District of West Vancouver Economic Development Plan

District of West Vancouver Economic Development Plan

DISTRICT OF WEST VANCOUVER ECONOMIC DEVELOPMENT PLAN Unleashing West Vancouver’s economic potential to build a vibrant, resilient community January 2018 blank CONTENTS PART A: LOCAL ECONOMIC DEVELOPMENT AND COMMUNITY RESILIENCE � � � � � � � � � � � 5 1.0 West Vancouver’s Economic Development Plan �� � � � � � � � � � � � � � � � � � � � � � � � � � � 6 2.0 Towards a Resilient Community � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 6 3.0 The Role of Municipal Economic Development �� � � � � � � � � � � � � � � � � � � � � � � � � � � � 7 4.0 Strategic Framework for Economic Development � � � � � � � � � � � � � � � � � � � � � � � � � � 8 4�1 Visitor Strategy �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8 4�2 Commercial Areas Strategy � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 9 4�3 Emerging Opportunities Strategy �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 9 5.0 Research and Analysis� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 9 5�1 Demographic Forecasts �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 10 5�2 Vital Signs Reports � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 11 5�3 Competitive Identity, Business Strategy and Destination Development� � � � � � � � � � � � � � � 12 5�4 Case Study of West Vancouver’s Local Economy (December 2016) � � � � � � � � � � � � � � � � 13 5�5 UBC Sauder School of Business (Fall 2016) � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 13 5�6 Global Network for Advanced Management (Spring 2017) � � � � � � � � � � � � � � � � � � � � � � 14 6.0 West Vancouver’s Economic Partnerships � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 15 6�1 Local Business Organizations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 15 6�2 Destination Marketing Organizations� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 17 6�3 Industry Partners � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 17 7.0 Vision and Leadership �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 17 8.0 Recommendations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 18 PART B: VISITOR STRATEGY � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 21 9.0 Introduction �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �22 10.0 The Value of Tourism �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �22 1 11.0 West Vancouver’s Visitor Offerings �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �23 11�1 Arts and Culture � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 11�2 Nature / Outdoor Recreation� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 11�3 Retail and Dining �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �25 12.0 Strengths, Weaknesses, Opportunities and Threats � � � � � � � � � � � � � � � � � � � � � � � �26 12�1 Strengths� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �26 12�2 Weaknesses� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �26 12�3 Opportunities � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �28 12�4 Threats � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �30 13.0 Positioning West Vancouver as a Day Trip Destination � � � � � � � � � � � � � � � � � � � � � � 31 13�1 Destination Development � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 31 13�2 UBC Sauder School of Business � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 33 13�3 Global Network for Advanced Management (GNAM)� � � � � � � � � � � � � � � � � � � � � � � � � 33 14.0 Tourism Partners� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �34 14�1 West Vancouver’s Visitor Attractions� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �34 14�2 Destination Development and Marketing � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �39 15.0 Recommendations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 41 16.0 Implementation � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �42 16�1 Partnerships� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �42 16�2 Monitoring and Evaluation �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �43 16�3 Resource Requirements �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �43 PART C: COMMERCIAL AREAS STRATEGY �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �45 17.0 Introduction �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �46 18.0 West Vancouver’s Distinct Commercial Areas � � � � � � � � � � � � � � � � � � � � � � � � � � � �46 18�1 Park Royal Shopping Centre � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �46 18�2 Ambleside Town Centre� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �48 18�3 22nd & Marine �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 51 18�4 Dundarave Village 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� � � � � � � � �59 22�3 Marine Drive Commercial Corridor �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 61 23.0 Recommendations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �62 24.0 Implementation � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �62 24�1 Resource Requirements �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �62 PART D: EMERGING OPPORTUNITIES STRATEGY � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �65 25.0 Introduction �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �66 26.0 Metro Vancouver Economy �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �66 27.0 Metro Vancouver’s Leading Economic Sectors � � � � � � � � � � � � � � � � � � � � � � � � � � � �67 28.0 Pre-conditions for Local Economic Growth �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �68 29.0 Business Opportunities �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �69 30.0 West Vancouver’s Unique Advantages � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 71 30�1 Human and Financial Capital � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 71 30�2 Municipally-owned Lands� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 71 31.0 Recommendations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �72 32.0 Implementation � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �72 32�1 Partnerships� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �72 32�2 Resource Requirements �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 73 PART E: IMPLEMENTATION TIME-LINE � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 75 3 4 PART A: LOCAL ECONOMIC DEVELOPMENT AND COMMUNITY RESILIENCE PART A: LOCAL ECONOMIC DEVELOPMENT AND COMMUNITY RESILIENCE 5 1.0 WEST VANCOUVER’S ECONOMIC DEVELOPMENT PLAN Work on an Economic Development Plan for the District of West Vancouver was initiated in early 2016, with the creation of a new staff position responsible for local economic development� This has included a year and a half of research, stakeholder engagement, and the creation of economic partnerships for plan development and implementation� The primary objectives of the Economic Development Plan are to: • support existing West Vancouver businesses by attracting visitor spending at a time when the local population and local market are declining.

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