Threats:
![Page 27: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/27.jpg)
Seth Harry and Associates, Inc.
Strategic Response
• Unique physical setting/waterfront environment
• Congestion on 278 (nobody goes there anymore, it’s too popular)
• Catalytic/transformative Uses• Changing Demographics
Opportunities
![Page 28: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/28.jpg)
Seth Harry and Associates, Inc.
Critical Issues• Market Positioning• Merchandising Plan• Coordinated Operating Hours/Comprehensive management
• Lighting• Parking• Revenue/maintenance• Upper-story uses (code)• Funding mechanisms• Gentrification
![Page 29: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/29.jpg)
Seth Harry and Associates, Inc.
Strategic Response• Capture a larger share of the localconsumer market
• Capture a larger share of the visitor market
• Embrace Change while retaining core strengths and attributes(Pursue Catalytic Projects)
• Diversify Economy/appeal
![Page 30: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/30.jpg)
Seth Harry and Associates, Inc.
• Redefine what Constitutes “Downtown” Beaufort
• Broaden diversity of goods and experiences within “niche” focus, while avoiding unanticipated/ unwanted “niche” stigmas
• Create flexible, robust “framework” to guide change in an organic, but consistently positive direction
Strategic Response
![Page 31: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/31.jpg)
Seth Harry and Associates, Inc.
Comprehensive Management:
• Merchandising Plan• Marketing• Coordinated Operating Hours/Management
• Lighting• Parking• Events programming
![Page 32: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/32.jpg)
Seth Harry and Associates, Inc.
Merchandising Plan (current):
P
P
P
P
![Page 33: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/33.jpg)
Seth Harry and Associates, Inc.
Merchandising Plan (proposed):
![Page 34: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/34.jpg)
Seth Harry and Associates, Inc.
Merchandising Plan:
![Page 35: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/35.jpg)
Seth Harry and Associates, Inc.
• Design/Merchandising Strategies• Signage• Lighting• Way-finding• Street furnishings• Landscaping• Security/maintenance/Visitor Assistance (ambassadors)
• Visitor Amenities/Restrooms
Strategic Responses
![Page 36: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/36.jpg)
Seth Harry and Associates, Inc.
Building Design
![Page 37: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/37.jpg)
Seth Harry and Associates, Inc.
Tenant Design Guidelines
![Page 38: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/38.jpg)
Seth Harry and Associates, Inc.
Influential/Supportive Policies and Funding Sources
• Historic Review Board• National Rehab Code/• Federal and State Rehabilitation Tax Credits
• Federal New Markets Tax Credits• Special Events Funding• TIF/BID• Low-interest revolving loan fund• Public/private Grants
![Page 39: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/39.jpg)
Seth Harry and Associates, Inc.
Strategic Responses
•More frequent/locally targeted events
• Initiate merchant enhancement policies/programs
• Initiate merchant recruitment strategies
• More Jobs and more people living downtown
![Page 40: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/40.jpg)
Seth Harry and Associates, Inc.
Demographic Trends
![Page 41: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/41.jpg)
Seth Harry and Associates, Inc.
Demographic Trends
![Page 42: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/42.jpg)
Seth Harry and Associates, Inc.
Demographic Trends
![Page 43: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/43.jpg)
Seth Harry and Associates, Inc.
Demographic Trends
![Page 44: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/44.jpg)
Seth Harry and Associates, Inc.
Demographic Trends
![Page 45: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/45.jpg)
Seth Harry and Associates, Inc.
General Observations/recommendation:
• Need to refine and sharpen market positioning strategy
• Secure more detailed information on the Visitor market, and update frequently
• Restaurants are leading the leading the curve in setting the tone, and “proving the market” – retail needs to follow suit
• Hours/days of operation is probably the biggest short-term impediment to growing market share
![Page 46: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/46.jpg)
Seth Harry and Associates, Inc.
General Observations/recommendation:
• Many stores need to improve quality and “freshness” of interior design/ merchandising
• Traffic flow/parking needs addressing, including narrow sidewalks
• Create more reasons to come downtown• Consider, dedicated, targeted recruitment campaign
• Wherever possible, align local buyer’s preferences with visitor market merchandise (broaden appeal)
![Page 47: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/47.jpg)
Seth Harry and Associates, Inc.
General Observations/recommendation:
• Encourage new investment through more flexible regulatory/design parameters
• Aggressively pursue catalytic opportunities by leveraging existing assets
• Tailor downtown housing/redevelopment options to target specific consumer groups through segmentation analysis
• Redefine “downtown” as a broader set of unique districts, to enhance visitor draw
![Page 48: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/48.jpg)
Seth Harry and Associates, Inc.
General Observations/recommendation:
• Break potential disinvestment cycle –build on momentum
• Pursue “best in class” merchants with unique, one of a kind products
• Diversify offerings/price points within broad merchandise categories
• “Grow your own” grocery concept• Aim for where the market is heading – not where its been
![Page 49: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/49.jpg)
Seth Harry and Associates, Inc.
Summary:• Modest local market, further challenged by current recession• Large supply of commercially zoned land just outside of town• Physical constraints represented by the historic downtown core
![Page 50: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/50.jpg)
Seth Harry and Associates, Inc.
Key Strategic Response:• Increase market share by offering a broader array of branded merchandise• Develop/enhance the local consumer market in both size and demographic attributes.• Capitalize on demographic trends favoring compact, walkable communities, and an amenity rich environment
![Page 51: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/51.jpg)
What does Beaufort want to be?
![Page 52: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/52.jpg)
A. A traditional coastal community, trading on its
history and cultural assets,appealing to a well-defined,
consistent audience
![Page 53: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/53.jpg)
B. A diverse community, representing a broad socio-economic spectrum whose
attraction to Beaufort is based upon a combination of local traditions and natural
amenities
![Page 54: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/54.jpg)
C. A dynamic, forward looking City of the future which embraces its past while positioning itself as a
sustainable community where young families and adults can
pursue their dreams in exciting and fulfilling ways
![Page 55: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/55.jpg)
D. All of the above.
![Page 56: Redevelopment commission pp 9.01.11](https://reader033.fdocuments.us/reader033/viewer/2022042700/554e3782b4c90518468b4af2/html5/thumbnails/56.jpg)
Seth Harry and Associates, Inc.
Not a single “big idea,”rather --
A multi-faceted approach within
a flexible, well-coordinated,and comprehensive
framework …