Village of Schoharie Long Term Community Recovery Strategy Final September 2014 Part 2 (Appendix 1 Market Analysis and Economic Development Recommendations
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Village of Schoharie Long Term Community Recovery Strategy Final September 2014 Part 2 (Appendix 1 Market Analysis and Economic Development Recommendations This document was prepared for the New York State Department of State with funds provided under Title 3 of the Environmental Protection Fund Act. VILLAGE OF SCHOHARIE MARKET STUDY January 2014 Prepared by Table of Contents Introduction ..................................................................................................................................................... 1 Scope of Work ...................................................................................................................................................... 2 Notes on Methodology and Data Sources ........................................................................................................... 3 Existing Conditions ........................................................................................................................................... 4 Traffic Counts ....................................................................................................................................................... 4 Business Mix ......................................................................................................................................................... 5 Vacancies .............................................................................................................................................................. 6 Competing Retail Locations .................................................................................................................................. 7 Conclusion .......................................................................................................................................................... 10 Public Input .................................................................................................................................................... 11 Employee Survey ................................................................................................................................................ 11 Resident Survey .................................................................................................................................................. 14 Stakeholder Interviews and Meetings ............................................................................................................... 15 Trade Area Market Demographics .................................................................................................................. 17 Market Definition ............................................................................................................................................... 17 Trade Area Resident Characteristics .................................................................................................................. 18 Market Segmentation ........................................................................................................................................ 21 Consumer Spending ........................................................................................................................................... 23 Employees in Schoharie ..................................................................................................................................... 24 Employees in the Trade Area ............................................................................................................................. 25 Retail Market Analysis ................................................................................................................................... 27 Potential and Estimated Retail Sales .................................................................................................................. 27 Retail Gap Analysis ............................................................................................................................................. 28 Market Opportunities ........................................................................................................................................ 30 Grocery Stores .................................................................................................................................................... 37 Conclusion .......................................................................................................................................................... 43 Tourism ......................................................................................................................................................... 44 Seasonal Residents ............................................................................................................................................. 46 Tourism‐Based Retail ......................................................................................................................................... 47 Recommendations ......................................................................................................................................... 48 Rehabilitation and Ownership of Commercial Property .................................................................................... 48 The Parrott House .............................................................................................................................................. 50 Business Development and Recruitment ........................................................................................................... 53 Assistance To Existing Businesses ...................................................................................................................... 59 Marketing and Promotion .................................................................................................................................. 60 Implementation .................................................................................................................................................. 66 Appendices Appendix A: Inventory of Existing Businesses and Commercial Properties by Address Appendix B: Employee Survey Results Appendix C: Schoharie Area Tourism Assets Appendix D: Schoharie Website Assessment Introduction wo years after flooding from Hurricane Irene and Tropical Storm Lee caused major damage to businesses, T homes, and public buildings throughout the community, the Village of Schoharie completed a draft Long Term Community Recovery (LTCR) Strategy in 2013. Funded by the State of New York, the LTCR Strategy is designed to build on work already completed, promote community consensus and involvement, identify opportunities, recommend specific actions and projects, and ultimately provide a detailed blueprint for the community’s economic recovery. Among the multitude of issues facing the Village of Schoharie is the need for economic and business development, especially in the Main Street business district. As the LTCR Strategy indicates: “Business recruitment is a challenge and a need. Long‐term issues, such as businesses leaving Main Street, were exacerbated – [though] not necessarily created – by the flood event.” Indeed, the Comprehensive Plan for the Town and Village of Schoharie, adopted in 1997, also identifies economic development and downtown revitalization as an issue, noting that “a majority of consumer dollars leave the Town and Village… There is great concern about the long term viability of the central business district in the Village.” In an effort to address these issues, the draft LTCR Strategy recommends numerous actions, including hiring a business development specialist to assist existing businesses and attract new businesses into the Village, developing business incentives as “critical activity‐drivers,” creating a business start‐up or expansion program, and strengthening the Schoharie Local Development Corporation by adding staff support and capacity. The Strategy also calls for undertaking a comprehensive marketing and public relations program that includes marketing to new businesses. This study is aimed at supporting the proposed marketing program and the Village’s overall economic development activities. The purpose of the Market Study is to assess market opportunities in the Main Street area and provide recommendations regarding business development and recruitment, marketing, and other strategies to enhance economic activity in Schoharie. The study includes market data that can be used to promote Schoharie’s assets and recruit prospective entrepreneurs and retailers.1 1 A Market Analysis was completed for the Village of Schoharie by J. Logue in 2009. However, that study was limited to determining the market potential of a new supermarket in Schoharie. It did not assess supply and demand for other business categories, and much of the data on which the analysis was based is now out of date. VILLAGE OF SCHOHARIE MARKET STUDY | January 2014 page 1 | E.M. Pemrick and Company Scope of Work To address the objectives of the project, E.M. Pemrick and Company completed a scope of work comprised of the following: . Review of existing materials generated by Community Planning & Environmental Associates as part of the Schoharie Long‐Term Community Recovery (LTCR) process, as well as other reports and studies with relevant information on economic and market trends and tourism in Schoharie County. A survey of employees based at the County Office