Beaufort Retail Report                 Debriefing:         Redevelopment Commission                    September 1, 2011Se...
The MarketSeth Harry and Associates, Inc.
Extra-Regional ContextSeth Harry and Associates, Inc.
Regional Competitive ContextSeth Harry and Associates, Inc.
Local Competitive ContextSeth Harry and Associates, Inc.
Local Competitive ContextSeth Harry and Associates, Inc.
Market Context                                         Primary:                                         (Daily Needs)     ...
Demographics (2000, 2010, 2015)    5 min -                        10 min -             30 min -    Population:            ...
By NAICS:Demand(Potential)                 Supply          Leakage/Surplus5/10/15 min:                (est.):         Fact...
Oversupply                      Verses           Inflow of consumer dollars:Seth Harry and Associates, Inc.
Retail Sales per                 Restaurant Sales  Square foot:                    per Square foot:      Range:           ...
Psycho-graphic TrendsSeth Harry and Associates, Inc.
Psycho-graphic TrendsSeth Harry and Associates, Inc.
Psycho-graphic Trends               •Mid-life Junction               •Up and Coming Families               •Great Expectat...
Psychographic Characteristics        Diverse in many ways but --        with the exception of “Gold        and Silver” – h...
Psychographic Characteristics        “Up and Coming Families”        represents one of the best        long-term capture p...
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Seth Harry and Associates, Inc.
Strategic Response                     Threats:           (threats and opportunities)         • Nearby Shopping Centers co...
Strategic Response                      Opportunities         • Unique physical setting/waterfront           environment  ...
Critical Issues         • Market Positioning         • Merchandising Plan         • Coordinated Operating Hours/          ...
Strategic Response         • Capture a larger share of the local           consumer market         • Capture a larger shar...
Strategic Response         • Redefine what Constitutes           “Downtown” Beaufort         • Broaden diversity of goods ...
Comprehensive                         Management:         • Merchandising Plan         • Marketing         • Coordinated O...
Merchandising Plan (current):                                      P                                  P         P         ...
Merchandising Plan (proposed):Seth Harry and Associates, Inc.
Merchandising Plan:Seth Harry and Associates, Inc.
Strategic Responses         • Design/Merchandising Strategies         • Signage         • Lighting         • Way-finding  ...
Building DesignSeth Harry and Associates, Inc.
Tenant Design GuidelinesSeth Harry and Associates, Inc.
Influential/Supportive Policies             and Funding Sources         • Historic Review Board         • National Rehab C...
Strategic Responses         •More frequent/locally targeted           events         • Initiate merchant enhancement      ...
Demographic TrendsSeth Harry and Associates, Inc.
Demographic TrendsSeth Harry and Associates, Inc.
Demographic TrendsSeth Harry and Associates, Inc.
Demographic TrendsSeth Harry and Associates, Inc.
Demographic TrendsSeth Harry and Associates, Inc.
General Observations/recommendation:     • Need to refine and sharpen market       positioning strategy     • Secure more ...
General Observations/recommendation:     • Many stores need to improve quality and       “freshness” of interior design/  ...
General Observations/recommendation:     • Encourage new investment through more       flexible regulatory/design paramete...
General Observations/recommendation:     • Break potential disinvestment cycle –       build on momentum     • Pursue “bes...
Summary:     • Modest local market, further challenged by     current recession     • Large supply of commercially zoned l...
Key Strategic Response:     • Increase market share by offering a     broader array of branded merchandise     • Develop/e...
What does Beaufort   want to be?
A. A traditional coastal community, trading on itshistory and cultural assets,appealing to a well-defined,    consistent a...
B. A diverse community, representing a broad socio- economic spectrum whose    attraction to Beaufort isbased upon a combi...
C. A dynamic, forward looking     City of the future which     embraces its past while      positioning itself as a  susta...
D. All of the above.
Not a single “big idea,”                         rather --             A multi-faceted approach                        wit...
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Redevelopment commission pp 9.01.11

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Redevelopment commission pp 9.01.11

  1. 1. Beaufort Retail Report Debriefing: Redevelopment Commission September 1, 2011Seth Harry and Associates, Inc.
  2. 2. The MarketSeth Harry and Associates, Inc.
  3. 3. Extra-Regional ContextSeth Harry and Associates, Inc.
  4. 4. Regional Competitive ContextSeth Harry and Associates, Inc.
  5. 5. Local Competitive ContextSeth Harry and Associates, Inc.
  6. 6. Local Competitive ContextSeth Harry and Associates, Inc.
  7. 7. Market Context Primary: (Daily Needs) Secondary: (Shoppers Goods) Tertiary: (Regional/ Specialty Goods)Seth Harry and Associates, Inc.
  8. 8. Demographics (2000, 2010, 2015) 5 min - 10 min - 30 min - Population: Population: Population: 5,282/ 5,054/ 5,147 18,566/ 19,756/ 20,923 64,891/ 73,633/ 80,129 Households: Households: Households: 2,210 /2,158/2,205 7,371/ 7,930/ 8,413 21,893/ 25,758/ 28,320Median HH Income: Median HH Income: Median HH Income: $34,265 $38,260 $38,615 $41,984 $47,757 $48,070 $47,811 $54,507 $54,169 Seth Harry and Associates, Inc.
  9. 9. By NAICS:Demand(Potential) Supply Leakage/Surplus5/10/15 min: (est.): Factor:$56,537,694 $143,125,115 - $86,587,421$48,666,322/ $118,781,660/ - 41.9$ 7,871,372 $ 24,343,455 - 51.1$179,242,620/ $329,412,426/ - 29.5$ 29,320,982 $ 56,929,091 - 32.0$574,680,879/ $912,903,068/ -22.7$ 92,221,799 $ 76,602,630 9.3Seth Harry and Associates, Inc.
  10. 10. Oversupply Verses Inflow of consumer dollars:Seth Harry and Associates, Inc.
  11. 11. Retail Sales per Restaurant Sales Square foot: per Square foot: Range: Range: $30 – 80/sq. ft. $200 – 300/sq. ft. w/ some notable exceptionsSeth Harry and Associates, Inc.
  12. 12. Psycho-graphic TrendsSeth Harry and Associates, Inc.
  13. 13. Psycho-graphic TrendsSeth Harry and Associates, Inc.
  14. 14. Psycho-graphic Trends •Mid-life Junction •Up and Coming Families •Great Expectations •Rural Bypasses •Military Proximate •Silver and GoldSeth Harry and Associates, Inc.
  15. 15. 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.Seth Harry and Associates, Inc.
  16. 16. 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.Seth Harry and Associates, Inc.
  17. 17. Seth Harry and Associates, Inc.
  18. 18. Seth Harry and Associates, Inc.
  19. 19. Seth Harry and Associates, Inc.
  20. 20. Seth Harry and Associates, Inc.
  21. 21. Seth Harry and Associates, Inc.
  22. 22. Seth Harry and Associates, Inc.
  23. 23. Seth Harry and Associates, Inc.
  24. 24. Seth Harry and Associates, Inc.
  25. 25. Seth Harry and Associates, Inc.
  26. 26. Strategic Response Threats: (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 experienceSeth Harry and Associates, Inc.
  27. 27. Strategic Response Opportunities • Unique physical setting/waterfront environment • Congestion on 278 (nobody goes there anymore, it’s too popular) • Catalytic/transformative Uses • Changing DemographicsSeth Harry and Associates, Inc.
  28. 28. Critical Issues • Market Positioning • Merchandising Plan • Coordinated Operating Hours/ Comprehensive management • Lighting • Parking • Revenue/maintenance • Upper-story uses (code) • Funding mechanisms • GentrificationSeth Harry and Associates, Inc.
  29. 29. Strategic Response • Capture a larger share of the local consumer market • Capture a larger share of the visitor market • Embrace Change while retaining core strengths and attributes (Pursue Catalytic Projects) • Diversify Economy/appealSeth Harry and Associates, Inc.
  30. 30. Strategic Response • 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 directionSeth Harry and Associates, Inc.
  31. 31. Comprehensive Management: • Merchandising Plan • Marketing • Coordinated Operating Hours/ Management • Lighting • Parking • Events programmingSeth Harry and Associates, Inc.
  32. 32. Merchandising Plan (current): P P P PSeth Harry and Associates, Inc.
  33. 33. Merchandising Plan (proposed):Seth Harry and Associates, Inc.
  34. 34. Merchandising Plan:Seth Harry and Associates, Inc.
  35. 35. Strategic Responses • Design/Merchandising Strategies • Signage • Lighting • Way-finding • Street furnishings • Landscaping • Security/maintenance/Visitor Assistance (ambassadors) • Visitor Amenities/RestroomsSeth Harry and Associates, Inc.
  36. 36. Building DesignSeth Harry and Associates, Inc.
  37. 37. Tenant Design GuidelinesSeth Harry and Associates, Inc.
  38. 38. 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 GrantsSeth Harry and Associates, Inc.
  39. 39. Strategic Responses •More frequent/locally targeted events • Initiate merchant enhancement policies/programs • Initiate merchant recruitment strategies • More Jobs and more people living downtownSeth Harry and Associates, Inc.
  40. 40. Demographic TrendsSeth Harry and Associates, Inc.
  41. 41. Demographic TrendsSeth Harry and Associates, Inc.
  42. 42. Demographic TrendsSeth Harry and Associates, Inc.
  43. 43. Demographic TrendsSeth Harry and Associates, Inc.
  44. 44. Demographic TrendsSeth Harry and Associates, Inc.
  45. 45. 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 shareSeth Harry and Associates, Inc.
  46. 46. 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)Seth Harry and Associates, Inc.
  47. 47. 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 drawSeth Harry and Associates, Inc.
  48. 48. 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 beenSeth Harry and Associates, Inc.
  49. 49. 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 coreSeth Harry and Associates, Inc.
  50. 50. 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 environmentSeth Harry and Associates, Inc.
  51. 51. What does Beaufort want to be?
  52. 52. A. A traditional coastal community, trading on itshistory and cultural assets,appealing to a well-defined, consistent audience
  53. 53. B. A diverse community, representing a broad socio- economic spectrum whose attraction to Beaufort isbased upon a combination of local traditions and natural amenities
  54. 54. 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
  55. 55. D. All of the above.
  56. 56. Not a single “big idea,” rather -- A multi-faceted approach within a flexible, well-coordinated, and comprehensive framework …Seth Harry and Associates, Inc.

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