Page 10 - Georgetown Retail Merchandising Plan 11.7.16 - FINAL

Executive Summary

Based on property owner, developer, city staff, and community input SPENDING
and data analysis, Catalyst crafted a comprehensive Merchandising The Georgetown annual per capita expenditure is $29,324. 3. Longhorn Junction is just outside Georgetown’s city limits and
Plan that underscores the strength of Georgetown’s existing retail Data shows that Georgetown residents spent $9,306 per capita is well positioned to leverage the adjacent retail in Round Rock
and greater Georgetown market. Efforts are underway to secure
and serves as a strategy to harness the future demand anticipated on retail in 2016. This represents approximately 32% of total anchor tenants for the development. Short-term recruitment
from future growth. As a basis for this study, Catalyst created a spending on retail, in Georgetown, compared to 24% in Texas, should support underwriting anchor tenants to catalyze the
Primary Trade Area (PTA) by analyzing customer patterns from and 17% in the U.S.. This reflects that Georgetown has higher development.
Georgetown shopping centers. The PTA for Georgetown equates than average retail spending and can support higher quality retail
to a 24-minute drive time and a 9-mile ring. Of the total samples, development or more outlets. 4. NWC I-35 and Lakeway is also planned for big-box and anchor
tenants. While there is additional planning and infrastructure
39% of the samples were from Georgetown city limits and 61% needed, this area is well positioned along I-35 to be key in
were from outside of Georgetown, which supports Georgetown’s COMPETITION developing regional retail.
reputation as a regional destination. Georgetown is within a very competitive retail environment,
sharing a customer base with Round Rock, Leander, Pflugerville, 5. The Rivery is one of Georgetown’s best mixed-use
KEY FINDINGS Cedar Park, greater North-Austin, and Hutto. While there developments. This development is well positioned to attract a
higher-quality tenant mix with the Sheraton and entertainment
• 2016 PTA Population - 134,031 are nuances in each market, most of the regional nodes have drivers, combined with the high quality development.
• 2021 PTA Population Projection - 153,973 similar demographic attributes. The most notable difference is
• 2016 Households - 49,043 Georgetown has a higher median age and higher incomes than 6. The Williams Drive corridor is mainly auto-oriented and
• 2016 Workforce - 30,994 the region. While portions of Austin and Round Rock have higher therefore contains a large concentration of convenience uses.
A current analysis is exploring mobility and land use, and will be
• 2016 Median Income - $78,988 population and greater retail density, Georgetown’s downtown provided in more detail.
• 2016 Average Income - $93,176 and emerging lifestyle projects, such as The Rivery and proposed
• 2016 Median Age - 41.2 Wolf Lakes, offer a better experience and accessibility. 7. Williams Drive and Ronald Reagan/CR 245 is within the
• Residential Purchasing Power - $10,585,687,526 far northwest sector of Georgetown. While this area currently
• Workforce Purchasing Power - $2,448,374,375 PROPERTIES has the lowest density of population, its location and future
population will be strategic to neighboring developments.
• Total Purchasing Power - $13,034,061,901 Catalyst reviewed the major retail nodes within Georgetown
and identified the top ten areas for current and future retail 8. Downtown Georgetown is a world-class destination with
The analysis shows greatest current demand for: development. These include: high quality restaurants, retail and serves as Georgetown’s city
• Department stores (320,638 square feet) center.
• General merchandise stores (316,004 square feet) 1. University and SH 130 Toll is well situated to serve east 9. Wolf Ranch is one of Georgetown’s largest shopping centers
• Restaurants (70,937 square feet) Georgetown and the SH 130 Toll corridor. This area benefits from and contains national anchors, destination restaurants, and
• Limited service restaurants (83,748 square feet) the adjacent high school and lack of competition in the area. regional retail.
Near term focus should be on neighborhood and convenience
• Specialty stores (56,478 square feet)
tenants that can catalyze the development but not hinder value
and optimization of the development program. 10. Wolf Lakes, part of Wolf Ranch, has the potential to be one
The combined retail demand for the Georgetown PTA has 3.646 of Georgetown’s strongest assets. The Wolf family’s strong
million square feet of demand, of which over 900,000 square 2. The I-35 and SH 195 area is well positioned for a myriad vision and desire to activate a legacy project, as well as the
development’s strategic location at the epicenter of Georgetown,
feet of demand is being lost to competing retail areas. By 2046, of commercial and mixed-uses. While this area has a small makes appropriate merchandising critical to its success. This
the Georgetown PTA is estimated to support over 2.4 million population base today, the projected growth rate shows that project should target high quality retail, office, medical, and
this could be a major retail node in the future. A planned H-E-B
additional square feet of net new retail, in light of competition. will also catalyze new retail within this area. urban residential.

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