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Res-2019-014 EDBA
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2019-01-15 10:00 AM - Commissioners' Agenda
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Res-2019-014 EDBA
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Last modified
1/18/2019 9:36:53 AM
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1/18/2019 9:35:17 AM
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Meeting
Date
1/15/2019
Meeting title
Commissioners' Agenda
Location
Commissioners' Auditorium
Address
205 West 5th Room 109 - Ellensburg
Meeting type
Regular
Meeting document type
Fully Executed Version
Supplemental fields
Alpha Order
p
Item
Request to Approve a Resolution for the 2019 Distressed County Sales and Use Tax Infrastructure Improvement Program Agreement with Ellensburg Business Development Authority
Order
16
Placement
Consent Agenda
Row ID
50670
Type
Resolution
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2.3.4 Downtown RetaU Market Opportunities <br />The opportunities below are more ideally suited for a downtown location. That is not to say that <br />both suburban growth and downtown growth cannot co-exist -as already mentioned, <br />strengthening the overall retail market for Ellensburg should be a «rising tide lifts all ships" <br />proposition. The are presented here because they have the opportunity to be particularly <br />successful downtown. <br />• Restaurants -This category is very strong and is likely to continue to thrive in the <br />community. There are opportunities for growth both within downtown Ellensburg and <br />throughout the city. Restaurants are a ••clustering'; business type where more begets more. <br />This is particularJy true when a community attracts visitors li\S Ellensburg does. This does not <br />mean that every restaurant will be successful and will require deft market research with any <br />new restaurateur. The market data shows leakage overall for Ellensburg of $21 million but <br />an overall gain for restaurants of just under $6 million. The greater region is grossly <br />underserved by restaurants. A quick look at Yakima shows that at a twenty minute drive <br />from the intersection of Front Street and Yakima Avenue shows the market has a gain of <br />$167 million in overall retail sales yet maintains a restaurant leakage of $69.6 million. <br />Comments that residents of Yakima come to Ellensburg to dine are verified by this number. <br />The opportunity is amplified when you look at spending patterns for students, Ellensburg's <br />highway location, and the conservative definition of the trade area. <br />• Office Supply Stores -This would have been an obvious powerhouse opportunity for a <br />suburban store in Ellensburg. This retail store type has been in a state of national flux as big <br />box office . retailers have scaled back stores as a result of online shopping. However, the data <br />fadicates that possibilities exist in th'5 category both with what would now be a "small box" <br />store in outlying areas of Ellensburg or working with ex.isling specialized office stores in the <br />downtown to expand services and product lines. <br />• Clothing Stores -This store type, which include family clothing noted above, severely leaks <br />sales in BIJensburg. This type of leakage is to be expected in a market the size of Ellensburg <br />but does present opportunities both for specialty retail in downtown and also in suburban <br />locations. Clothing opportunities in downtown Ellensburg arc going to cluster around young <br />women, and the community should take a dual strategy of working with existing clothiers <br />and recruiting new specialty clothing stores. However, the Family Clothing category <br />represents an opportunity foJ" a small box store such as TJ Maxx: to possibly be supported in <br />suburban Ellensburg. As already mentioned, this would not eliminate the chance to grow <br />specialty clothing in the core of downtown. (Shoes -a subcategory of clothes also represents <br />a market opportunity for downtown or to expand the product line of an existing store). <br />• Miscellaneous Retail -This broad and inclusive category is geared toward the highly niche- <br />oriented retail that tends to cluster in a downtown setting. Specialty retail will continue to be <br />an opportunity in downtown Ellensburg and is highly suited for the district specifically. <br />Some specialty retail seen in other communities are oil and vinegar stores, running stores, <br />rock and mineral stores (already present), niche gifts, fraternity/sorority stores in college <br />towns, and many more. <br />18
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