10. Oversupply
Verses
Inflow of consumer dollars:
Seth Harry and Associates, Inc.
11. Retail Sales per Restaurant Sales
Square foot: per Square foot:
Range: Range:
$30 – 80/sq. ft. $200 – 300/sq. ft.
w/ some notable
exceptions
Seth Harry and Associates, Inc.
14. Psycho-graphic Trends
•Mid-life Junction
•Up and Coming Families
•Great Expectations
•Rural Bypasses
•Military Proximate
•Silver and Gold
Seth Harry and Associates, Inc.
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. 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.
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 experience
Seth Harry and Associates, Inc.
27. Strategic Response
Opportunities
• Unique physical setting/waterfront
environment
• Congestion on 278 (nobody goes
there anymore, it’s too popular)
• Catalytic/transformative Uses
• Changing Demographics
Seth Harry and Associates, Inc.
28. Critical Issues
• Market Positioning
• Merchandising Plan
• Coordinated Operating Hours/
Comprehensive management
• Lighting
• Parking
• Revenue/maintenance
• Upper-story uses (code)
• Funding mechanisms
• Gentrification
Seth Harry and Associates, Inc.
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/appeal
Seth Harry and Associates, Inc.
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 direction
Seth Harry and Associates, Inc.
31. Comprehensive
Management:
• Merchandising Plan
• Marketing
• Coordinated Operating Hours/
Management
• Lighting
• Parking
• Events programming
Seth Harry and Associates, Inc.
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 Grants
Seth Harry and Associates, Inc.
39. Strategic Responses
•More frequent/locally targeted
events
• Initiate merchant enhancement
policies/programs
• Initiate merchant recruitment
strategies
• More Jobs and more people living
downtown
Seth Harry and Associates, Inc.
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 share
Seth Harry and Associates, Inc.
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. 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
Seth Harry and Associates, Inc.
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 been
Seth Harry and Associates, Inc.
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 core
Seth Harry and Associates, Inc.
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 environment
Seth Harry and Associates, Inc.
52. A. A traditional coastal
community, trading on its
history and cultural assets,
appealing to a well-defined,
consistent audience
53. 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
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
56. Not a single “big idea,”
rather --
A multi-faceted approach
within
a flexible, well-coordinated,
and comprehensive
framework …
Seth Harry and Associates, Inc.
