Big Bear Lake, CA Community ID

Transcription

1 Big Bear Lake, CA Community ID July 2009 Copyright 2009 Buxton Company. All Rights Reserved.

2 City s Goals Assist in business retention by providing market and customer analytics to local market Assist local business owners identify core consumer base and local market buying power Identify retailers/restaurants that best fit and complement existing market trade area Potentially leverage for local franchise opportunities We Speak Retail! 2

3 About Buxton National leader in customer analytics 500 years of retail management and site selection experience 1,900+ clients including 450 community clients 20 million sq. feet of retail expansion by our community clients Daily interface with senior retail real estate executives We Speak Retail! 3

4 What is CommunityID? Retailer Matching Target marketing program that identified buying habits and lifestyles of the consumers living in your trade area Unique Program Is the only program of its kind that can factually identify exactly which concepts should be in the community Program that allows City to chose retail that will complement local market and create additional synergy and traffic into local markets 4

5 Key Steps in Strategy Development Step 1. Defining Trade Area Step 2. Identifying and Profiling Customers Step 3. Understanding Retail Potential Step 4. Matching Customers to Retailers 5

6 Step 1. Defining Trade Area An 8 Minute Drive Time was established for the Site. Factors considered when selecting the drive time include: Region Existing retail in surrounding areas Density of the community 6

7 Step 2. Identifying and Profiling Customers For businesses: It s Customers, Not People Customers are identified based on psychographic hi characteristics which include: Lifestyles Purchase Behavior Media Habits 7

8 Identify & Profile Customers Buxton s Customer Data Over 250 databases h h 120 million households Up to 7 individuals in each household 35 Terabytes of online data capacity She shops at specialty stores and visits a dermatologist He shops on the Internet and sees a chiropractor 8

9 Information Gathering Segmentation Credit Cards Reward Cards Subscriptions Mail Order Warranty Cards Motor Vehicle Information Telechecks Claritas PRIZM Segmentation System Experian Axiom Info USA 24,000 Records from RA and Big Bear Vacations City GIS System 9

10 Segmentation All U.S. households are grouped into types based on demographics and psychographics

11 Step 2. Identifying and Profiling Customers within the trade area Trade Area Segmentation Psychographic profile of customers within the trade area Residents Dominant Segments Psychographic segments that make up at least 3% of the trade area 11

12 Lifestyles 4 3 Psychographics focus on Customer Lifestyles Segment 43 Heartlanders Middle-class couples, years old Own home High School Graduate Above average income producing assets 2 Read Country Living, Gourmet, Forbes Own recreational vehicles and campers 1 Shop at Ace Hardware, 1yr Grocery Shopping <$60, 1wk

13 Lifestyles Psychographics focus on 4 Customer Lifestyles 3 1 Segment 38 Simple Pleasures Middle-class couples and families Have lucrative blue-collar jobs 2 Homeowners High School Graduate Like to fish, hunt, watch TV Own/Lease New Domestic Vehicle Watch 60 Minutes (2-4 Times Month)

14 Step 2. Identifying and Profiling Customers within the trade area Trade Area Segmentation Psychographic profile of customers within the trade area Tourists Dominant Segments Psychographic segments that make up at least 3% of the trade area 14

15 Lifestyles Tourist Profile Psychographics focus on Customer Lifestyles Segment 7 Money & Brains Married couples with few children Have high incomes and advanced degrees Owners of small, fashionable homes Ethnic diversity Shop at Nordstrom's Eat at CPK Own/Lease Acura, Infiniti, Lexus, Mercedes Domestic Vacation, 1yr

16 Lifestyles Psychographics focus on 4 Customer Lifestyles 3 Segment Description Segment 29 - American Dreams 2 1 Some College with Midscale Income Homeowners Eat at Chipotle, 1mo Own/Lease Volkswagen Shop at Marshall s, 3mo Shop at Cosco Wholesale, 1mo

17 Tourists County of Origin Top 5 Los Angeles County 40.7% Orange County 16.8% San Diego County 17.1% 1% Riverside County 6.8% San Bernardino County 5.3% 17

18 Step 2. Identifying and Profiling Customers within the trade area Trade Area Segmentation Psychographic profile of customers within the trade area 2 nd Homeowners Dominant Segments Psychographic segments that make up at least 3% of the trade area 18

19 Lifestyles Psychographics focus on 4 Customer Lifestyles Segment 1 Upper Crust Segment Description White, Asian, Mix 3 HH w/o Kids Graduate Plus Education Wealthy 2 Shop at Neiman Marcus, 3mo Own/ Lease New European Luxury Cars Belong to Country Club 1 Domestic Vacation/Spa, 1yr Read Forbes

20 Lifestyles Psychographics focus on 4 Customer Lifestyles Segment 2 Blue Blood Estates 3 Segment Description Buy Apple iphone HH w/kids 2 Graduate ate Plus Education Levels els Wealthy, Suburban Own Downhill Skis/Boots Business Travel by Airplane, 3+1yr 1 Shop at Eddie Bauer, 3mo

21 Lifestyles 2 nd Homeowners Psychographics focus on Customer Lifestyles 4 Segment 3 Movers & Shakers 3 Married couples with children Executives & white-collar professionals Rank number-one in owning a small business 2 Domestic Vacation 1yr Shop at Banana Republic 1 Romano s Macaroni Grill Eat at Fuddrucker s Hamburger

22 2 nd Homeowners County of Origin Top 5 Los Angeles County 39.2% Orange County 36.7% San Diego County 12.4% Riverside County 7.4% San Bernardino County 5.5% 22

23 Step 3. Understanding Retail Potential Retail Leakage/Surplus Analysis How many dollars are leaving What stores attract outside dollars How strong is our retail sector What are our retail opportunities based on the gap analysis How can local business use the leakage/surplus information Example of Major Store Type. Buxton analysis details: 74 Store Types 36 Product Types 23

24 Retail Leakage/Supply Analysis Two Main Components: Current actual sales (supply) by retail store type and products Estimated sales potential (demand) for retail store type and products Sales Gap Index: Relative comparison of leakage/surplus Estimate of dollars being spent outside the trade area (leakage) Estimate of dollars coming in from outside the trade area (surplus) 24

25 Leakage Summary Retail Subcategory Actual Sales Potential Sales Leakage Automotive Dealers $5,813,617 $27,465,487 $ 21,651,870 Motor Vehicle/Parts Dealers $25,508,026 $31,970,413 $ 6, Computer/Software Stores $86,014 $765,683 $ 679,669 Electronics/Appliance Stores $3,656,119 $4,214,377 $ 558,258 Cosmetics, Beauty Supplies $111,006 $304,678 $ 193,672 Men s Clothing Stores $161, $346,103 $ 184,930 Women s Clothing Stores $499,334 $1,325,713 $ 826,379 25

26 Leakage Summary Retail Subcategory Actual Sales Potential Sales Leakage Jewelry Stores $638,246 $1,057,261 $ 419,015 Luggage and Leather Goods $727,797 $1,146,114 $ 418,317 Musical Instruments/Supplies $104,645 $230,869 $ 126, Warehouse Clubs/Superstores N/A $9,752,696 $ 9,752,696 Other General Merchandise $1,987,964 $11,325,946 $ 9,337,982 Special Foodservices $199,450 $1,444,043 $ 1,244,593 26

27 Specific Categorical Findings Underserved product types overall are automobiles, optical goods and audio equipment with a need for car dealers and electronics stores. Within electronics generally, computer/software and camera stores are needed. Although Health and Personal Care Stores show an overall surplus, stores specializing in cosmetics, beauty supply and optical goods are needed. Although Clothes Stores overall show a surplus, stores specializing in exclusively men s, women s and children s clothes are needed in order to provide more consumer choices. 27

28 Specific Categorical Findings Jewelry, music and musical instrument appears particularly underserved. General Merchandise stores overall show a surplus, but a lack of consumer choice is evident as sales are concentrated within ihi Department Stores. Opportunity exists for other types of general merchandise stores. Potential sales are inclusive of only the households in the trade area, not of outside dollars from tourism, which are captured in the actual sales. This is why we can consider categories that are close to but over the 1.0 index for retail opportunities: Book stores, florists, shoe stores, nurseries, luggage g and leather goods, liquor stores and full service restaurants. Strong surplus in the Miscellaneous Store Retailers Category with approximately $13,401,015 coming from non local shoppers outside of the trade area. 28

29 Step 4. Matching Customers to Retailers Big Bear Lake trade area (customer profile and retail potential) was evaluated against Buxton s proprietary data base of over 5,000 retailers Found 62 potential matches of retailers that are operating or have operated in communities with similar market characteristics and for which there appears to be additional market demand for their goods and services Representative samples of retailers in the following categories: Apparel; Auto Supplies and Beauty Salons, Restaurants and Fast Food; and Miscellaneous 29

30 Positive Retail Matches Two components make a successful retail match: 1. Segmentation Profile Match 2. Trade Area Comparison Match 30

31 Apparel Retailer Concept Sq. Footage Buckle Men s, Women s, Children s 4,800 Gap Men s, Women s, Children s 2,750 35,000 Old Navy Men s, Women s, Children s 20,000 35,000 American Eagle Outfitters Men s and Women s 5, ,500 Rue 21 Young Adults 5,000 Dress Barn Women s 4,000 5,000 Fashion Bug Women s 6,000 Victoria s Secret Women s 3,900 4,500 31

32 Auto Supplies and Beauty Salons Retailer Concept Sq. Footage Auto Zone Auto Supplies/Car Care 5,400 8,000 Carquest Auto Supplies/Car Care 4,500 5,000 Checkers Auto Supplies/Car Care 7,290 Regis Salons* Beauty Salon 1,100 City Looks* Beauty Salon/Tanning 900 1,200 Hair Masters* Beauty Salon/Tanning 900 1,200 Holiday Hair* Beauty Salon/Tanning 900 1,200 * Franchise Opportunities 32

33 Restaurants and Fast Food Retailer Concept Sq. Footage Applebee s Neighborhood Grille* Restaurant/Bars 5,300 Big Boy Family Restaurant* Restaurant 5,200 Golden Corral Steakhouse* Restaurant/Bars 7,800 11,500 Country Kitchen Restaurant* Restaurant 4,150 Round Table Pizza* Restaurant/Bars 3,500 4,000 Arby s* Fast Food 750 3,500 Chick Fil A* Fast Food 800 5,000 Popeye s* Fast Food 2,100 Fazoli s* Fast Food 3,500 * Franchise Opportunities 33

34 Miscellaneous eous Retailer Concept Sq. Footage Body Shop* Cosmetics/Body Shop 1,000 1,200 Do It Best Hardware Hardware/Home Improvement 8,000 20,000 General e Nutrition Center* Nutrition Shops/Diet Centers 900 1,200,00 Big Lots General Close Out Discount 20,000 45,000 Best Buy Electronics, Appliances, Computers 20,000 45,000 Sears Holdings Department Store, Appliances 7, ,000 * Franchise Opportunities 34

35 Benefits to a Community Strategic Household Assessment (SHA) Designed to provide best of class household level insights Benefits existing local l businesses Buxton leverages the same household level consumer databases and technologies employed by major retail executive marketing teams

36 Benefits to a Community Allows the City to be a proactive partner in continued success of local l retail tilbusinesses Clearly highlights what makes the households being analyzed unique and provides marketing insights Gives existing retailers access to tools and insights that are used by major retailers market planning groups

37 Local Business This information should be utilized by local businesses Customer preferences and unmet demand opportunities can be met by local businesses and independents Local business owners can determine what is being lost to competing markets and try to fill it Know your customer to service consumer needs and survive in a highly competitive marketplace Customer knowledge creates revenues, facilitates growth, and generates profits 37

38 38