Downtown Beaufort, SCRetail Market Analysis Presentation

July 9, 2014

Today’s PresentationIntroduction

“What We Heard”

Stakeholder Input

Zip Code Survey

Retail Market Analysis

Trade Area Definition

Trade Area Demographics

Trade Area Retail Patterns

Observations & Next Steps

IntroductionFirm Profile

Relevant Experience

Local Knowledge

Project Goals & Objectives

Prior Studies

“what we heard”Stakeholder Input

Six Roundtable & Sixteen Individual Interviews

Online Consumer Survey

Zip Code Survey of Customers

InterviewsRoundtable & Individual Interviews

Downtown Business Owners

Elected Officials

Investors & Developers

Tourism & Hospitality

Interest Groups

Downtown Beaufort Market Analysis Please take part in one of our roundtable sessions.

Your feedback is important!

Tuesday, June 10 10:30am: Historic Beaufort Foundation

Beaufort Branch Library 1st floor Meeting Room

311 Scott Street, Downtown Beaufort

1:30pm: Media Beaufort Branch Library 1st floor Meeting Room

311 Scott Street, Downtown Beaufort

3:00pm: Tourism Beaufort Branch Library 1st floor Meeting Room

311 Scott Street, Downtown Beaufort

5:15pm: Downtown Merchants Beaufort Branch Library 1st floor Meeting Room

311 Scott Street, Downtown Beaufort

Wednesday, June 11 9:00am: Arts

Chamber Meeting Room Chamber Meeting Room, The Carnegie Building

701 Craven Street, Downtown Beaufort

5:15pm: Public Input Session (preliminary results from online survey)

Beaufort Branch Library 1st floor Meeting Room

311 Scott Street, Downtown Beaufort

Questions: LaNelle Fabian, Main Street Beaufort, USA 843.525.6644, director@downtownbeaufort.com

InterviewsStrengths

History, architecture, beauty, character

Location, proximity to water

Downtown events, festivals

High quality of stores, products

Diverse, strong visitor markets (military, bus, day-trip, ICW, Fripp, HHI, etc.)

Strong local partnerships

interviewsWeaknesses

Downtown business hours

Downtown parking

Shortage of “everyday” activities, shopping for local market, families

Perception that “Downtown isn’t for me”

interviewsOpportunities

Grow, broaden local market

Coordination between lodging, retail

Leverage outdoors, Waterfront Park

Potential day dock, ICW traffic

Structured parking

Capitalize on untapped potential visitor attractions, markets

interviewsThreats

Stagnant population growth

Center of retail gravity has shifted to southern Beaufort County

Attitudes re: Downtown, new development

Natural limit to growth, expansion

Barriers to market entry

online survey14 Questions

May-June 2014

879 Responses

online survey!

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online survey

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online surveyx

online surveyx

online survey

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online survey

zip code survey42 Participating Businesses *

4,968 Recorded Visits

1,293 Unique US Zip Codes

47 US States

8 Foreign Countries

IN#

#

IN#

#

IN#

#

Zip Code Survey of Customers- Beaufort, South Carolina #

Business Name: May 16-23, 2014 Instructions

1. Tally the zip code below for each customer. If you run out of space in any row, please continue the tally below that row. For Beaufort zip codes, please ask customer if they live in or out of city limits.

2. Please record zip codes that are not listed below in the space provided on the next page.

For more information or questions, feel free to e-mail Tee Coker at tee@arnettmuldrow.com

#29902 Beaufort

29906 Beaufort

29907 Beaufort

Nearby Zip Codes 29935 Port Royal

29920 St. Helena Island

29940 Seabrook

29941 Sheldon #

# 29936 Ridgeland

29909 Okatie

Arnett Muldrow & Associates

OUT#

OUT#

OUT#

zip code survey

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zip code surveySummary

22% from residents of 3 Beaufort zip codes

Additional 20% from rest of Beaufort County

13% from rest of South Carolina

14% from Georgia, Florida, North Carolina

30% from rest of US

1% overseas

trade area definition

trade area definitionx

demographic Profile

demographic Profile

demographic Profile

demographic Profile

market segmentation

opportunity gap

opportunity gap

opportunity gap

opportunity gapPrimary Trade Area (PTA)

2013 Population: 44,048

2013 Retail Sales: $448 Million

2013 Retail Spend: $681 Million

Secondary Trade Area (STA)

2013 Population: 45,410

2013 Retail Sales: $477 Million

2013 Retail Spend: $784 Million

opportunity gapPTA Retail Leakage: $234 Million (2013)

STA Retail Leakage: $307 Million (2013)

Combined Trade Area Leakage: $541 Million (2013)

Key retail categories Key Categories for Downtown

Specialty Grocery

Furniture

Beer, Wine, Liquor

Family Clothing

Hobby, Toy, & Games

Sporting Goods

downtown retail

overall observationsEmerging Strategies

Retention & Recruitment

Growing the Local Market

Extending the Visitor Experience

Tying It All Together

next stepsFollow-Up Meetings/Interviews

Strategy Development

Retail Analysis Presentation/Report

Final Presentation/Report

Strategy Board

QUESTIONS?

THANK YOU!