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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 Downtown2 Wolf Ranch Town Center3 Wolf Lakes4 The Rivery5 Williams Dr6 Ronald Reagan Blvd at
Williams Dr & CR 2457 SH 29/University Ave &
SH130 Toll8 SH 195 & I-359 Longhorn Junction10 Lakeway Dr & I-35
12
34
5
6
7
8
9
10
Process1 Market Assessment2 Trade Area Analysis3 Market Analysis4 Competitive Assessment5 Property Analysis6 Potential Tenant Identification7 Merchandising Plan
1 MARKET ASSESSMENT
Retail Market Assessment
Effective Marketing Tool1 Brief2 Focused for Retail3 Brand Awareness
2 PRIMARY TRADE AREA
134,031PTA POP
57,958City 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”)53
2,89
5
323,
409
268,
089
144,
639
137,
618
127,
786
127,
255
91,4
59
83,2
11
59,7
26
51,4
08
31,8
48
31,8
20
22,9
77
21,9
60
16,1
01
15,1
78
10,9
66
6,39
5
6,19
1
6,01
5
3,84
4
-
100,000
200,000
300,000
400,000
500,000
600,000
Total Demand 2016 - 2046
2016 Total Unmet Demand: 1,015,721SFProjected 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
MedianIncome
$69,230
Supportable SF 1.696M
Active
Active
Wolf Lakes
Population 26,665
Households 9,538
Daytime Pop 14,519
MedianIncome
$60,320
Supportable SF 1.29M
The Rivery
Population 32,010
Households 11,569
Daytime Pop 16,447
MedianIncome
$62,384
Supportable SF 1.6M
Active
Lakeway Dr/I-35
Population 28,017
Households 10,046
Daytime Pop 14,271
MedianIncome
$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
MedianIncome
$87,827
Supportable SF 934,830
Emerging
Williams Drive
Population 31,607
Households 11,562
Daytime Pop 16,192
MedianIncome
$69,087
Supportable SF 1.75M
In-Fill
In-Fill
Downtown
Population 34,065
Households 11,875
Daytime Pop 15,836
MedianIncome
$60,730
Supportable SF 1.65M
Wolf Ranch Town Center
Population 26,665
Households 9,538
Daytime Pop 14,519
MedianIncome
$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 STEPSActivating the Plan
Implementation Scope of Work
1 Align merchandising targets to key properties2 Create targeted marketing for each prospect to support
locational factors and operational needs3 Continuous recruitment4 Track sales cycle for prospects “evaluating” market5 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
DevelopersRetailers
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
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