edos & retail development a new type of ombudsman april 10 th, 2014
TRANSCRIPT
EDOs & Retail DevelopmentA New Type of Ombudsman
April 10th, 2014
EDOs & Retail Development – A New Type of Ombudsman
Introduction
Who the heck is Cushing Terrell?
What can and should an EDO be doing?
Look to your Peers?
City of Spruce GroveCity of LethbridgeCity of Grande Prairie
Final Thoughts?
How do we find some new “targets”
WHO THE HECK IS CUSHING TERRELL?
Multi-disciplinary architectural, engineering and planning firm est 1938
365+ Employees (95+ LEED)
Retail / Industrial / Commercial / Ranch Resort / Education / Health Care
Vancouver, BC; Regina, SK; and 15 other locations across US
Top 250 Architectural Firms - Architectural Record
300 Giants - Top 50 Architectural & Engineering Firms - Building Design & Construction
What & who are you waiting for?
Being proactive is essential
I guess we’re safe for now, but why Nanaimo?
I heard Cabela’s is going to Nanaimo?
How well do you really know your market?
Why do tenants choose one location or city over another?
Validate the Anecdotal
Understand your market and your market will understand you!
Just because you know a market, doesn’t mean other developers, investors or tenants do!
“Objective Cheerleading”
Surprise people with “light bulb” moments
Demographics are easy, but what else can you provide that isn’t generic, has value and can validate the opportunity?
Competition for Developer, Investor & Tenant $$$$
You’re not the only one with an opportunity! BE PREPARED
Reach out and put a face to names or companies
Give your municipality leverage and create
awareness
Have a strategy for being proactive
Cities of Canada Pavilions
ICSC WhistlerICSC TorontoICSC MontrealICSC Las Vegas
Have a strategy for being proactive
Urban Land Institute
Navigate the Process – We can all use a little help
Look to your Peers
When Opportunity Knocks – Spruce Grove is Ready
Gateway (Westwind) Market Analysis
Retail Gap Analysis
Industrial Profile Analysis
Economic Benefits & Impacts
Demographic Profile Study
Consumer Intercept Survey
City Due Diligence to Developer Acquisition to Leasing
Gateway Town CentreSpruce Grove, AB
Market Study & Positioning Strategy
Prepared for:The City of Spruce GroveOctober 2009 Final
Prepared by:MXD Development Strategists, Ltd.
Developers/Investors have many tentacles
MADISONDIAMOND
SHEP YELLOWHEAD
SPRUCE GROVEINDUSTRIAL PARK
CAMPSITEBUSINESS PARK
PHASE 1 PROPOSEDPHASE 2
PROPOSEDPHASE 3
PUBLIC WORKSQUARTER
FUTUREPOTENTIAL
FUTUREPOTENTIAL
It isn’t always about Retail
Principles apply to all land uses
Industrial Profile Example
Businesses love to cluster 107 acres37 businesses
680 Employees900 sf / employee
Look to your Peers
A collaborative effort to maximize value & return
Source: MXD Development Strategists Ltd.
A Proactive Process Leads to Success
Attended ICSC Whistler
Conducted a Market Analysis
Created a Conceptual Plan
Identified 5 or 6 target developers
Prepared a Request for Qualifications
Source: MXD Development Strategists Ltd.
Assess, Identify, Define and Validate the Value Proposition
A Proactive Process Leads to Success
Short-Listed Target Developers
Prepared a Request for Proposals
Evaluation Procedure
Negotiations
Entire process was new for the CityEducation & Learning CurveCouncil Transition - Elections
Connecting the dots beginning to end
ROYOP selected in partnership with Residential developer to prepare a Comprehensive plan that responds to the spirit and vision of the ASP.
Look to your Peers
RETAIL PROJECTSBecome a liaison between developers, tenants & brokers
Don’t just hunt for big game.
Know your sites, know your target markets
RETAIL INVENTORY BY CATEGORY & SECTOR
NORTH SOUTH CENTRAL EAST WESTTOTAL
(sf)
TOTAL(# of
Stores)
Grocery & Specialty Foods 173,794 124,250 63,100 9,550 181,500 552,194 40 Alcohol & Tobacco 26,500 25,750 4,100 9,750 12,000 78,100 28 Pharmacy 21,616 26,250 0 15,000 11,563 74,429 11 Personal Services 49,728 25,000 54,450 5,750 57,413 192,341 78 Clothing & Apparel 307,164 1,000 20,750 0 121,750 450,664 64 Footwear 15,224 0 1,750 0 5,000 21,974 15 Jewelry & Accessories 24,197 0 3,000 0 5,313 32,509 20 Health & Beauty 30,046 3,750 24,250 3,250 14,600 75,896 52 Home Electronics & Appliances 32,783 0 6,000 0 79,250 118,033 19 Home Furnishings & Accessories 139,693 0 41,750 0 107,500 288,943 33 Home Improvement & Gardening 158,000 0 1,000 0 206,800 365,800 21 Books & Multi-Media 13,703 0 4,250 0 3,625 21,578 12 Sporting Goods & Outdoor Recreation 85,475 1,500 0 0 42,950 129,925 16 Toys & Hobbies 18,638 0 2,000 0 6,750 27,388 9 Specialty Retail 88,185 6,750 52,800 1,000 119,000 267,735 85 Full Service F&B 56,235 5,000 46,000 3,000 60,159 170,394 38 Limited Service F&B 39,140 40,800 21,550 9,000 52,738 163,228 108 Entertainment & Leisure 20,675 11,000 34,000 5,000 135,000 205,675 16 Auto Parts & Accessories 80,565 0 0 0 49,200 129,765 12 VACANT 14,208 33,500 13,800 2,250 102,000 165,758 21
TOTAL 1,395,568 304,550 394,550 63,550 1,374,109 3,532,328 698
IDENTIFIED RETAIL NODE (sf)
Merchandise Category
Retail – How Much, Where and What Type…Do you know?
RETAIL INVENTORY SECTORS
Retail Supply
Total City – 3.5 million sf
NORTH• 1.4 million sf
SOUTH• 305,000 sf
EAST• 64,000 sf
WEST• 1.4 million sf
CENTRAL• 395,000 sf
Density of Respondents Map
Where are your customers really coming from?
Get to know your city’s customers like a retailer would its own.
FULL-SERVICE RESTAURANTS DESIRED
TOP 5 verbal responses
82 - Red Lobster78 - Olive Garden21 - Montana’s ***11 - Cactus Club7 – Outback & Old Spaghetti
TOP 5 verbal responses
41 – Toys R Us37 - IKEA
30 - Chapters/Indigo29 - American Eagle
24 - Sport Chek
What do your customers want?......ASK THEM!
Final Thoughts…..
Be Proactive
Be Prepared
Be a Resource
Do the Due
Have a Strategy
Know your Markets
Reach Out
Raise the Bar
Create Leverage
Liaise Liaise Liaise
I don’t always have the answer
But when I do, it’s because I talked to the City’s EDO
Kieron HuntDirector of Canadian [email protected]
Thank You (and enjoy the Masters Golf!)
c 1.604.314.3780o 1.604.888.6680
www.CushingTerrell.com
Credits: Cushing Terrell Architecture Inc.Kasian ArchitectureWAM / Beaverbrook DevelopmentsRoyopMXD Development Strategists IncCushman WakefieldCity of Grande PrairieCity of Spruce GroveCity of Lethbridge