Downtown Lincoln. Retail Support Program Business Plan. Overview Completed in December 2007

Transcription

1 Downtown Lincoln Retail Support Program Business Plan Brad Segal, President Progressive Urban Management Associates Overview Completed in December 2007

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3 Downtown Retail Retention & Recruitment Strategy (2007) Expectations set by 2005 Downtown Plan Are they real? Identify ways to strengthen and expand downtown retailincluding market niche, store types, brands and specific sites. Develop tactical actions, tools and sequencing. Prepare City, Downtown Lincoln Association (DLA) and Chamber for implementation.

4 Lincoln Project Approach Part I: Market Feasibility for Retail Refinement of ERA Market Analysis Downtown Property & Tenant Inventory Downtown Retail Audit Retail Demand Surveys & Analysis focusing on in-place markets business owners, employees, students & residents

5 Primary Research - Surveys Surveys distributed during January and February 2007 Downtown Employees (2,136 responses) UNL Students and Faculty (416 responses) Lincoln Residents through Chamber leadership program (218 responses) Downtown Retailers (43 responses)

6 Primary Research: Conclusions PARKING looms large as a barrier to retail Young professionals and the UNL community may be our best market opportunities Hours of operation, particularly weekends, may be a significant issue Sports and culture are limited draws to downtown, dining and entertainment are best All markets agree on top improvements to the environment that supports retail parking, fill empty stores, improve selection

7 Recommendations Downtown Retail Niche Strategy Support unique, local independent concepts with a sprinkling of brands

8 Recommendations Niche Strategy Responds to Downtown Realities: Cannot compete head-on with conventional suburban retail Must capitalize on its unique sense of place Existing real estate with multiplicity of owners is best configured to accommodate local independent concepts Lack fundamentals (i.e. population, demographics, parking supply and existing brands) to attract significant brand name retail Local independents will fortify uniqueness UNL provides a constant stream of customers & entrepreneurs

9 Recommendations Primary Objective of the Niche Strategy Create a critical mass of local independent retail that collectively creates a vibrant destination. The anchors as envisioned in the 2005 Master Plan can be vibrant clusters of small, independent retail. If successful, these clusters will begin to create the visible fundamentals and buzz required to attract brand name stores.

10 Recommendations 1.Support What Works Build on existing strengths in the restaurant and apparel segments Tenant mix hit list 2.Identify Retail Nodes, Strengthen & Connect Them Haymarket, P & O Streets

11 Recommendations 3.Implement the 2004 Parking Study Unified parking management structure First hour free pricing 4. Create a Retail Support Program within DLA Portal for market information, business counseling, trouble-shooting Activate DLA s community development corporation

12 Recommendations 5. Strengthen Connections to the University Help UNL grads form new businesses Direct marketing to the university community Physical linkages 6. Develop & Distribute Marketing Materials Parking! Parking! Parking! Web-based marketing, downtown directory

13 Recommendations 7. Implement City Policies to Assist Retail Flexible sign codes Streamline development review Mobilize incentives to attract desirable uses 8. Support Civic Investments and Residential 2015 Vision Group Pillars

14 Part II: Retail Support Business Plan Advance Implementation of Key Recommendations Focus on DLA, UNL, address other recommendations Retail Action Charrette UNL, business community & city Business Plan for Moving Forward

15 Retail Action Charrette Benefits/Outcomes Common Objectives Create a unique sense of place/retail experience Reality-based initiative Bottom line objectives UNL recruitment, market rents, sales tax revenues Slow brain drain Amenity to encourage housing Bring locals downtown

16 Retail Support Business Plan Goals & Objectives Create a vital downtown Foster unique retail that enhances the downtown experience Create 25 desirable new retail businesses within 5 years

17 Retail Action Charrette How Property Owners, Business Community Fit Catalyst Lead and guide efforts & policies Champion a sustained effort Property owners offer creativity, flexibility Resources!

18 Retail Action Charrette How the University Fits Multiple departments can train entrepreneurs, tailor curriculum Business research provided by students Tap graduates & connections Physical connections to green spaces, campus Resources!

19 Retail Action Charrette How the City Fits Reduce/eliminate regulatory barriers Parking to support economic development Existing programs can support façade loan program, TIF, CDFI, etc. Design guidelines/review Resources!

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21 Retail Support Business Plan Components of the Business Plan Program Detail Budgets, Sources of Funds Sequencing, Phasing Benchmarks

22 Downtown Lincoln Retail Support Program Business Plan Brad Segal, President Progressive Urban Management Associates Overview Completed in December 2007