Retail Strategy and Recruitment Plan
The City of Georgetown and the Georgetown Economic Development Corporation (GEDCO) partnered with Catalyst Commercial to conduct a retail study for a Retail Strategy and Recruitment Plan (or Retail Merchandising Plan) customized for Georgetown. The purpose of this study was to develop a comprehensive strategy to enhance the City’s tax base by increasing opportunities for retail businesses, and create a more diversified retail environment in Georgetown. In addition, the City’s Economic Development Department will use this plan to recruit and retain retail businesses to Georgetown.
Through this process, Catalyst Commercial developed:
- A Market Assessment to explore the capacity of retail for existing and planned retail developments, as well as assess traffic patterns and other drivers within the study area;
- The Primary and Secondary Retail Trade areas for Georgetown;
- A Market Analysis to understand current customer spending patterns, consumer preferences, and other retail factors within retail centers;
- A comparison of various retail nodes within Georgetown and competitive nodes in the region to evaluate the retail gap (Competitive Assessment);
- A review of properties within Georgetown and their current attributes and retail potential (Property Analysis); and
- A list of potential retail targets that align with the Georgetown market characteristics, trade area and top sites, and elevates the city’s status as a retail hub (Tenant Analysis).
The results from this study are a comprehensive perspective on both local and regional conditions that were used to develop a competitive retail strategy for Georgetown to position future developments more effectively as well as identify targeted retail aimed to sustain and improve retail vitality in Georgetown.
Tina Dunbar, City of Georgetown, email@example.com, (512) 930-3546