City of Georgetown
Retail Merchandising Plan
October 2016
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ACKNOWLEDGMENTS
City Council Georgetown Economic Development Corporation
Dale Ross, Mayor Hugh Brown (President)
Anna Eby, District 1 Jeff Parker (Vice President)
Keith Brainard, District 2 Kevin Kelly (Secretary)
John Hesser, District 3 Steve Fought
Steve Fought, District 4 Rachael Jonrowe
Ty Gipson, District 5 Steve Klein
Rachael Jonrowe, District 6 Bill Mateja
Tommy Gonzalez, District 7
Consultant Team
City Staff Catalyst Commercial
David Morgan, City Manager Jason Claunch
Laurie Brewer, Assistant City Manager Reid Cleeter
Jim Briggs, Assistant City Manager/General Manager of Utilities Sue Walker
Wayne Reed, Assistant City Manager
Jackson Daly, Assistant to the City Manager
Andreina Davila-Quintero, Project Coordinator
Michaela Dollar, Economic Development Director
Conchita Gusman, Economic Development Program Manager
Tina Dunbar, Economic Development Administrative Assistant
Shelly Hargrove, Main Street Manager
Cari Miller, Tourism/CVB Manager
Paul Diaz, Budget Manager
Sofia Nelson, Planning Director
Jordan Maddox, Principal Planner
Jennifer Bills, Housing Coordinator
Wesley Wright, Systems Engineering Director
Nathaniel Waggoner, Transportation Analyst
Ilyanna Kadich, GIS Analyst
Special Thanks
The Retail Strategy and Recruitment Plan Project Team also acknowledges stakeholders that participated in this study including downtown businesses, major and non-profit organizations, property
owners, developers, and real estate brokers.
3
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7 INTRODUCTION
11 MARKET ANALYSIS
21 TRADE AREA
25 MARKET DEMAND
29 COMPETITIVE ANALYSIS
33 PROPERTY ANALYSIS
1. INTRODUCTION
Georgetown, Texas
57,958
City of Georgetown Population City Limits
population Residential Development
Furute Development
School
(2016) Park
22,856
Households
24,564
Georgetown Dayti me Population
Employees
(2016)
2,315
Employers
$3.9B
Georgetown Retail Demand
residential
purchasing power
$15M
workforce
spend
Source: ESRI, STI
Introduction
Georgetown is experiencing the greatest economic growth cycle of 600,000 square feet of destination retail and other uses. In addition, spending patterns and other retail factors within retail districts;
its history. According to recent Census reports, Georgetown was the completion of the SH 130 Toll road bypass has also opened new • Create a comparison of various retail nodes within Georgetown
designated as “the fastest growing city in the US,” with a population commercial opportunity at SH 130 Toll road and University Avenue and competitive nodes in the region;
of over 50,000. Over 820 building permits were issued in 2015, and intersection. This area is situated for regional retail to service east
it is expected that Georgetown will have similar numbers again in Georgetown and the regional population growing along the SH 130 • Conduct a review of properties within Georgetown and their
2016. This rapid growth creates substantial demand for retail goods Toll road corridor. current attributes and retail potential; and
and services, which in turn strengthens the fiscal base and economic • Develop a list of potential retail targets that align with the
vitality of the City. For example, Georgetown collected over $19,166 NWC of Lakeway and I-35 and Lakeway Drive and adjacent to the Georgetown market and elevates the city’s status as a retail hub.
million dollars in sales tax in 2015, up from $18,655 million in 2014. Georgetown Municipal Airport is Georgetown’s newest planned
commercial development. It is planned to have major regional anchor INITIATION OF THE WORK
To harness this economic opportunity in a strategic way, the City of opportunities, as well as pad sites and associated commercial uses.
Georgetown has retained Catalyst Commercial to explore methods This process included substantial on-the-ground research, including
to enhance the City’s tax base by attracting quality retail businesses A future development node is also located between Shell Road, I-35 a census of existing tenants, inventory of major shopping centers,
and creating a more diversified retail environment in Georgetown. and SH 195. This area is situated for mixed-use and commercial to and interviews with developers and the City team to understand the
In addition, retail has a large impact on the brand of a community; service the northern portion of Georgetown and the neighboring existing retail landscape.
therefore, improving retail quality will also improve the perception of communities along the I-35 corridor. H-E-B has purchased a tract
Georgetown. just south of I-35 & SH 195 for a grocery store and associated retail. In addition, Catalyst conducted over 2,650 customer intercepts from
They will serve as catalysts for future development and begin to various retail shopping centers to develop a statistical retail trade
AN OVERVIEW OF MAJOR RETAIL establish this area as a new retail hub to service Sun City, until more area for Georgetown. The team also physically evaluated regional
commercial development advances north. retail nodes to understand how external forces may influence the
As evidenced by Georgetown’s Primary Trade Area (PTA), Georgetown Georgetown Retail Merchandising Strategy. This process included a
has established itself as a regional hub for the greater north Austin The development plans for the intersection of Williams Drive and half-day workshop with staff to review development activity. Catalyst
region. The regional pull is created from the strong base of quality Ronald Reagan Boulevard and CR 245 are reserved for regional also conducted a Downtown Assessment, which was provided under
existing retail development, such as its vibrant historic Downtown, commercial development. This area is one of the most active separate cover.
Wolf Ranch Town Center, and The Rivery. Wolf Ranch Town Center residential areas in Georgetown and will be strategically located for
is a regional retail outdoor mall developed by the Simon Property retail/commercial uses, which will serve Sun City, Somerset Hills, and The results are a comprehensive perspective on both local and
Group. Wolf Lakes is a mixed-use lifestyle center being planned by future residential developments in the northwest sector. regional retail conditions that were used to develop a competitive
the Wolf family, the original owners of Wolf Ranch, to compliment retail strategy for Georgetown and position future retail developments
this Center and service the growing regional population. It will consist more effectively. This process serves as both a policy guide for
of destination retail, first-class restaurants, hospitality, and Class A MERCHANDISING APPROACH development and a tool to help market and recruit quality retail to
office. The Rivery is a first-class mixed use district with high-end Georgetown.
townhomes, hotel and conference center, and regional retail. Phase The Project Team was asked to develop the following for this initiative:
2 will consist of high-end lifestyle retail and destination restaurants. • Create a market assessment to explore the capacity of retail While this analysis recognizes substantial population increase and
for existing and planned retail developments, and assess traffic regional retail demand, the future challenges will be to balance the
There are several new emerging retail oriented projects in Georgetown. patterns and other drivers within the study area; number of commercial projects in context with the regional retail
Regional developers are planning a new regional retail district within • Determine the Primary and Secondary Retail Trade areas for market to mitigate over-saturation of retail and ensure retail health
Georgetown’s extraterritorial jurisdiction (ETJ), called Longhorn Georgetown; and vitality. It will also be critical to explore ways to differentiate
Junction. Longhorn Junction is a planned mixed-use project with over development patterns and merchandising to create balance and
• Conduct a Market Analysis to understand current customer
diversity within the region.
Georgetown Retail Merchandising Plan 2016 9
Executive Summary
Based on property owner, developer, city staff, and community input SPENDING
and data analysis, Catalyst crafted a comprehensive Merchandising The Georgetown annual per capita expenditure is $29,324. 3. Longhorn Junction is just outside Georgetown’s city limits and
Plan that underscores the strength of Georgetown’s existing retail Data shows that Georgetown residents spent $9,306 per capita is well positioned to leverage the adjacent retail in Round Rock
and greater Georgetown market. Efforts are underway to secure
and serves as a strategy to harness the future demand anticipated on retail in 2016. This represents approximately 32% of total anchor tenants for the development. Short-term recruitment
from future growth. As a basis for this study, Catalyst created a spending on retail, in Georgetown, compared to 24% in Texas, should support underwriting anchor tenants to catalyze the
Primary Trade Area (PTA) by analyzing customer patterns from and 17% in the U.S.. This reflects that Georgetown has higher development.
Georgetown shopping centers. The PTA for Georgetown equates than average retail spending and can support higher quality retail
to a 24-minute drive time and a 9-mile ring. Of the total samples, development or more outlets. 4. NWC I-35 and Lakeway is also planned for big-box and anchor
tenants. While there is additional planning and infrastructure
39% of the samples were from Georgetown city limits and 61% needed, this area is well positioned along I-35 to be key in
were from outside of Georgetown, which supports Georgetown’s COMPETITION developing regional retail.
reputation as a regional destination. Georgetown is within a very competitive retail environment,
sharing a customer base with Round Rock, Leander, Pflugerville, 5. The Rivery is one of Georgetown’s best mixed-use
KEY FINDINGS Cedar Park, greater North-Austin, and Hutto. While there developments. This development is well positioned to attract a
higher-quality tenant mix with the Sheraton and entertainment
• 2016 PTA Population - 134,031 are nuances in each market, most of the regional nodes have drivers, combined with the high quality development.
• 2021 PTA Population Projection - 153,973 similar demographic attributes. The most notable difference is
• 2016 Households - 49,043 Georgetown has a higher median age and higher incomes than 6. The Williams Drive corridor is mainly auto-oriented and
• 2016 Workforce - 30,994 the region. While portions of Austin and Round Rock have higher therefore contains a large concentration of convenience uses.
A current analysis is exploring mobility and land use, and will be
• 2016 Median Income - $78,988 population and greater retail density, Georgetown’s downtown provided in more detail.
• 2016 Average Income - $93,176 and emerging lifestyle projects, such as The Rivery and proposed
• 2016 Median Age - 41.2 Wolf Lakes, offer a better experience and accessibility. 7. Williams Drive and Ronald Reagan/CR 245 is within the
• Residential Purchasing Power - $10,585,687,526 far northwest sector of Georgetown. While this area currently
• Workforce Purchasing Power - $2,448,374,375 PROPERTIES has the lowest density of population, its location and future
population will be strategic to neighboring developments.
• Total Purchasing Power - $13,034,061,901 Catalyst reviewed the major retail nodes within Georgetown
and identified the top ten areas for current and future retail 8. Downtown Georgetown is a world-class destination with
The analysis shows greatest current demand for: development. These include: high quality restaurants, retail and serves as Georgetown’s city
• Department stores (320,638 square feet) center.
• General merchandise stores (316,004 square feet) 1. University and SH 130 Toll is well situated to serve east 9. Wolf Ranch is one of Georgetown’s largest shopping centers
• Restaurants (70,937 square feet) Georgetown and the SH 130 Toll corridor. This area benefits from and contains national anchors, destination restaurants, and
• Limited service restaurants (83,748 square feet) the adjacent high school and lack of competition in the area. regional retail.
Near term focus should be on neighborhood and convenience
• Specialty stores (56,478 square feet)
tenants that can catalyze the development but not hinder value
and optimization of the development program. 10. Wolf Lakes, part of Wolf Ranch, has the potential to be one
The combined retail demand for the Georgetown PTA has 3.646 of Georgetown’s strongest assets. The Wolf family’s strong
million square feet of demand, of which over 900,000 square 2. The I-35 and SH 195 area is well positioned for a myriad vision and desire to activate a legacy project, as well as the
development’s strategic location at the epicenter of Georgetown,
feet of demand is being lost to competing retail areas. By 2046, of commercial and mixed-uses. While this area has a small makes appropriate merchandising critical to its success. This
the Georgetown PTA is estimated to support over 2.4 million population base today, the projected growth rate shows that project should target high quality retail, office, medical, and
this could be a major retail node in the future. A planned H-E-B
additional square feet of net new retail, in light of competition. will also catalyze new retail within this area. urban residential.
10
2. Market Analysis
Market Analysis
CONDITIONS, FACTORS, AND EMERGING TRENDS catalyze new developments in under-served areas in northwest and restaurants, resulting in a vibrant walkable environment.
IN GEORGETOWN’S RETAIL east Georgetown in a strategic way to ensure long-term retail vitality
in the city. Outside of Downtown, The Rivery and Wolf Ranch Town Center
The City of Georgetown is located within the Austin-Round Rock, TX have the greatest concentration of destination retailers. In addition,
MSA, one of the fastest growing regions in Texas. Among cities with a In addition, there are many projects that have been announced or are H-E-B, a Texas based retailer, has two locations in Georgetown
population above 50,000, Georgetown ranks as the “fastest growing in the planning stages. Therefore, balancing healthy growth with the and two more planned. The first location is across I-35 and SH 29
city in the United States,” according to the US Census Bureau. aligning land use and economic strategy will be important to ensure and the second location is located at the intersection of Williams
Georgetown’s population grew by 21% between 2010 and 2016 but sufficient capacity is available for various projects as they come on- Drive and D.B. Wood Road. Randall’s, a Houston based grocer, has
still maintains a unique small-town feel and identity. Georgetown has line. plans for a new grocery store on Williams Drive, in the northwest
beautifully preserved a vibrant historic downtown, marketed as “the sector of Georgetown.
Most Beautiful Town Square in Texas,” which serves as a figurehead One of the greatest retail assets in Georgetown is its downtown.
of the increasingly well-rounded community. Direct frontage along Downtown Georgetown has a national reputation and not only serves DEMOGRAPHICS
I-35 and SH 130 Toll also provides premier access to support first- as the municipal center, but its restaurants and retail businesses serve Businesses and residents continue to flock to Texas because
class mixed-use retail and commercial opportunities. visitors from all around the U.S. Downtown consists of many unique of the appeal of the Texan business environment, quality of life,
and eclectic operators that generate a large core of destination
Georgetown has a number of successful, high-quality retail
developments, including The Rivery and Wolf Ranch Town Center.
Rapid population growth and the presence of large, nationally-based
tenants have sparked the emergence of a new wave of nuanced
lifestyle projects in the planning stages, such as Wolf Lakes,
Longhorn Junction, and future phases of the Rivery development.
Additionally, several future commercial developments are located
along Georgetown’s peripheral such as Ronald Reagan Boulevard
at Williams Drive and East University Avenue corridor near the SH
130 Toll road intersection.
Georgetown is situated in the hyper-competitive north Austin retail
market. This region includes Round Rock, Leander, Pflugerville,
Cedar Park, greater North-Austin, and Hutto. Georgetown’s biggest
advantage is that it serves as the “last-out,” or apex of northern
Austin with the confluence of SH 130 Toll and I-35. However, a retail
strategy for Georgetown must not only consider the needs of the
local population, but also factor in the existing retail base within
Georgetown’s retail Primary Trade Area (PTA). Therefore, it is crucial
that implementation of this merchandising plan be tailored to capture
quality, sustainable in-fill development and seek opportunities to
Source: City of Georgetown
12
and employment opportunities, among other aspects. According Estimates suggests continuance of explosive population within
to a 2016 press release by the U.S. Census Bureau, the top the Georgetown, Round Rock, Cedar Park, Austin and Pflugerville
four metro markets in Texas added 412,000 of the approximately region that will fuel the need for high-quality commercial and Georgetown, Texas
490,000 new residents to the State. The 2016 Texas population retail.
is 27.63 million, and Texas is projected to grow to just shy of 30 Population Density
million by 2021. According to the U.S. Census, ”Georgetown by block group
Less than 250
has grown faster than any American city with a 250 to 500
500 to 1,500
1,500 to 2,500
Of the top four metropolitan areas, Austin-Round Rock MSA population over 50,000 in the last year” Greater than 2,500
City Limits
is the number one region in the state in terms of growth. The Primary Trade Area
population of the Austin region will exceed two million people INCOME
within the next five years, using an estimated growth rate of The median household income of the Austin-Round Rock MSA
32.4% (2010-2021). By 2021, Georgetown is estimated to have is $63,399, slightly higher than Texas, at $54,075. Georgetown’s
approximately 40% more residents than in 2010 (an additional median household income is higher than the Austin - Round
19,080 residents). That equates to an average of 3.1% growth Rock MSA at $66,968 (ESRI).
per year, almost double the rate of Texas, at 1.6%.
Income is anticipated to increase in Georgetown by 15.9% and
As the market has progressed to the north, Georgetown has in the MSA by 15.3%, considerably higher growth than Texas
positioned itself as a dominant player in retail development. at 9.7%. Furthermore, the median household income in the
This is due to topography (Georgetown is the beginning of Georgetown PTA is $78,988, as of 2016, which is higher than
the Hill Country), a developing transportation system, quality the City of Georgetown. As a result of the population boom
developments, regional location, and quality of life. and increased wealth and real income in Georgetown and the
metro area, purchasing power in the market is increasing, which
The Georgetown PTA population is projected to grow from a creates greater capacity for retail goods and services.
population of 105,405 in 2010, to a population of 153,973 in
2021, a 46% growth rate. This equates to approximately 56,400 Income ranges are higher in Georgetown and the MSA relative
households in 2021 (at 2.7 people per household). to the State. This is attributed to the fact that Georgetown has
Population Breakdown
Year Georgetown Georgetown PTA Austin-Round Rock MSA Texas
2010 47,831 105,405 1,716,289 25,145,561
2016 57,958 134,031 1,997,049 27,637,152
2021 66,911 153,973 2,272,790 29,966,830
Total Growth (2010-2021) 39.9% 46.1% 32.4% 19.2%
Compound Annual Growth Rate 3.1% 3.5% 2.6% 1.6%
Source: STI, ESRI
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Georgetown Retail Merchandising Plan 2016 13
a higher percentage of households with incomes in the ranges of Bureau projects that the nation will be minority-majority by 2060
$50,000-$74,999 (20% of households); $75,000-$99,999 (15%); and perhaps as early as 2042. Immigration (largely from Asian
and $100,000-$149,999 (19%). Conversely, Georgetown has a and Latin American countries), net migration, and higher birth
significantly lower percentage of lower income households with Georgetown, Texas rates among minority couples are contributing factors to these
income less than $24,999 at 14%. changes.
Median Household Income
by block group
Comparison of Median Household Incomes Less than $25,000
$25,000 to $50,000
$50,000 to $75,000 A study by the Federal Reserve Bank of Dallas found that the
Year Georgetown Georgetown Austin Texas $75,000 to $100,000 foreign-born population in Texas has been increasing, most
Greater than $100,000
PTA MSA City Limits rapidly in the major metro areas. In fact, Williamson County had
Primary Trade Area
2016 $66,968 $78,988 $63,399 $54,075 the tenth fastest-growing Hispanic population of Texas counties
2021 $77,603 $83,824 $73,078 $59,303 from 2010 to 2014, increasing 18% during that span. Despite a
Growth 15.9% 6.1% 15.3% 9.7% dip in total percentage of black population in the City of Austin,
the total black population in the Austin-Round Rock MSA is rising
slightly. However, in the Georgetown PTA, almost 71% of the
population is white, and only 20.5% is Hispanic.
25%
20% AGE
Generational breakdowns in the Austin-Round Rock MSA are
15% Georgetown similar to Texas across the board. There are slightly higher
Aus:n MSA percentages of Millennials and Generation X and slightly lower
10% Texas percentages of Baby Boomers and Silent Generation in the MSA
compared to Texas. However, in Georgetown the percentages
Georgetown PTA
5% of Millennials and Generation X are slightly lower, and the
percentages of Baby Boomers and Silent Generation are higher.
0% Additionally, the median age in the City of Georgetown is 45.6,
< $24,999 $25,000- $50,000 - $75,000 - $100,000 - > $150,000
$49,999 $74,999 $99,999 $149,999 which is significantly higher than the MSA and state averages
(33.7 and 34.4, respectively).
Georgetown’s affluent and expansive population growth creates
substantial purchasing power, and makes Georgetown attractive Due to Sun City, a planned retirement community, Georgetown
regionally to quality retailers and restaurants. The adjacent map has become a destination for active retirees, or those that are
reflects the higher concentration of income in the Georgetown 55 and older. The total percentage of the population over 55 in
region versus northern Austin. Georgetown now sits at 40%.
RACE AND ETHNICITY However, Georgetown is also a city with a large number of young
Recent research has consistently found that racial and ethnic families and executives. Thirty-nine percent of the population is
composition in the United States is diversifying. The U.S. Census under 35, and 21% of the population is between 35 and 55. The
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14
the 87,726 persons 25 years or older in the PTA, nearly 43%
Genera&onal Breakdown earned a bachelor’s degree (or higher), 29.9% completed an
associate degree or some college, and 19.9% completed high
35%
Georgetown, Texas school but no college.
30%
25%
Georgetown Dominant Generation In addition to higher incomes and purchasing power, a population
by block group
20% Generation Z (Age 0 - 18)
Aus0n MSA Millenials (Age 18 - 35) with high educational attainment typically fosters a desirable
15% Generation X (Age 35 - 55) talent pool for major employers, and Georgetown has a large
Baby Boomers (Age 55 - 75)
Texas Silent Generation (Age 75 +)
10% Unidentified base of knowledge and talent due to Southwestern University.
Georgetown PTA City Limits
5% Primary Trade Area
The greater Austin region also has one of the most dense
0% populations of colleges in the United States.
0 - 18 18 - 35 35 - 55 55 - 75 (Baby 75+ (Silent
(Genera0on Z) (Millennials) (Genera0on X) Boomers) Genera0on)
2015 Comparative Generation Distribution (Source: ESRI, Census) Access to higher education can attract businesses seeking
regional access in a suburban setting. Many major retailers also
chart aboves shows the distribution of generational breakdowns factor educational attainment into their site selection models as
within Georgetown, the MSA and Texas. The corresponding map the level of education can impact consumer preferences, income,
also helps visualize the population differences by block group, and shopping habits. This creates an opportunity for a strategy to
and easily identifies Sun City, in north Georgetown, due to age attract retail that prefers to locate near students, and employers
restricted housing. that would like to take advantage of an educated workforce; a
mixed-use environment could accommodate both scenarios.
Understanding the type and distribution of the customer base
by generation better informs merchandising needs and the
target audience for the market. For example, to target younger
generations, a strategy to recruit family-entertainment options or
family-oriented restaurants would be ideal. However, research
shows students prefer unique destination restaurants, soft
goods, and places that are pet friendly. An older population may
prefer access to medical care for health and wellness, as well as
cultural options and comprehensive shopping choices. A multi-
generational retail strategy can be leveraged by Georgetown
to target an appropriate tenant mix for new developments or
redevelopment areas.
EDUCATIONAL ATTAINMENT
Levels of highest education attained in the Georgetown PTA are
congruent with advanced age and median income in the area. Of
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Georgetown Retail Merchandising Plan 2016 15
HOUSING there are 180,875 total households within the County with an average
Georgetown has a strong base of residential development. Over household growth of 6,000 units per year. Assuming a 10% capture
two-thirds of residents in Georgetown are owners, compared to rate of County growth, there is an estimated annual demand for 882
only about one-half of residents in the Austin MSA. This reflects new single-family units per year in Georgetown. This would create an
a higher propensity to own; owners tend to be more established additional annual retail demand of $18.5 million, and support 62,000
in the workplace and/or intending to invest in Georgetown for the square feet of new retail in Georgetown per year.
long-term. However, a diversified housing base can attract a wider
audience and corporate users are seeking areas with wider housing Housing can be used to leverage higher quality mixed-use
choices, including multi-family and other mixed housing. developments if properly integrated into the planning process. For
example, The Summit at The Rivery has townhomes and multi-family
Our findings also show that Georgetown has a low percentage integrated into the project. Residential in a mixed-use setting can
(4.7%) of housing stock with value under $100,000 and a high activate the streetscape, create a diversified base to the developer,
percentage (36.9%) of housing stock with value between $200,000 have greater service efficiency and increased tax revenue to the city,
and $299,999. This could also suggest an opportunity for broader and offer built-in retail base.
housing for lower incomes, as many communities with high median
home values struggle with labor to support retail. As Georgetown explores implementation of this Merchandising Plan,
residential should be encouraged in certain developments that are
Median Home Value integrated into a mixed-use scenario, if the residential can help inform
higher quality commercial development.
Georgetown $257,667
Round Rock $226,957
Pflugerville $225,520
Leander $224,351
Cedar Park $280,196
$- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000
2015 Comparative Housing Values (Source: ESRI, Census)
Residential is a large component of retail demand, therefore to predict
future demand, Catalyst calculated demand potential for single-
family housing in Georgetown. To calculate demand for Georgetown,
Catalyst used the County growth model as a baseline. As of 2016,
16
PSYCHOGRAPHIC SUMMARY Psychographic Summary
Catalyst has completed a psychographic analysis to provide further 1. 18.7% of the PTA are senior citizens (aged 50s to 60s) who live Georgetown, Texas
comfortably and are retired or preparing to retire soon. They enjoy
context for the Georgetown PTA. Psychographics are useful in market above-average incomes and the ability to afford several vacations.
analyses because psychographics merge standard demographic Intuitively, few children live in these neighborhoods. In Georgetown, Sun Psychographic Segments
data into psychological/consumer preferences of various segments. City captures a large portion of these residents. by block group
Primary Trade Area
Psychographics provide an insight into individual values, attitudes, 2. 12.9% of the PTA is comprised of largely young Hispanic newlyweds City Limits
interests, behaviors, and product preferences. Exploring the and single parents with above-average number of young children.
psychographic characteristics by neighborhood segmentation They work steady blue-collar jobs, and incomes vary widely.
highlights the unique characteristics of the population base. This
type of information is important because interests, preferences, and 3. 11.7% of the PTA are young married couples that make $50,000-
lifestyles can be identified to prepare a retail strategy based upon $60,000 per year by working in various white-collar positions. These
couples tend to have young children and middle-class comforts.
local characteristics.
4. 11.0% of the PTA are established from a young age (median 20s
Catalyst used data from Synergos Technologies Inc. (STI), who and 30s) with above-average number of young children and incomes
developed psychographic data called Landscape to identify the ($70,000s-$80,000s). Income is often earned in management and
professional roles as opposed to self-employment.
psychographic profile of neighborhood segments. Landscape
neighborhood segmentation uses STI proprietary methodology to 5. 4.8% of the PTA are people who choose to live in mobile homes to
create psychographic segmentation at the census block and block increase flexibility and reduce costs. The median household income is
group level. Catalyst used Landscape data at the block group level to typically in the high-$30,000s-$40,000s, earned from predominantly
blue-collar professions. These neighborhoods are popular for married
identify the psychographic profile for Georgetown. couples in their 30s and single males.
STI data includes neighborhood segmentation across 72 categories 6. 3.8% of the PTA is made up of young married couples that earn $40,000-
(neighborhood segments) defined by STI. These neighborhood $50,000 annually and enjoy middle-class life with their children.
segments are groups of people who share similar psychographic 7. 3.6% of the PTA are young singles who have never married and do not
characteristics and are statistically different from other population have children. These are college-educated professionals who earn in
segments. The segments are based on national data and are distinct the $50,000s-$60,000s.
from districts referenced in this report. Each of these segments are TOP 5 PSYCHOGRAPHIC SEGMENTS
GEORGETOWN PRIMARY TRADE AREA
grouped into 15 summary neighborhood categories. 8. 3.4% of the PTA are well-educated singles who do not yet earn high
income (averaging $30,000s-$40,000s). Young age and high rate of Creme de La Creme Seasoned Urban Dwellers Married in the Suburbs Working With Nature Specialties
single parents are attributes that explain why these residents have not Empire Builders Gray Eminence Bonds and Babies Land Barons Golden Heritage
Great Generations
East Meets West
Fall Years
Fertile Acres
Grand Masters
The following are the dominant psychographic segments within yet been promoted to advanced white-collar positions. Marquis Class Thriving Alone Couples with Capital Breadbasket Group Quarters
Still in the Game
Farmers Circle
Doublewides
Kith and Kin
American Knights
Crops and Tractors
Sublime Suburbia
Urban Squires
Georgetown based upon the percent of total households. A Urban Cliff Climbers Gurus Retired in the Suburbs Harlem Gateway Centurions
Regents
Legacy Years
Wizards
Collegian
Harlem Gentry
Apprentices
Stocks and Scholars
description of these psychographics can be found in the appendix. 9. 3.4% of the PTA are classified as a cornucopia of communities linked by Charmed Life Going it Alone Marmalade and Money East Side Unspecified
Upper East Side
Unspecified
Stately Suburbs
young age, lower education attainment levels and blue-collar careers. Sitting Pretty SM seeks SF Living with Nature Lower East Side
Hard Act to Follow
Kindred Spirit
Middle of the Road Solo Acts Country Villas Between Jobs
White Collar Status Down But Not Out Pastoral Vistas Espaniola
Blue Collar Starts Struggling Alone Terra Firma Anos de Quincenera
10. 3.2% of the PTA are educated, white-collar 30-somethings who enjoy Urban Cliff Dwellers Urban Moms Stock in Trade Los Padres
Social Whirls Apron Strings Rough and Ready Los Novios
rural lifestyles and high incomes ($70,000s-$80,000s). Managing Business Single in the Suburbs The Outback Los Padrinos
Solemn Widows
Los Solteros
Nest Builders
0 Gainfully Employed 5 Educated Earners Cornucopia Los Trabajadores
Strapped Suburban Singles Source: STI
Hard Hats/Hair Nets
miles
1 Golden Heritage
When you think of senior citizens in America there are typically two images that come to mind. One is of very well off older
citizens living comfortably, usually by the ocean, having the money both for a nice primary residence and for frequent vaca-
tions (perhaps in a comfortable recreational vehicle), playing shuffleboard or cards, and basically enjoying their post- work-
17
Georgetown Retail Merchandising Plan 2016
ing years to the hilt. The other image is less appealing: of older Americas struggling to make ends meet and waiting each
month for their social security checks to arrive. Market segmentation analytics bear out the reality of both of these images.
And Golden Heritage segments are neighborhoods that are home to the former: in other words, the senior citizens living the
good life in places like Florida, Arizona, and other appealing climates. The median age of these residents is 50s to low-60s.
But they also show a nearly four times average number of people over 65-years-old. These seniors are living comfortably
on incomes in the median range of the $50,000s and $60,000s. Much of their income is from social security and retirement
(two-and-a-half-times-above-average). However, they also have a 75-percent-above-average level of interest/dividend
income. Some of these seniors are still working at white-collar jobs in areas like management, professional and sales po-
sitions. There are many married-couples, but few children living in Golden Heritage neighborhoods. Obviously due to the
residents’ advanced years, these neighborhoods have a 50-percent-above-average level of widows and widowers.
2 Sitting Pretty
Among the Urban Cliff Climbers neighborhoods that are home to the backbone of America’s workforce are the Sitting Pretty
segments. This group is young (20s to 30s), but enjoying good income levels (between $50,000 and $60,000). Their relative-
ly high earnings range comes from middle-class white-collar jobs in several occupations, including management, protective
services, personal care, sales, office administration, and repair services. Their higher- than-average salaries keep them and
their mostly newborn to 13-year-old children very comfortable in their urban abodes, in all probability surrounded by all of
the creature comforts required to please all of the senses — from big-screen-high-def TVs to fully equipped SUVs. With
good college educations and good jobs, the Sitting Pretty residents have earned their comforts they enjoy.
3 American Knights
American Knights are the “youngsters” of the highly urban Crème de la Crème category of neighborhood segments. Not
only is the median age range in the 20s and 30s, but also these areas have an above-average number of children below the
age of six. These characteristics correlate to the higher-than- average number of married-with-children-under-18 house-
holds. Though young, these urban neighborhoods are home to higher-than-average number of earners in white-collar
management and professional occupations. These mostly college educated residents enjoy incomes in the $70,000s and
$80,000s, largely from salaries and wages. They also earn incomes at a slightly-higher-than-average level from interest/div-
idends. However, unlike many other Crème de la Crème neighborhoods, who have higher self- employment income levels,
the American Knights residents are just at the national average in this measurement.
4 Doublewides
In America there tends to be a particular stigma attached to living in mobile homes and mobile home parks. In fact, many
people chose this lifestyle as a preference for several reasons, including mobility and low-cost housing. The median income
of residents of Doublewides neighborhoods is a very respectable high-$30,000s and $40,000s. Doublewides are areas
were mobile homes dictate the lifestyles of the residents, who share a median age in the 30s. While residents in Double-
wides do have a higher-than- average level of income from public-assistance, many others are hardworking Americas, with
a higher-than-average representation in several manual-labor blue-collar occupations, including farming/fishing/forestry
(nearly three-times-average), construction (75-percent-above-average), repair services (over-50-percent-above-average),
transportation (50-percent-above-average), and production (nearly 50-percent-above- average). These occupations are a
reflection of the residents’ low educational achievements. There is an over-50-percent-average number of people with less-
than- high-school educations. However, 25-percent-above-average have high-school degrees. Also owing to their residents’
ages, these areas have slightly more younger children than older. They tend to have married-couple households, but also
have a nearly 50-percent- higher-than-average number of single-fathers.
5 Kindred Spirit
Kindred Spirits are home to people who keep America humming — because they are the ones doing the work, as well as
their fair share of the spending. The residents of these Urban Cliff Climber neighborhoods are 20- to 30-years-old, married
with- children of all ages (but slightly more in the younger ranges), earning between $40,000 and $50,000, enjoying some
years of college education, and employed in a cross-section of the nation’s middle-class occupations. These residents earn
an income slightly above the national-average in a wide range of jobs, such as protective services, food preparation, per-
sonal care, sales, office administration, construction, and repair services. With kids to raise and relatively good incomes,
Kindred Spirits no doubt enjoy a big slice of classic middle-class life.
TRAFFIC PATTERNS
Traffic counts were compiled throughout the city of Georgetown to
understand traffic patterns at key retail locations. While Georgetown
traffic counts are lower than some areas in the region, Georgetown
also offers greater mobility, a benefit to shoppers who are impacted
in Austin due to traffic congestion and delay. The major arterial 195 61,678 Traffic Counts
Georgetown, Texas
thoroughfare in Georgetown is I-35, which spans the length of the City Limits
city. I-35 functions both as a regional and national interstate, resulting 35 Downtown Boundary
in the highest average daily traffic (ADT) counts in Georgetown. The 13,806 Traffic Count
183
counts along I-35 range from 99,560 ADT at the intersection of I-35
and Leander Road on the southern portion of the city to 61,678 at the 9,911
northern boundary of the city. 13,891
Georgetown is bifurcated by Texas SH 195, which connects 79,898
Georgetown to Killeen and Fort Hood to the northwest, and SH 130
Toll coming southeast from San Antonio. SH 195 has a 13,806 ADT 15,351
count just outside of the Berry Creek neighborhood at SH 195 and Location 24 Hour
Airport Road. ADT
130
SH 130 is a toll road that allows for regional traffic to bypass Austin, I-35 at Private Road 917 61,678
and connects into the southern portion of San Antonio at I-10. SH SH 195 at Airport Road 13,806 35
130 Toll traverses the eastern portion of Georgetown and has ADT I-35 at SH 195 79,898
counts of 15,351 at SH130 Toll and County Road 152, and 13,493 29 Williams at Del Webb Boulevard 9,911 17,971 14,484 12,669 12,693 29
ADT at SH 130 Toll and SH 29. 183 Williams Drive at Woodlake 13,891 13,493
29 10,483
W University Avenue at County Road 265 17,971 29
Williams Drive runs southeast through Georgetown parallel to SH D B Wood Road at County Road 265 11,324 11,324
195, and services a large portion of the city including the Sun City and W 12th Street at Rock Street 14,484 99,560
Serenada developments. Area developments and commercial along S Austin Avenue at W 9th Street 12,669 9,395 13,958
Williams Drive help account for the 29,000 ADT counts on Williams
Drive near I-35. Leander Road at Railroad Avenue 13,985 130
S Austin Avenue at W 21st Street 10,483
SH 29 serves as the only major east-west thoroughfare through I-35 at Leander Road 99,560
Georgetown, servicing major retail centers and the downtown portion SH 130 Toll at SH 29 13,943
of Georgetown. ADT counts of 17,971 along West University Avenue 183 E 12th Street at Summercrest Drive 12,963
& County Road 265 are attributed to the traffic generated by area SH 130 Svc Road at County Road 152 15,351
183A
commercial developments. In Downtown, the traffic count is 14,484 Leander Road at River Ridge Drive 9,395
at the intersection of West 12th Street and Rock Street and 12,669 at 35
South Austin Avenue and West 9th Street. © 2015 Catalyst Commercial. The information provided herein is deemed reliable
and is subject to errors, omissions, change of terms and / or conditions.
Source: Costar
18
MAJOR EMPLOYERS
Primary jobs and associated employers have a symbiotic
relationship to retail. Retail serves as a conduit for goods and
services and as an amenity to the local workforce. In addition,
retail employment is a substantial portion of the U.S. economy. 195 Major Employers
Georgetown, Texas
Retail jobs represent almost 14.8 million people, or 10% of the City Limits
total national workforce. An International Council of Shopping 35 Downtown Boundary
Centers survey identified that the average worker spends over 183 Employer Location
$26 per week on retail goods and after-work dining. The local
workforce in Georgetown generates over $15 million in annual
retail purchasing power; therefore, understanding where major
employers are located in context to retail developments is
important to harness workforce oriented demand.
Georgetown is home to several large employers. In total,
the nine largest employers have over 6,037 of the 24,564
workforce in Georgetown. In addition, quality retail is part of 130
the prescriptive corporate attraction requirement. For example, 35
a May 2016 article in Site Selection Magazine underscored
how the success of mixed-use developments has changed the 29 29
relationship between major employment and retail in an urban 183
area, stating that “the once-discrete markets of office and retail” Company Employees 29 29
now share an “interwoven nature of value” in context of planning
and development, meaning it is important to strike a balance Williamson County Government 1582
between attracting new major employers and establishing new Georgetown Independent School District 1550
retail hubs. As Georgetown focuses on retail attraction, it should City of Georgetown 682 130
also explore ways to leverage corporate locations into mixed- Southwestern University 450
use districts to take advantage of the synergies between the Airborn, Inc 482
corporate and retail users, including parking synergies, shared St. David's Georgetown Hospital 512
183
cost of services, and greater fiscal impact. Wesleyan Homes, Inc 340
Caring Home Health 269
183A
Sun City (Del Webb) 170 35
© 2015 Catalyst Commercial. The information provided herein is deemed reliable
and is subject to errors, omissions, change of terms and / or conditions.
Source: City of Georgetown
Georgetown Retail Merchandising Plan 2016 19
3. Trade Area
Trade Area Analysis
To analyze Georgetown’s retail trade area in the region, Catalyst determined the Primary Trade Area (PTA) and Secondary Trade Area
(STA) for the City. A trade area is a boundary within which an entity draws most of its business. Understanding the characteristics and
context of a trade area enables city leaders, planners, and developers to understand the purchasing power for the Georgetown retail
market and further understand the customer base for the region. A PTA is influenced by the type, size, quality, and mix of retail in a Georgetown, Texas
region. A trade area will also be impacted by competing trade areas and other shopping substitution options, and be impacted by Trade Area Distribution
access and mobility and barriers such as lakes, highways, railroads, airports, etc. Primary Trade Area
(65% Catchment)
24 Minute Drive Time
(65% Catchment)
9 Mile Ring
(63% Catchment)
PROCESS City Limits
Customer Samples (2,546)
To delineate an accurate PTA for the City, Catalyst conducted over 2,650 customer intercepts. These consisted of address level data
from customers that were collected at Wolf Ranch Town Center, Rivery, both H-E-Bs, and Downtown Georgetown in May 2016. These
2,546 unique samples were geocoded and analyzed in GIS to calculate a statistical primary and secondary trade area for Georgetown.
PRIMARY TRADE AREA
A PTA typically encompasses 50-80% of the closest customers within the region; Catalyst used a 65% catchment of samples to
determine Georgetown’s PTA. Using this methodology, the PTA for Georgetown equates to a 24-minute drive time and a 9-mile radius.
Of the samples collected, 39% of the samples were from Georgetown and 61% were from outside of the city. The Georgetown PTA is
one of the largest trade areas for a suburban market that Catalyst has calculated. This is likely due to the city’s position as the northern
gateway into the Austin-Round Rock MSA and higher quality of various retail shopping centers.
The PTA map shows that consumers are also coming to Georgetown from north Austin, Cedar Park, Round Rock, Pflugerville,
and Leander. The draw of Downtown Georgetown and shoppers from the Killeen/Fort Hood market are contributing factors to this
observation.
PTA DEMOGRAPHIC SUMMARY
• 2016 PTA Population - 134,031 PTA Generational Breakdown
• 2021 PTA Population Projection - 153,973
• 2016 Households - 49,043 Generation Percentage
• 2016 Workforce - 30,994 Generation Z (Ages 0 - 18) 25%
• 2016 Median Income - $78,988 Millennials (Ages 18 - 35) 18%
• 2016 Average Income - $93,176 Generation X (Ages 35 - 55) 26%
• 2016 Median Age - 41.2
• Residential Purchasing Power - $10,585,687,526 Baby Boomers (Age 55 - 75) 22%
• Workforce Purchasing Power - $2,448,374,375 Silent Generation (Age 75 +) 8%
• Total Purchasing Power - $13,034,061,901
0 5
miles
Source: STI
22
SECONDARY TRADE AREA
A Secondary Trade Area (STA) encompasses 80% to 85% of core customers, and is beneficial for understanding the distance range Georgetown, Texas
from which consumers travel to shop. Catalyst formed the Georgetown STA by using an 85% (additional 20%) catchment. The STA
reveals that Georgetown is capturing retail consumption from most of the surrounding small towns to the north, Taylor to the east, and Trade Area Distribution
most of north Austin despite strong retail presence in Round Rock and Cedar Park. Primary Trade Area
(65% Catchment)
SecondaryTrade Area
(85% Catchment)
24 Minute Drive Time
(65% Catchment)
Although the PTA captures the core customer base for Georgetown, a measurable percentage of store sales could be generated within 9 Mile Ring
(63% Catchment)
City Limits
the STA. The STA is also where the most competition exists. For example, Lakeline Mall, Parkline Shopping Center, Walden Park, Anna Customer Samples (2,546)
Plaza, and The Homestead are all located outside the STA but impact customer demand in Georgetown.
STA DEMOGRAPHIC SUMMARY
• 2016 STA Population - 802,237 STA Generational Breakdown
• 2021 STA Population estimate - 895,216 Generation Percentage
• 2016 Households - 298,320 Generation Z (Ages 0 - 18) 28%
• 2016 Workforce - 309,059
• 2016 Median Income - $70,838 Millennials (Ages 18 - 35) 22%
• 2016 Average Income - $88,970 Generation X (Ages 35 - 55) 30%
• 2016 Median Age - 37.0 Baby Boomers (Age 55 - 75) 17%
• Residential Purchasing Power - $56,800,891,796 Silent Generation (Age 75 +) 4%
• Workforce Purchasing Power - $21,892,970,987
• Total Purchasing Power - $78,693,862,784
0 10
miles
Georgetown Retail Merchandising Plan 2016 23
4. Market Demand
Retail Demand
DEMAND AND OPPORTUNITY are potential consumers. I-35 and US 183 are already busy supply is 597,000, representing an over-supply in grocery.
commuter corridors in the PTA, and SH 195 and the SH 130 However, with future growth projected, the 2046 demand
RETAIL DEMAND Toll road will command retail gravity as the metro population shows capacity for 268,089 square feet of grocery demand
Catalyst investigated spending patterns in the Georgetown Primary continues to expand northward and increase in density. Currently, due to the increased demand from the additional population
Trade Area (PTA) to estimate current demand and project future retail commuter demand creates an additional 38,000 square feet of growth and typical grocer spend per capita.
demand. The results indicate that about half of the North American additional retail demand in Georgetown today.
Industry Classification System (NAICS) retail categories have [Note: For this analysis, supply is held constant and demand is
significant leakage to neighboring markets, denoted by the figures Workforce is also a strong component of demand. Georgetown anticipated to increase by the categorical demand per capita
in the “2016 Leakage” column in the following table. The following has a current employment of over 24,500. The workforce demand over time.]
Potential Supportable Retail Square Footage by Category creates over 110,000 square feet of annual demand.
table shows the projected demand by category for 2016 and The projection shows greatest current demand for department
2046, including the estimated individual demand from student, Student demand is a small component in Georgetown. It is stores at 320,638 square feet, general merchandise stores
workforce, commuter, visitor, and residential demand. anticipated to create 2,500 square feet of retail demand. at 316,004 square feet, restaurants at 70,937 square feet,
limited-service restaurants at 83,748 square feet and specialty
CURRENT DEMAND The aggregate retail demand is 3.7 million square feet and total stores at 56,478 square feet.
Retail demand for Georgetown can be traced to several sources. current supply is 3.646 million. However, the current retail “gap”
The primary driver of most retail demand is from households in or “leakage,” based upon unmet demand in individual categories The 2046 projected demand shows the greatest demand for
the area. Typically, the residential component of the community would support approximately 1.015 million square feet. department and general merchandise stores. The third highest
provides up to 80% of total local retail demand in a given area. category is grocery at 268,089 square feet.
Based upon current population and income, the total Purchasing FUTURE DEMAND
Power is over $3.9 billion. Disposable income, what remains To estimate future demand, Catalyst projected demand from HOUSEHOLD SPENDING
after taxes and other expenses, is an important component 2016 to 2046. The STI growth rate is estimated to be 20.44%. Current ESRI estimates show the annual per capita expenditures
of retail demand for Georgetown. The current retail demand The compound annual growth rate (“CAGR”) for Georgetown within Georgetown are $29,324. In Georgetown, retail goods
from residential generates demand to support approximately is 3.79%. Using the CAGR, Catalyst projected the per capita represent approximately 32% of spending compared to 24%
3.5 million square feet of retail annually. For example, Sun City demand for each category by the population increase to calculate spent on retail goods in Texas, and 17% in the US. This equals
currently has over 7,500 households and is projected to reach the future demand for the PTA. Catalyst projections show that by $9,306 spent on retail per capita by Georgetown residents in
over 10,000 units at build-out, over the next few years. Today, 2046, the Georgetown PTA can support up to 2.4 million square feet 2015.
Sun City purchasing power generates over $209,557,620 of of currently unmet retail demand. The largest unmet demand is in
retail demand, or enough to support almost 700,000 square feet the grocery, restaurant, department store, general merchandise, gas APPAREL AND SERVICES
of retail, which is almost 20% of the total household demand for stations, sporting goods, electronics and health and personal care In conjunction with the department store “leakage,” there is
the PTA. Assuming one-hundred percent capture in Georgetown, categories also greater spend per capita in “Apparel and Services” by
this would generate over $4.1 million in annuals sales tax to the Georgetown residents. The Georgetown spend per capita is
City. While the PTA is under-supplied in most categories, the $868 per year, which is 20% greater than the Texas average.
methodology accounts for any deficiencies in demand due to Of this, Men’s apparel is $173 per capita, which is 21.5%
Commuter demand, generated by the commuter traffic passing existing supply for each category. For example, in the PTA the greater than the Texas average. Footwear is $180, which is
by a given location, is a key driver as a percentage of commuters grocery store shows total square feet demand of 478,000 and 16% higher than the Texas average. Women’s apparel is 26%
26
greater than the Texas average at $308 per capita. Children’s Owner-occupied housing expenses account for $4,986 of retailers, paint stores, and other home related businesses.
apparel is slightly higher, at 6% greater per capita sales than the the annual per capita expenditures. These expenses include
Texas average. maintenance, repairs and upgrades, as well as general operating ENTERTAINMENT
expenses. Housing related expenses in Georgetown account Entertainment expenditures are $1,295 per capita in Georgetown.
FOOD for the largest above average expenditure in comparison to This represents 26% greater than the Texas average and 18%
Food, at $3,524 per capita, represents 12% of the total budgeted the U.S. and Texas amounts spent on housing. This is due to greater than the U.S. average. This category includes sports
expenditures. This figure is 21% greater than the Texas average the high concentration of ownership and greater home values and recreation, pets, photography, fees for events, reading,
and 16% greater than the U.S. average. Food away from home in Georgetown that creates greater investment in maintenance, recreational vehicles, and crafts and hobbies. Entertainment can
and dinner to go are 21% and 31%, respectively, greater than the upkeep, and improvement to maintain values and equity. This be synergistic with existing retail and restaurants and is also a
Texas average. In concert with food, alcoholic beverage spend is is consistent in affluent areas and developments that have great magnet for tourists, which can increase regional demand
also greater at $225 per year. This is 26% greater than the Texas home owner associations. This higher spending amount will be for retail and hospitality in Georgetown.
average and 17% greater than the US average. attractive to home improvement related businesses, home good
Retail Spending Comparison
Within the food category, over 38% of food is spent on non
grocery items at places such as restaurants or fast food. Dinner Category Georgetown (per capita) United States (per capita) Percentage above
away from home constitutes $630 of the away from home spend, spend in $’s spend in $’s US average
breakfast is $139 per capita, and the remainder is lunch or what 2016 Retail Goods $9,306 $7,979 14%
is considered the “fourth meal.” This spending will be attractive to 2016 Housing $9,079 $7,697 15%
restaurants, fast casual concepts, and specialty food operators. 2016 Transportation $3,528 $3,045 14%
This is also in-line with the restaurant “gap” across all food related 2016 Pensions & Social Security $2,953 $2,555 13%
categories.
HOUSING 2016 Health Care $2,435 $1,994 18%
2016 Food at Home (Groceries) $2,167 $1,876 13%
2016 Food Away from Home (Eating out) $1,357 $1,164 14%
2016 Entertainment/Recreation $1,295 $1,097 15%
2016 Apparel & Services $868 $758 13%
2016 Travel $849 $701 18%
2016 Household Operations $779 $646 17%
2016 Education $579 $532 8%
2016 Other Household Items $332 $282 15%
2016 Furniture $219 $185 16%
2016 Life/Other Insurance $187 $156 17%
2016 Major Appliances $130 $107 18%
2016 Cash Contributions to Charities $130 $103 20%
2016 Housewares $39 $31 19%
Source: ESRI
Georgetown Retail Merchandising Plan 2016 27
Georgetown PTA Retail Demand Chart DEMAND METHODOLOGY
The retail demand for the Primary Trade
Student Workforce Commuter Visitor Residential 2016 Total 2016 Leakage Total Demand Area is an aggregate of student, workforce,
Demand Demand Demand Demand Demand Demand 2016 Total Supply "Retail Gap" 2016 - 2046 commuter, and residential generated
Category
Auto Parts, Accessories & Tire Stores 433 1,028 39,960 41,421 31,447 9,974 29,518 demand. Each category is based upon the
Furniture Stores 79,907 79,907 224,593 - 6,015 estimated base for each category times
Home Furnishings Stores 45,187 45,187 35,531 9,655 31,820 the estimated spend by category, the
Electronics & Appliance Stores 205,985 205,985 217,554 - 127,786 estimated capture rate for each category,
Bldg Material & Supplies Dealers 189,361 189,361 283,732 - 91,459 and applying national spending averages
Lawn & Garden Equip & Supply Stores 17,981 17,981 19,599 - 10,966 for each category. To project future
Grocery Stores 532 8,095 3,680 5,300 460,798 478,405 597,644 - 268,089 demand, supply is held constant and
Specialty Food Stores 102,952 102,952 46,474 56,478 83,211 demand is anticipated to increase by
Beer, Wine & Liquor Stores 37,277 37,277 54,336 - 18,476 the categorical demand per capita over
Health & Personal Care Stores 353 15,621 12,863 209,881 238,718 285,838 - 137,618 time. It should also be noted that the
Gasoline Stations 21,930 12,854 37,648 143,214 215,645 187,367 28,278 146,326 “retail gap” factors in the retail leakage
Clothing Stores 151 2,913 1,413 4,811 121,913 131,200 235,082 - 51,408
by category, therefore the total retail
Shoe Stores 277 4,005 2,590 14,258 45,567 66,697 154,770 - 15,178
leakage is greater than the total demand
Specialty Retail (i.e. Jewelry, Luggage & Leather Goods Stores)132 3,052 6,790 39,808 49,781 49,471 311 31,848 less total existing supply.
Sporting Goods/Hobby/Musical Instr Stores 1,736 1,295 89,841 92,872 91,291 1,581 59,726
Book, Periodical & Music Stores 1,295 27,895 29,190 15,158 14,032 22,977
Department Stores Excluding Leased Depts. 5,207 674,115 679,322 358,684 320,638 532,895
Other General Merchandise Stores 24,032 1,942 327,160 353,134 37,130 316,004 323,409
Florists 1,295 6,453 7,748 3,726 4,022 6,191
Office Supplies, Stationery & Gift Stores 5,875 1,295 27,103 34,272 33,947 325 21,960
Used Merchandise Stores 2,590 64,090 66,680 29,532 37,148 54,070
Other Miscellaneous Store Retailers 1,807 140,456 142,262 454,482 - -
Full-Service Restaurants 333 7,634 2,178 10,662 144,158 164,965 94,028 70,937 127,255
Limited-Service Eating Places 302 10,281 3,085 15,105 157,208 185,980 102,232 83,748 144,639
Special Food Services 4,238 4,238 566 3,671 3,844
Entertainment 24 - 6,718 6,742 - 6,742 6,395
Lodging 36,661 36,661 - 36,661 34,772
Drinking Places - Alcoholic Beverages 17,686 17,686 2,169 15,516 16,101
Total Demand (SF) 2,535 110,380 38,345 150,815 3,420,193 3,722,267 3,646,383 1,015,721 2,403,952
Source: Catalyst, ESRI
28
5. Competitive Analysis
Competitive Analysis
The competitive assessment identified several competing nodes H-E-B, Costco, etc.). In addition, Lakeline Mall is a major regional NORTH AUSTIN
within the Primary Trade Area (PTA) and adjacent cities. These node in the City that drove the development of Parkline across
include areas with a significant concentration of retail such as Cedar the street and 1890 Ranch Shopping Center, located at FM 1431 The northern portion of Austin (roughly north of the intersection
Park at US 183 and Whitestone Boulevard, Hutto near US 79 and and 183 Toll Road. of US 183 and SH 1) has similar composition and appearance to
Exchange, Leander near US 183 and Hero Way, North Austin around Round Rock, Cedar Park, and Pflugerville. However, North Austin
the Domain, Pflugerville’s Stone Hill Town Center, and the Premium Cedar Park is also home to the H-E-B Center at Cedar Park, an has one of the best large mixed-use destination lifestyle centers
Outlets and Boardwalk shopping center in Round Rock. 8,000-seat entertainment area where minor league hockey and in Texas, The Domain. The Domain is an upscale, mixed-use,
basketball games are played, in addition to family events and pedestrian friendly outdoor retail mall with enhanced gravity due
ROUND ROCK concerts. This creates significant visitor traffic and supports the to good accessibility from several major thoroughfares (including
retail and restaurants within the city. Cedar Park also completed I-35). The Domain has high quality merchandising and is located
Round Rock is currently the primary competitive node to the Cedar Park Regional Medical Center, which offers medical near other entertainment spots in north Austin like the Austin
Georgetown. It has quality housing stock and an active downtown care and high paying jobs. Aquarium, the Arboretum, and Topgolf. This region in Austin has
as well as the greatest concentration of total retail development high incomes and benefits from access to a regional population
in north Austin. These include Round Rock Premium Outlets, Georgetown can leverage downtown and expand mixed-use base and synergy with other nearby retail/entertainment and
Bass Pro, and IKEA. Round Rock has a current population of lifestyle developments, such as The Rivery and Wolf Lakes, to hospitality.
106,456 (STI) and median income of $73,579. draw from the regional base, including Cedar Park.
As Georgetown continues to develop high-quality destination
Round Rock also has the benefit of a strong visitor economy. It PFLUGERVILLE retail, such as the Wolf Lakes, The Rivery, and Downtown, it will
is home to Dell Diamond baseball stadium, Rock’N River Family be able to draw from north Austin and the surrounding region.
Aquatic Center, Round Rock Sports Center, Old Settlers Park, Pflugerville, located between I-35 and SH 130 Toll south of Round Retail focus should be on high quality, destination, and unique
and many other tourist destinations. Rock, is poised for continued growth. It has a current population concepts to differentiate Georgetown from other suburban retail
of 58,800 (STI) and is anticipated to increase to 69,334 by 2021. nodes.
Like Georgetown, Round Rock has I-35 frontage, which creates Pflugerville recently completed a public/private partnership with
good regional mobility. However, Round Rock is nearing build out Hawaiian Falls Water Park, a family-oriented destination adjacent LEANDER
and has limited frontage remaining on I-35. There are significant to the Stone Hill Town Center. Pflugerville has opportunity to
opportunities to complement Round Rock’s retail with higher capture further retail development along the SH 130 Toll corridor Leander is located along US 183 immediately north of Cedar Park.
quality retail centers and take advantage of the visitor and retail and 45 Toll road. According to the US Census, it is the fourth fastest growing city
pull that Round Rock creates. in Texas and has a population of 32,157 with a median income
Georgetown can support the development of retail along the SH of $73,340. In regards to retail, Leander has an H-E-B Plus! and
CEDAR PARK 130 Toll and encourage regional retail to service east Georgetown several new planned retail centers. Additionally, it is the most
and compliment the existing SH 130 Toll corridor being planned northern CapMetro stop at Leander Station, which is just north
Cedar Park is comparable in size and population to Georgetown. in the region. This will likely be catalyzed by convenience retail, of Old Town, Leander’s small historic downtown. Leander is also
Cedar Park has a 2016 population of 61,350 and median hospitality, or destination retail to create retail draw and mitigate getting an Austin Community College campus that will house
household income of $80,733. Due to Cedar Park’s spacing from retail leakage in east Georgetown. over 2,000 students and 500 faculty and employees.
Austin and other retail areas, many of the major regional and
national retailers have stores in Cedar Park (i.e. Walmart, Target,
30
HUTTO the greater North Austin area, the population density changes
as you shift futher north. For example, in Georgetown there is
Hutto is located along US 79 near SH 130 Toll between Round a base of 34,000 people within three-miles of the downtown
Rock, Taylor, Georgetown, and Pflugerville. Two power centers area; however, The Domain has the largest population density,
are located near SH 130 Toll, across from Hutto High School with a three-mile population, of over 118,000. Hutto has the
on US 79 on the west side of the city. These developments, lowest population density of 26,774 within a three-mile ring
anchored by Lowe’s and The Home Depot, account for most of (STI 2016). The average population across all areas combined
Hutto’s retail. is 69,742, which is almost 200% of the current Downtown
population in Georgetown.
Hutto has a small downtown and is working to activate the Co-
Op, which is a mixed-use district adjacent to downtown at Farley Another measurement for comparison is purchasing power.
Street. Purchasing power is the aggregate demand from the
nearby residential population combined with the area annual
Although Hutto has limited retail diversity, the SH 130 Toll corridor employment spend. The purchasing power for Georgetown
creates a direct connection to Georgetown and likely services a is $3.9 billion, compared to Downtown Georgetown at $3.03
portion of the population of East Georgetown. As the University billion. The average purchasing power for each competing
Avenue (SH 29) and SH 130 Toll intersection is developed, this node was $5.4 billion. The Domain, was the highest with a
will likely mitigate most of the retail leakage to Hutto. purchasing power of $8.4 billion within a three-mile ring and
Hutto was the lowest at $2.08 billion. Therefore, the areas with
COMPETITIVE SUMMARY the greatest concentration of population and workforce have
the greatest concentration of retail.
In comparing various retail nodes within the PTA, one of the largest
differences is population. While income is fairly consistent within
Popula?on 2016 Purchasing Power
Georgetown $3,915,869,475
Georgetown
Round Rock $7,495,841,632
Round Rock
Pflugerville $4,713,645,262
Pflugerville
Leander $2,390,564,902
Leander
Georgetown, Texas
Cedar Park $4,952,990,869
Cedar Park Primary Trade Area (PTA)
Georgetown City Limits
$- $2,000,000,000 $4,000,000,000 $6,000,000,000 $8,000,000,000
0 20,000 40,000 60,000 80,000 100,000 120,000
Source: STI Source: Catalyst
Georgetown Retail Merchandising Plan 2016 31
GEORGETOWN, TX
While population, income, and workforce are not the only factors
that determine retail success, this analysis reflects that these RETAIL MAP
factors do need to be considered when developing a regional Georgetown, Texas
merchandising strategy. Georgetown can also compete on other Primary Trade Area
factors such as accessibility, differentiation, retail quality, and 195 City Limits
attracting uses, which are destination and can cater to the local 35 1. University and 130 (planned)
2. The Triangle (proposed)
and regional consumer base. 9 mile 3. Longhorn Junction (planned)
4. Pecan Branch (planed)
5. The Rivery
183 Sheraton Hotel
City Lights Theateres
2 Home Depot
Super Wal-mart
7 6. Williams Drive
Mixed Retail
7. Williams Dr. at Ronald Reagan/CR 245 (planned)
5 mile
8. Downtown Georgetown
Destination Retail/Restaurants
9. Wolf Ranch Town Center
Target
6 4 130 Best Buy
TJ Maxx
5 10. Wolf Lakes
11. Boardwalk Shopping Center
1 Walmart
The Home Depot
10 29 12. The Homestead
29 Barnes & Noble
9
Bed Bath & Beyond
13. La Frontera Village
Kohl’s
Marshalls
3 14. Lakeline Mall
LEANDER Macy’s
Dillard’s
20 15. Lakeline Market
H-E-B Plus!
21 16. Lakeline Plaza
Michaels
ROUND ROCK T.J. Maxx
183
ULTA Beauty
23 35 HUTTO 17. Mays Crossing
Academy Sports
CEDAR PARK 79 18. Parkline Shopping Center
17 Kohl’s
130 Sporty Authority
19. Round Rock Crossing
15 18 13 11 Best Buy
Michael’s
12 19 45 20. Round Rock Premium Outlets
14 22 Ikea
7 16 24 Bass Pro
PFLUGERVILLE 21. Univeristy Oaks
JCPenny
IKEA
22. Walden Park Shopping Center
SuperTarget
Michaels
23. 1890 Ranch
SuperTarget
Beals
AUSTIN 24. Anna Plaza
Walmart
Lowe’s
Source: Catalyst
32
6. Property Analysis
Property Analysis
PROPERTY ANALYSIS
As part of this process, Catalyst did a comprehensive physical
tour of Georgetown, identifying and analyzing ten major areas that
are either completed, under development, planned, or have been
identified as potential sites for future retail development based on
this study. Catalyst also conducted stakeholder interviews for a
majority of these areas and a half-day workshop with city staff
to explore land use, planned infrastructure, development plans,
and regional residential growth to understand impacts on demand,
timing, and other factors. While these properties are not inclusive
of all potential properties, these represented the major retail
developments.
Potential retail areas include:
1. University Ave and SH 130 Toll †
2. The Triangle - I-35 and SH 195 †
3. Longhorn Junction •
4. NWC Lakeway & I-35 •
5. The Rivery*
6. Williams Drive corridor*
7. Ronald Reagan Boulevard at Williams Drive and CR 245 †
8. Downtown*
9. Wolf Ranch Town Center*
10. Wolf Lakes •
For each area, Catalyst reviewed various retail factors including
population, income, purchasing power, daytime employment, retail
conditions (vacancy, existing retail square footage, and average
rental rate), triple net rent (NNN), and leakage within the sub-area.
Note:
Tables and figures within this section are based upon a 3-mile radius from each
study point identified at the property. Emerging properties (†) include properties
that have market potential and development potential in the next 24 months+.
Active projects (•) are retail projects that have development potential and
development potential in the next 12-24 months. Infill properties (*) are within
current development areas. All plans are subject to change and are subject to
city approval.
34
UNIVERSITY AVENUE (SH 29) AT SH 130 TOLL
University Avenue (SH 29) at SH 130 Toll
The East University Avenue (SH 29) and SH 130 Toll road (“Pickle
Parkway”) consist of approximately 140 acres on the southeast
corner of the intersection, just west of East View High School. Emerging
The SH 130 Toll corridor was started in 2003 and completed
in 2011, and a majority of frontage remains undeveloped. The University Ave. at SH 130 Toll
traffic count at this intersection is just shy of 14,000 vehicles Georgetown, Texas
Potential Site
per day; however, future metro growth will precipitate increased
usage of SH 130 Toll and traffic counts. Eastview Dr Future Commercial Node
As of 2016, there are approximately 20,155 people within three
miles of this property. The median age is 35.3, which is younger E University Ave
than most of Georgetown. East View
High School
There is limited retail within the 3-mile sub area. According to E University Ave
CoStar, there is only 216,900 square feet of retail as of 2016.
Currently, this area has limited demand to support substantial 140 ac +/- Patriot Way
retail, although with quality retail this location can service east
Georgetown, the adjacent high school, and the greater SH 130
Toll corridor. SE Inner Loop
University/130 Statistics
Population 20,155 Southwestern Blvd
Households 6,384
Daytime Employees 7,646
CONTACT: POTENTIAL MERCHANDISING TARGETS:
Median Household Income $61,951 GEORGETOWN COMMERCIAL PROPERTIES LLC. GROCERY STORE
NNN Rent $19.58 / square foot TIM HARRIS CONVENIENCE RETAIL
512-240-5325 DESTINATION ENTERTAINMENT
Source: CoStar, Xceligent, STI [email protected] RESTAURANT
Georgetown Retail Merchandising Plan 2016 35
THE TRIANGLE – I-35 AND SH 195
The Triangle - I-35 and SH 195
The property referred to as “The Triangle” is a 1,175-acre area
on the northern sector of Georgetown. The property is defined
by CR 193 to the north, I-35 to the east and SH 195 to the Emerging
west. The size and location of this property provides a crucial
opportunity to create a regional mixed-use node. Additionally, its County Rd 143
location at the intersection of two major highways greatly boosts Georgetown, Texas
I-35 and SH 195
its visibility and access. Potential Site
The population in this area is expected to grow by 17% in the FM 972
next five years to over 15,000 (STI). The median income in the
area is nearly $88,000, which is greater than the city median
income of $66,968. Based upon income and population, the Shell Rd
area could support approximately 85,000 - 200,000 square feet 1,175 ac +/-
of retail; however, most of the retail today is near Williams Drive.
The ideal strategy for this area would be to create a master
plan and zoning base that creates a cohesive vision with an
infrastructure strategy and potential incentives to lure quality Shell Rd
development to this site. This area could support a number
of uses including regional retail, business park, higher density
housing, and institutional uses.
The Triangle I-35 and SH 195
Population 13,305
Households 4,923 Airport Rd Airport Rd
Daytime Employees 4,092
POTENTIAL MERCHANDISING TARGETS:
Median Household Income $87,827 REGIONAL RETAIL
NNN Rent $27.20 / square foot INDUSTRIAL
FLEX/OFFICE
Source: CoStar, Xceligent, STI CORPORATE CAMPUS
36
LONGHORN JUNCTION
Longhorn Junction
Longhorn Junction is located within Georgetown’s extraterritorial S Austin Ave
jurisdiction and is being promoted for over 600,000 square feet
of destination retail and mixed-use by the current developer. This Ac#ve
property is positioned to serve as regional retail destination, so
its success will be especially important to the retail strategy. The
property is located at the southeast corner of I-35 and SE Inner Longhorn Junction
Georgetown, Texas
Loop, stretching to the intersection of SE Inner Loop and FM 1460, Potential Site
which connects to the medical district and Dell Diamond area in SE Inner Loop
Round Rock. Longhorn Junction provides the northbound side of Futurere
Futu
I-35 with ideal freeway frontage and is well served by SE Inner SE Inner Loop
Loop/FM 1460.
70 ac +/- Blue Springs Blvd
The population surrounding Longhorn Junction is estimated to
grow from about 30,500 in 2016 to 35,800 by 2021, an increase of
Citicorp
Citicorp
approximately 17% (STI). Data Center
Data Center
Blue Springs Blvd
This site has strong retail potential and according to local brokers,
the western portion (approximately 70 acres) is under contract to
a development group with plans for regional big-box commercial,
retail and restaurants.
Retail targets should include anchors and big-box tenants that
catalyze the development.
Longhorn Junction Statistics
Population 30,635
Households 10,342
Daytime Employees 10,516
CONTACT: POTENTIAL MERCHANDISING TARGETS:
Median Household Income $69,230 MARK ALLEN REGIONAL ANCHORS
NNN Rent $19.99 / square foot 512-818-1985 ENTERTAINMENT
[email protected] RESTAURANT
Source: CoStar, Xceligent, STI MIXED-USE
Georgetown Retail Merchandising Plan 2016 37
NWC OF LAKEWAY AND I-35
NWC of Lakeway Drive and I-35
The NWC of Lakeway Drive and Interstate 35 property has the
potential for mixed-use retail/office, strategically located on the
southbound side of I-35 between SH 130 Toll and NE Inner Loop/ Ac#ve
Lakeway Drive just east of the Georgetown Municipal Airport.
This development may include over 900,000 square feet of Airport Rd
NWC of Lakeway Dr and I-35
commercial and retail space to serve nearby residents and the Georgetown, Texas
region, due to the premier access afforded by the SH 130 Toll Potential Site
Road and I-35, as well as frontage on NE Inner Loop/Lakeway
Drive.
The immediate 3-mile population is over 28,000 and there are
over 14,200 daytime employees. Current gross leasable area is
466,000 square feet (62,670 square feet in 12-month absorption),
with NNN rent at $17.25 and vacancy rate at 20%. Georgetown Municipal
Airport (KGTU)
The short-term recruitment strategy would be to work with Airport Rd
individual land owners on a master-plan and development
40 ac +/-
agreement with the City and explore big-box regional anchors that
could catalyze the development. This site could accommodate
large big-box anchors, entertainment and regional retail, as well
as mixed-uses including corporate users and major employers to
take advantage of regional access and the airport.
Lakeway Dr A
NWC Lakeway Drive & I-35 Statistics i r p o r t R
Population 28,017 d NE Inner Loop
Households 10,046
Daytime Employees 14,271
CONTACT: CONTACT: POTENTIAL MERCHANDISING TARGETS:
Median Household Income $73,991 GEORGETOWN COMMERCIAL PROPERTIES LLC. SAN GABRIEL PROJECT MANAGEMENT BIG-BOX RETAIL
NNN Rent $17.50 / square foot TIM HARRIS RANDY MONGOLD ENTERTAINMENT
512-240-5325 [email protected] REGIONAL RETAIL
Source: CoStar, Xceligent, STI [email protected] RESTAURANT
38
THE RIVERY
The Rivery
The Rivery is a first-class mixed-use district with high-end
townhomes, luxury apartments, office, hotel/conference center,
big-box retail, and regional retail. Phase 2, or the Summit at Ac#ve Williams Dr
the Rivery, consists of high-end lifestyle retail and destination
restaurants. Planned infill development at The Rivery incudes The Rivery
multifamily on the eastern side of Rivery Boulevard. The advantages Rivery Blvd Georgetown, Texas
of this location include close proximity to Downtown Georgetown Potential Site
and frontage on I-35 in a master planned environment.
Summit at
According to STI PopStats, the 2016 median household income The Rivery
is $62,384, and daytime employment is 16,447, with over 32,010 Wolf Ranch Pkwy
persons living within three miles of the property.
There are over 768,943 square feet of gross leasable area in the
area. Additionally, 62,670 square feet have been absorbed in the
last 12 months.
This development has the potential to capture high-end lifestyle
retail and destination restaurants. The development consists Rivery Town W Morrow St
of first-class design and amenities, and this is one of the few Crossing
master-planned mixed-use environments within the region.
Wolf Ranch Pkwy Rivery Drwy Rivery Blvd
The Rivery
Population 32,010
Households 11,569
Daytime Employees 16,447
CONTACT: POTENTIAL MERCHANDISING TARGETS:
Median Household Income $62,384 SUMMIT AT THE RIVERY RIVERY TOWN CROSSING RIVERY TOWN CROSSING LIFESTYLE RETAIL
NNN Rent $17.23 / square foot NOVAK BROTHERS RPAI CBRE DESTINATION RESTAURANTS
JEFF NOVAK JASON KASAL NEIL KIESCHNIK ENTERTAINMENT
Source: CoStar, Xceligent, STI 512-931-7774 972-801-6010 512-499-4962 INLINE RETAIL
Georgetown Retail Merchandising Plan 2016 39
WILLIAMS DRIVE CORRIDOR
Williams Drive corridor
Williams Drive is a major thoroughfare marked by a mix of
shopping strips and centers with newer neighborhoods. As
Georgetown’s primary commercial corridor, it contains some of In-Fill
the greatest gravity for national convenience retail, grocers, and
office. Almost 29,000 vehicles per day pass through the corridor.
While most of the corridor is developed, there is strong potential Williams Dr Williams Drive Corridor
Georgetown, Texas
for redevelopment and quality infill. Potential Site
The 2016 population within a 3-mile radius is 31,607, with a
5-year population growth of 7.9%. The 2016 daytime employment
is approximately 16,192 (STI). Shell Rd
Implementation should focus on creating a gateway near I-35 and
Georgetown
Williams Drive and incorporating the ISD property as a mixed- Municipal Airport
use gateway. Additional opportunities exist in under-performing
infill tracts with higher quality uses, and increased connections Lake Georgetown Lakeway Dr
between neighborhoods and commercial areas. There are also
strong opportunities to integrate mixed-use and create a stronger D B Wood Rd
gateway at the Shell Road and Williams Drive intersection.
Williams Drive Statistics
Population 31,607
Households 11,562
Daytime Employees 16,192 POTENTIAL MERCHANDISING TARGETS:
MIXED-USE RETAIL/RESTAURANTS
Median Household Income $69,087 OFFICE
NNN Rent $17.09 / square foot INFILL RESIDENTIAL
Source: CoStar, Xceligent, STI
40
RONALD REAGAN BOULEVARD AT WILLIAMS DRIVE
AND CR 245 Ronald Reagan Boulevard at Williams Drive and CR 245
Plans for Parmer Ranch and Highland Village are planned for
regional retail to serve the northwestern region of Georgetown. Emerging
Ronald Reagan Boulevard effectively serves as Georgetown’s outer 50 Acres
loop west of I-35. This area is prime for retail/commercial uses,
with its location near Sun City, Somerset Hills, and other emerging
developments in the northwest sector. Continued growth in the
city over the next 10-20 years will facilitate growth of the Parmer
Ranch Municipal Utility District (MUD) at that time. The MUD was Ronald Reagan Blvd
approved to support over 1,400 single-family and multifamily units County Rd 245
in addition to mixed-use office/retail and nature space. 62 Acres 14 Acres
281.5 Acres Jennings Branch
Currently, there is trace retail activity near these properties. Within Ronald Reagan Blvd 34 Acres
three miles the 2016 population is 6,347. This figure is expected
to increase 24.1% to 7,877 in 2021. Median household income in Ronald Reagan Blvd
2016 is $85,999. The median age is high at 48.3 because of the Sun City Blvd
Williams Dr
concentration of older households in the Sun City community.
This area is situated to attract regional retail, including grocery,
retail, and restaurants. Additional uses would include office,
County Rd 245 Commercial Area
healthcare, and neighborhood services.
Madison
Parmer Ranch
Somerset Hills
Ronald Reagan Boulevard at Williams Drive and CR 245 Corridor Developments
Williams Dr
Madison
Parmer Ranch
Population 6,347 Somerset Hills
Sun City
Households 2,614
Daytime Employees 177
CONTACT: CONTACT: POTENTIAL MERCHANDISING TARGETS:
Median Household Income $85,999 AMERICAN SOUTHWEST COMPANY SOMERSET HILLS LTD. GROCERY
NNN Rent N/A JOE BIRDWELL BRANNIN PRIDEAUX NEIGHBORHOOD RETAIL
512-263-9200 512-343-6367 RESTAURANT
Source: CoStar, Xceligent, STI [email protected] [email protected] MIXED-USE OFFICE/RETAIL
Georgetown Retail Merchandising Plan 2016 41
DOWNTOWN GEORGETOWN
Downtown Georgetown plays an important part in the success of the
community and is one of the economic centers that supports the local Downtown Georgetown
economy. It serves as the center for city services, as well as a gathering
place for both residents and visitors for dining, shopping, and community
events and activities. As a nationally recognized historic downtown district, In-Fill
it also functions as a destination for visitors exploring Texas history.
Downtown
Georgetown, Texas
Downtown Georgetown is more than just its Town Square. It consists of Potential Site
approximately 40 blocks with a mix of commercial and residential uses
and over 70 restaurants and unique shops. Downtown Georgetown, the
“Most Beautiful Town Square in Texas”, has received numerous national
awards including USA Today’s 10 Best Main Streets, (Today n.d.), Top 10 Justice County
Best Main Streets (Parade n.d.), and 1997 Great American Main Street Center Jail
Award® Winner (Main Street America n.d.)
Visitor’s
Center Municipal Court
Historic County
Courthouse City Hall
Library
E University Ave
E University Ave
Downtown Georgetown Statistics
Population 34,065
Households 11,875 POTENTIAL MERCHANDISING
Daytime Employees 15,836 TARGETS: HOSPITALITY
DESTINATION RETAILERS OFFICE
Median Household Income $60,730
NICHE DESTINATION RESTAURANTS URBAN RESIDENTIAL
NNN Rent $17.06 / square foot ENTERTAINMENT
Source: CoStar, Xceligent, STI
42
WOLF RANCH TOWN CENTER
Wolf Ranch Town Center
Wolf Ranch Town Center is a 627,284 square foot open-air mall
located on the southwest corner of I-35 and West University Wolf Ranch Pkwy
Avenue (SH 29). In-Fill
Major tenants include Target, Best Buy, James Avery, Kohl’s,
Sephora, Old Navy, and T. J. Maxx. Specialty tenants include
Family Christian, Gold’s Gym, Loft, Kirkland’s, Charming Charlie, W University Ave Wolf Ranch Town Center W University Ave
Georgetown, Texas
and Pier 1. In addition, Wolf Ranch Town Center has several W University Ave Potential Site
national and regional restaurants including Longhorn Steakhouse,
Smokey Mo’s BBQ, Fish City Grill, Casa Ole, Carl’s Jr., McAlister’s
Deli, Cotton Patch Cafe, and Panda Express.
Wolf Ranch Town Center has the highest concentration of
population on the I-35 corridor in Georgetown. Purchasing power
creates demand for over 1.5 million square feet of potential retail
within the 3-mile sub area. As of 2016, there is 768,943 square
feet of retail in the sub area. C A F E
This area has limited vacancy and some of the highest rents
in the City. The City should coordinate with WP Glimcher and
monitor retail conditions.
Rivery Drwy
Wolf Ranch Statistics
Population 26,665
Households 9,538
Daytime Employees 14,519
CONTACT: POTENTIAL MERCHANDISING TARGETS:
Median Household Income $60,320 WP GLIMPCHER NATIONAL RETAIL
NNN Rent $17.06 / square foot RHONDA PRITCHARD RESTAURANT
512-930-8158 BIG-BOX RETAIL
Source: CoStar, Xceligent, STI [email protected] JUNIOR ANCHOR
Map: WP Glimcher
Georgetown Retail Merchandising Plan 2016 43
WOLF LAKES
Wolf Lakes is a 162 acre tract located strategically at the corner of I-35
and West University Avenue (SH 29). It is adjacent to the 750+ acre Wolf Lakes
Wolf Ranch Hillwood master planned residential development and just
west of Georgetown’s historic downtown. The landowner is currently Rivery Blvd
creating a master plan for destination retail, first-class restaurants, Ac#ve
hospitality, entertainment, multi-family, medical, Class A office, and
a corporate campus. The design includes distinctive water features,
outdoor venues for music, and parks and trails to provide recreational Wolf Lakes
activities. Wolf Lakes is a one of a kind asset that can leverage high Wolf Ranch Pkwy Georgetown, Texas
quality housing units for 4,000+ new residents, the regional retail town Potential Site
center adjacent to the site, and proximity to high volume traffic in the
city’s primary growth corridor.
Wolf Lakes has significant potential to serve Georgetown for a number
of reasons. As the region continues to expand, Wolf Lakes is uniquely
positioned to serve residents and workers who prefer to live and 162 ac +/-
work in a mixed-use environment with access to medical, office,
entertainment, recreation, and legacy retail. As Wolf Lakes evolves, Downtown Georgetown
high quality design and increasing synergies across various uses will
advance the economy for Georgetown and the surrounding area. e
A v
n
i
t
s
Catalyst completed an assessment for Wolf Lakes in 2015 and our u A N
findings showed demand for over 482,000 square feet of retail, 296
single-family units (per year), up to 52 multi-family units (per year),
15,500 square feet of small office (per year) and potential to capture Highway 29/ University
boutique location-driven corporate users. In addition, our findings
show demand for medical, excluding primary care physicians.
Wolf Ranch
Town Center
Wolf Lakes Statistics
Population 26,665
CONTACT: POTENTIAL MERCHANDISING
Households 9,538 WOLF LEGACY, LP AND WOLF LAKES, LP TARGETS: LIFESTYE RETAIL
Daytime Employees 14,519 IVA WOLF MCLACHLAN MAJOR ANCHOR DESTINATION RESTAURANTS
512-863-4050 MEDICAL
Median Household Income $60,320 CORPORATE OFFICE
NNN Rent $17.06 / square foot
Source: CoStar, Xceligent, STI
44
6. Appendix
Appendix A: Extended Demographics
Employment By Industry Employment
Appendix A: Extended Demographics Appendix A: Extended Demographics Industry
Georgetown Austin Texas Comparison of generational breakdowns in the City of Georgetown, Public administra@on 7.5%
MSA Austin-Round Rock MSA, and Texas. Other Professional Services 6.3%
Average Household $86,450 $87,958 $76,927 Generation Georgetown Austin Texas Entertainment Services 8.4%
Income (2016) MSA Educa@onal Services 23.4%
Median Household $66,968 $63,399 $54,075 0 - 18 (Generation Z) 20% 25% 26% Administra@ce Waste Services 6.2%
Income (2016) 18 - 35 (Millennials) 19% 28% 25%
Management Services 0.2%
Per Capita Income $34,677 $33,360 $27,581 35 - 55 (Generation X) 21% 28% 26%
Professional Services
(2016) 55 - 75 (Baby Boomers) 29% 17% 19% Finance and insurance, and real estate and rental and 5.8%
75+ (Silent Generation) 11% 4% 5% leasing 6.6%
Wholesale Retail 13.6%
Total 100% 100% 100%
Informa@on 2.2%
Appendix A: Extended Demographics
Comparison of household income breakdowns between City of Transporta@on and warehousing, and u@li@es 3.6%
Georgetown, Austin-Round Rock MSA, and Texas. Manufacturing 8.4%
Household Georgetown Austin Texas Agriculture, forestry, fishing and hun@ng, 7.8%
construc@on, and mining
Income MSA
< $24,999 14% 18% 23%
$25,000- $49,999 21% 21% 23%
$50,000 - $74,999 20% 17% 17%
$75,000 - $99,999 15% 14% 12%
$100,000 - 19% 16% 14%
$149,999
> $150,000 11% 14% 11%
Total 100% 100% 100%
Source: ESRI, CoStar, Xceligent, STI
46
Appendix B: Single Family Demand
SINGLE FAMILY
Estimated Annual Demand Potential For Purchase Residential
Based on 2015 - 2020 County Demographic Trends
Catalyst analyzed demand potential for single family housing in the Georgetown PTA based on county
less than $100,000 $150,000 $200,000 $250,000
$500,000
demographic trends. Presently there are 180,875 total households and an average household growth of Home Value $100,000 $150,000 $200,000 $250,000 $300,000 $300,000 $400,000 and above
$500,000
$400,000
about 6,000 per year. The propensity for residents to own is high (above 87%) when house values top Qualifying Income less than $40,000 $65,000 $90,000 $110,000 $125,000 $150,000 more than
$200,000. Catalyst determined there is annual potential for 2,943 new single family units. $40,000 $65,000 $90,000 $110,000 $125,000 $150,000 $200,000 200,000 Total
2016 Total Households 1 180,875
2021 Total Households 1 210,849
Avg. Annual Household Growth 5,995
Poten4al Annual Demand for Single-Family Residen4al New Household Growth
By Qualifying Income Levels Total Annual New Households 1 5,995 5,995 5,995 5,995 5,995 5,995 5,995 5,995 5,995
23%
19%
6%
92%
6%
% Income Qualified
16%
7%
10%
5%
# Income Qualified 1,379 1,139 959 599 300 420 360 360 5,515
700
660 Owner Propensity 43% 62% 67% 93% 90% 87% 93% 94% 69%
631 Qualified New Households 593 706 643 558 270 365 335 338 3,807
600 Existing Owner Household
Total Households 1 180,875 180,875 180,875 180,875 180,875 180,875 180,875 180,875 180,875
% Income Qualified 2 23% 19% 16% 10% 5% 7% 6% 6% 92%
Owner Propensity 2 43% 62% 67% 93% 90% 87% 93% 94% 64%
500 479 Total Owner Households 17,889 21,307 19,390 16,821 8,139 11,015 10,093 10,201 114,856
Annual Turnover Rate 2 10% 8% 4% 10% 13% 9% 12% 19% 10%
435 Qualified Owners in Turnover 1789 1705 776 1682 1058 991 1211 1938 11150
Estimated % Rent vs. Purchase 3 18% 28% 42% 51% 65% 95% 78% 84% 55%
400 Estimated Owners in Turnover that Rent 322 477 326 858 688 942 945 1,628 6,185
Units 301 Existing Renter Households
1
300 Total Households 2 180,875 180,875 180,875 180,875 180,875 180,875 180,875 180,875 180,875
16%
23%
19%
10%
6%
92%
6%
5%
7%
% Income Qualified
Renter Propensity 2 56% 37% 32% 17% 10% 12% 7% 5% 29%
Total Renter Households 23,297 12,716 9,261 3,075 904 1,519 760 543 52,074
Annual Turnover Rate 2 42% 40% 35% 54% 29% 55% 28% 40% 41%
200 Qualified Renters in Turnover 9,785 5,086 3,241 1,660 262 836 213 217 21,300
149 152 3
136 Estimated % Rent vs. Purchase 9% 26% 40% 47% 57% 67% 58% 60% 25%
Estimated Renters in Turnover that Rent 881 1,322 1,297 780 149 560 123 130 5,243
100
Income Qualified Households
Total Potential Demand 1,795 2,506 2,265 2,196 1,107 1,867 1,403 2,096 15,235
Percent New Renters 3 82% 81% 86% 61% 38% 50% 33% 22% 59%
0 Total Potential Demand for New Units 1,474 2,029 1,939 1,338 419 925 458 468 9,050
$40,000 $65,000 $90,000 $110,000 $125,000 $150,000 $200,000 200,000
City Capture Rate 3,4 33% 33% 33% 33% 33% 33% 33% 33% 33%
less than $40,000 $65,000 $90,000 $110,000 $125,000 $150,000 more than Total Potential New Singlefamily Demand 479 660 631 435 136 301 149 152 2,943
Qualifying Income 1. ESRI
2. US Census American Community Survey
3. US Census American Housing Survey
4. US Census Building Permits Survey
Source: Catalyst
Georgetown Retail Merchandising Plan 2016 47
Appendix C: Multi-Family Demand
MULTI-FAMILY Estimated Annual Demand Potential for Multifamily
Based on 2015 - 2020 County Demographic Trends
Catalyst analyzed demand potential for multi-family housing in the Georgetown PTA based on county Monthly Rent $500 $1,000 $1,000 $1,500 And Up
$2,000
$750
$2,000
$750
$1,500
demographic trends. Presently there are 180,875 total households and an average household growth of Qualifying Income Less Than $35,000 $50,000 $75,000 $100,000
about 6,000 per year. The demand for multi-family is greater than 400 units per year, assuming a 24% $35,000 $50,000 $75,000 $100,000 And Up Total
capture rate. 2016 Total Households 1 180,875
2021 Total Households 1 210,849
Avg. Annual Household Growth 5,995
New Household Growth
Total Annual New Households 1 5,995 5,995 5,995 5,995 5,995 5,995
% Income Qualified 19% 12% 17% 14% 30% 92%
# Income Qualified 1,139 719 1,019 839 1,798 5,515
Poten+al Annual Demand for Mul+family Residen+al Renter Propensity 57% 45% 34% 25% 10% 1,709
31%
Qualified New Households
346
324
180
210
649
By Monthly Rent Existing Owner Household
Total Households 1 180,875 180,875 180,875 180,875 180,875 180,875
180 % Income Qualified 2 19% 12% 17% 14% 30% 92%
Owner Propensity 2 42% 54% 64% 74% 90% 63%
Total Owner Households 14,434 11,721 19,679 18,739 48,836 113,409
Annual Turnover Rate 2 11% 10% 5% 6% 13% 10%
160 156 Qualified Owners in Turnover 1588 1172 984 1124 6349 11217
Estimated % Rent vs. Purchase 3 81% 71% 34% 27% 25% 39%
Estimated Owners in Turnover that Rent 1,286 832 335 304 1,587 4,344
140 Existing Renter Households
Total Households 1 180,875 180,875 180,875 180,875 180,875 180,875
% Income Qualified 2 19% 12% 17% 14% 30% 92%
Renter Propensity 2 57% 45% 34% 25% 10% 29%
120
Total Renter Households 19,589 9,767 10,455 6,331 5,426 51,567
Annual Turnover Rate 2 40% 45% 33% 49% 44% 41%
Qualified Renters in Turnover 7,836 4,395 3,450 3,102 2,388 21,170
85%
44%
65%
69%
78%
100 Estimated % Rent vs. Purchase 3 6,660 3,428 2,243 1,365 38% 14,603
Estimated Renters in Turnover that Rent
907
Units 83 Income Qualified Households
80 78 Total Potential Demand 8,595 4,584 2,924 1,878 2,674 20,656
Percent New Renters 3 8% 7% 12% 11% 7% 8%
Total Potential Demand for New Units 649 324 346 210 180 1,709
60 City Capture Rate 3,4 24% 24% 24% 24% 24% 24%
50 Total Potential New Multifamily Demand 156 78 83 50 43 410
43 1. ESRI
2. US Census American Community Survey
40 3. US Census American Housing Survey
4. US Census Building Permits Survey
20
0
$500 - $750 $750 - $1,000 $1,000 - $1,500 $1,500 - $2,000 $2,000 And Up
Rent
Source: Catalyst
48
Appendix D1: Psychographics
Golden Heritage East Meets West Group Quarters Doublewides Centurions Legacy Years Collegian Unspecified
Specialties Unspecified
Working With Nature Land Barons Fertile Acres Breadbasket Farmers Circle Crops and Tractors Harlem Gateway Harlem Gentry East Side Upper East Side Lower East Side Between Jobs Espaniola Anos de Quincenera Los Padres Los Novios Los Padrinos Los Solteros Los Trabajadores
Married in the Suburbs Bonds and Babies Great Generations Couples with Capital Kith and Kin Sublime Suburbia Retired in the Suburbs Stocks and Scholars Marmalade and Money Stately Suburbs Living with Nature Country Villas Pastoral Vistas Terra Firma Stock in Trade Rough and Ready The Outback Cornucopia When you think of senior citizens in America there are typically two images that come to mind. One is of very well off older citizens living com- fortably, usually by the ocean, having the money both for a nice primary residence and for frequent vacations (perhaps in a comfortable recre- ational vehicle), playing shuffleboard o
Seasoned Urban Dwellers Gray Eminence Fall Years Still in the Game Apprentices Hard Act to Follow SM seeks SF Solo Acts Down But Not Out Urban Moms Apron Strings Solemn Widows Educated Earners Suburban Singles Hard Hats/Hair Nets levels, the American Knights residents are just at the national average in this measurement. and relatively good incomes, Kindred Spirits no doubt enjoy a big slice of classic middle-class life.
5 Thriving Alone Gurus Wizards Going it Alone Struggling Alone Single in the Suburbs
TOP 5 PSYCHOGRAPHIC SEGMENTS
Georgetown, Texas Psychographic Segments by block group Primary Trade Area City Limits 0 miles Empire Builders Grand Masters Marquis Class American Knights Urban Squires Charmed Life Sitting Pretty Kindred Spirit Middle of the Road White Collar Status Blue Collar Starts Social Whirls Managing Business Nest Builders Gainfully Employed 50-percent- higher-than-average number of single-fathers.
Urban Cliff Climbers
Urban Cliff Dwellers
GEORGETOWN, TEXAS Creme de La Creme Georgetown Retail Merchandising Plan 2016 49 Golden Heritage Source: STI el of widows and widowers. Sitting Pretty American Knights Doublewides Kindred Spirit
Strapped
Regents
1 2 3 4 5
Appendix D2: Extended Psychographics
1. Golden Heritage
When you think of senior citizens in America there are typically two images that come to mind. One is of very well off older citizens living comfortably, usually by the ocean, having the money both for a nice primary
residence and for frequent vacations (perhaps in a comfortable recreational vehicle), playing shuffleboard or cards, and basically enjoying their post- working years to the hilt. The other image is less appealing: of older
Americas struggling to make ends meet and waiting each month for their social security checks to arrive. Market segmentation analytics bear out the reality of both of these images. And Golden Heritage segments are
neighborhoods that are home to the former: in other words, the senior citizens living the good life in places like Florida, Arizona, and other appealing climates. The median age of these residents is 50s to low-60s. But
they also show a nearly four times average number of people over 65-years-old. These seniors are living comfortably on incomes in the median range of the $50,000s and $60,000s. Much of their income is from social
security and retirement (two-and-a-half-times-above-average). However, they also have a 75-percent-above-average level of interest/dividend income. Some of these seniors are still working at white-collar jobs in areas
like management, professional and sales positions. There are many married-couples, but few children living in Golden Heritage neighborhoods. Obviously due to the residents’ advanced years, these neighborhoods
have a 50-percent-above-average level of widows and widowers.
2. Sitting Pretty
Among the Urban Cliff Climbers neighborhoods that are home to the backbone of America’s workforce are the Sitting Pretty segments. This group is young (20s to 30s), but enjoying good income levels (between
$50,000 and $60,000). Their relatively high earnings range comes from middle-class white-collar jobs in several occupations, including management, protective services, personal care, sales, office administration,
and repair services. Their higher- than-average salaries keep them and their mostly newborn to 13-year-old children very comfortable in their urban abodes, in all probability surrounded by all of the creature comforts
required to please all of the senses — from big-screen-high-def TVs to fully equipped SUVs. With good college educations and good jobs, the Sitting Pretty residents have earned their comforts they enjoy.
3. American Knights
American Knights are the “youngsters” of the highly urban Crème de la Crème category of neighborhood segments. Not only is the median age range in the 20s and 30s, but also these areas have an above-average
number of children below the age of six. These characteristics correlate to the higher-than- average number of married-with-children-under-18 households. Though young, these urban neighborhoods are home to
higher-than-average number of earners in white-collar management and professional occupations. These mostly college educated residents enjoy incomes in the $70,000s and $80,000s, largely from salaries and
wages. They also earn incomes at a slightly-higher-than-average level from interest/dividends. However, unlike many other Crème de la Crème neighborhoods, who have higher self- employment income levels, the
American Knights residents are just at the national average in this measurement.
4. Doublewides
In America there tends to be a particular stigma attached to living in mobile homes and mobile home parks. In fact, many people chose this lifestyle as a preference for several reasons, including mobility and low-cost
housing. The median income of residents of Doublewides neighborhoods is a very respectable high-$30,000s and $40,000s. Doublewides are areas where mobile homes dictate the lifestyles of the residents, who share
a median age in the 30s. While residents in Doublewides do have a higher-than- average level of income from public-assistance, many others are hardworking Americas, with a higher-than-average representation in
several manual-labor blue-collar occupations, including farming/fishing/forestry (nearly three-times-average), construction (75-percent-above-average), repair services (over-50-percent-above-average), transportation
(50-percent-above-average), and production (nearly 50-percent-above- average). These occupations are a reflection of the residents’ low educational achievements. There is an over-50-percent-average number of
people with less-than- high-school educations. However, 25-percent-above-average have high-school degrees. Also owing to their residents’ ages, these areas have slightly more younger children than older. They
tend to have married-couple households, but also have a nearly 50-percent- higher-than-average number of single-fathers.
5. Kindred Spirit
Kindred Spirits are home to people who keep America humming — because they are the ones doing the work, as well as their fair share of the spending. The residents of these Urban Cliff Climber neighborhoods are
20- to 30-years-old, married with- children of all ages (but slightly more in the younger ranges), earning between $40,000 and $50,000, enjoying some years of college education, and employed in a cross-section of the
nation’s middle-class occupations. These residents earn an income slightly above the national-average in a wide range of jobs, such as protective services, food preparation, personal care, sales, office administration,
construction, and repair services. With kids to raise and relatively good incomes, Kindred Spirits no doubt enjoy a big slice of classic middle-class life.
50
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