ResolutiontoApprovePFAgmtEBDA2019

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2.3.4 Downtown Retail Market Opportunhim The opportunities below are more ideally suited for a downtown location. That is not to say that both suburban growth and downtown growth cannot co -exist — as already mentioned, strengthening the overall retail market for Ellensburg should be a "rising tide lifts all ships" proposition. The are presenter) here because they have the opportunity to be particularly successful downtown. • Restaurants — This category is very strong and is likely to continue to thrive in the community. There are opportunities for growth both within downtown Ellensburg and throughout the city. Restaurants are a "clustering" business type where more begets more. This is particularly true when a community attracts visitors as Ellensburg does. This does not mean that every restaurant will be successful and will require deft market research with any new restaurateur. The market data shows leakage overall for Ellensburg of $21 million but an overall gain for restaurants of ,just under $6 million. The greater region is grossly underserved by restaurants. A quick look at Yakima shows that at a twenty minute drive from the intersection of Front Street and Yakima Avenue shows the market has a gain of $167 million in overall retail sales yet maintains a restaurant leakage of $69.6 million. Comments that residents of Yakima come to Ellensburg to dine are verified by this number. The opportunity is amplified when you look at spending patterns for students, Ellensburg's highway location, and the conservative definition of the trade area. • Office Supply Stores — This would have been an obvious powerhouse opportunity for a suburban store in Ellensburg. This retail store type has been in a state of national flux as big box office retailers have scaled back stares as a result of online shopping. however, the data indicates that possibilities exist in this category both with what would now be a "small box!" store in outlying areas of Ellensburg or working with existing specialized office stores in the downtown to expand services and product lines. • Clothing Stores — This store type, which include family clothing noted above, severely leaks sales in Ellensburg. This type of leakage is to be expected in a market the size of Ellensburg but does present opportunities both for specialty retail in downtown and also in suburban locations. Clothing opportunities in downtown Ellensburg are going to cluster around young women, and the community should take a dual strategy of working with existing clothiers and recruiting new specialty clothing stores. However, the Family Clothing category represents an opportunity for a small box store such as TJ Maxx to possibly be supported in suburban Ellensburg. As already mentioned, this would not eliminate the chance to grow specialty clothing in the core of downtown. (Shoes — a subcategory of clothes also represents a market opportunity for downtown or to expand the product line of an existing store). Miscellaneous Retail — This broad and inclusive category is geared toward the highly niche - oriented retail that tends to cluster in a downtown setting. Specialty retail will continue to be an opportunity in downtown Ellensburg and is highly suited for the district specifically. Some specialty retail seen in other communities are oil and vinegar stores, running stores, nock and mineral stores (already present), niche gifts, fmternitylsorority stores in college towns, and many more. 18