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The Economics of Independent Marine Recreational Fishing Bait and Tackle Retail Stores in the United States, 2013

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The Economics of Independent Marine Recreational Fishing Bait and Tackle Retail Stores in the United States, 2013 The Economics of Independent Marine Recreational Fishing Bait and Tackle Retail Stores in the United States, 2013 Clifford Hutt, Sabrina Lovell, and Scott Steinback U.S. Department of Commerce National Oceanic and Atmospheric Administration National Marine Fisheries Service NOAA Technical Memorandum NMFS-F/SPO-151a July 2015 The Economics of Independent Marine Recreational Fishing Bait and Tackle Retail Stores in the United States, 2013 Clifford Hutt, Sabrina Lovell, and Scott Steinback NOAA Technical Memorandum NMFS-F/SPO-151a July 2015 U.S. Department of Commerce Penny Pritzker, Secretary National Oceanic and Atmospheric Administration Kathryn D. Sullivan, Ph.D., Administrator National Marine Fisheries Service Eileen Sobeck, Assistant Administrator for Fisheries Recommended citation: Hutt, Clifford, Sabrina Lovell, and Scott Steinback. 2015. The Economics of Independent Marine Recreational Fishing Bait and Tackle Retail Stores in the United States, 2013. U.S. Department of Commerce, NOAA Tech. Memo. NMFS-F/SPO-151a, 123 p. An earlier version of this report, F/SPO-151, contained an error in the economic impact estimates in Tables GM_4, GM_5, and GM_6. This version corrects those previous errors. Copies of this report may be obtained from: Clifford Hutt, Ph.D. Office of Science and Technology National Marine Fisheries Service, NOAA 1315 East-West Highway Silver Spring, MD 20910 Phone: 301-427-8210 Or online at: http://www.st.nmfs.noaa.gov/economics/fisheries/recreational/Bait-and-Tackle/bt-survey-2014 ii Table of Contents LIST OF TABLES ...................................................................................................................................................... V LIST OF FIGURES .................................................................................................................................................... X ABSTRACT ................................................................................................................................................................. 1 INTRODUCTION ....................................................................................................................................................... 2 METHODS ................................................................................................................................................................... 5 SAMPLE FRAME AND PROCEDURES ............................................................................................................................ 5 SURVEY INSTRUMENT ................................................................................................................................................ 6 DATA CLEANING ........................................................................................................................................................ 8 CASH FLOW ANALYSIS .............................................................................................................................................. 8 ECONOMIC CONTRIBUTION ANALYSIS ..................................................................................................................... 10 SURVEY IMPLEMENTATION .............................................................................................................................. 14 RESPONSE RATE ..................................................................................................................................................... 14 NON-RESPONSE BIAS ANALYSIS .............................................................................................................................. 15 NATIONAL OVERVIEW ........................................................................................................................................ 17 CHARACTERISTICS OF MARINE BAIT AND TACKLE RETAILERS IN THE UNITED STATES ................................... 18 STORE COSTS AND EARNINGS IN THE UNITED STATES ......................................................................................... 19 Total Gross, Fishing, and Saltwater Fishing Sales .......................................................................................... 19 Inventory and Operating Expenses ................................................................................................................... 23 ECONOMIC CONTRIBUTIONS OF MARINE BAIT AND TACKLE RETAILERS IN THE UNITED STATES ................... 24 FACTORS AFFECTING BAIT AND TACKLE SALES IN THE UNITED STATES ........................................................... 26 DISCUSSION ............................................................................................................................................................. 27 STUDY DESIGN ........................................................................................................................................................ 27 ECONOMIC STATUS OF THE INDEPENDENT MARINE BAIT AND TACKLE RETAIL INDUSTRY .............................. 28 NEW ENGLAND ....................................................................................................................................................... 31 CHARACTERISTICS OF MARINE BAIT AND TACKLE RETAILERS IN NEW ENGLAND............................................ 32 STORE COSTS AND EARNINGS IN NEW ENGLAND ................................................................................................. 33 Total Gross, Fishing, and Saltwater Fishing Sales .......................................................................................... 33 Inventory and Operating Expenses ................................................................................................................... 37 ECONOMIC CONTRIBUTIONS OF MARINE BAIT AND TACKLE RETAILERS IN THE UNITED STATES ................... 38 RECREATIONAL FISHERIES SUPPORTING BAIT AND TACKLE SALES IN NEW ENGLAND ..................................... 40 FACTORS AFFECTING BAIT AND TACKLE SALES IN NEW ENGLAND .................................................................... 40 MID-ATLANTIC ....................................................................................................................................................... 43 CHARACTERISTICS OF MARINE BAIT AND TACKLE RETAILERS IN THE MID-ATLANTIC ................................... 44 STORE COSTS AND EARNINGS IN THE MID-ATLANTIC ......................................................................................... 45 Total Gross, Fishing, and Saltwater Fishing Sales .......................................................................................... 45 Inventory and Operating Expenses ................................................................................................................... 49 ECONOMIC CONTRIBUTIONS OF MARINE BAIT AND TACKLE RETAILERS IN THE UNITED STATES ................... 50 RECREATIONAL FISHERIES SUPPORTING BAIT AND TACKLE SALES IN THE MID-ATLANTIC ............................ 52 FACTORS AFFECTING BAIT AND TACKLE SALES IN THE MID-ATLANTIC ............................................................ 52 SOUTH ATLANTIC ................................................................................................................................................. 55 CHARACTERISTICS OF MARINE BAIT AND TACKLE RETAILERS IN THE SOUTH ATLANTIC ................................ 56 iii STORE COSTS AND EARNINGS IN THE SOUTH ATLANTIC ...................................................................................... 57 Total Gross, Fishing, and Saltwater Fishing Sales .......................................................................................... 57 Inventory and Operating Expenses ................................................................................................................... 61 ECONOMIC CONTRIBUTIONS OF MARINE BAIT AND TACKLE RETAILERS IN THE SOUTH ATLANTIC ................ 62 RECREATIONAL FISHERIES SUPPORTING BAIT AND TACKLE SALES IN THE SOUTH ATLANTIC ......................... 64 FACTORS AFFECTING BAIT AND TACKLE SALES IN THE SOUTH ATLANTIC ........................................................ 64 GULF OF MEXICO .................................................................................................................................................. 67 CHARACTERISTICS OF MARINE BAIT AND TACKLE RETAILERS IN THE GULF OF MEXICO ................................ 68 STORE COSTS AND EARNINGS IN THE GULF OF MEXICO ...................................................................................... 69 Total Gross, Fishing, and Saltwater Fishing Sales .......................................................................................... 69 Inventory and Operating Expenses ................................................................................................................... 73 ECONOMIC CONTRIBUTIONS OF MARINE BAIT AND TACKLE RETAILERS IN THE GULF OF MEXICO ................ 74 RECREATIONAL FISHERIES SUPPORTING BAIT AND TACKLE SALES IN THE GULF OF MEXICO ......................... 76 FACTORS AFFECTING BAIT AND TACKLE SALES IN NEW ENGLAND .................................................................... 76 WEST COAST ........................................................................................................................................................... 79 CHARACTERISTICS OF MARINE BAIT AND TACKLE RETAILERS ON THE WEST COAST ...................................... 80 STORE COSTS AND EARNINGS ON THE WEST COAST ...........................................................................................
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