Page 9 - Georgetown Retail Merchandising Plan 11.7.16 - FINAL

Introduction

Georgetown is experiencing the greatest economic growth cycle of 600,000 square feet of destination retail and other uses. In addition, spending patterns and other retail factors within retail districts;
its history. According to recent Census reports, Georgetown was the completion of the SH 130 Toll road bypass has also opened new • Create a comparison of various retail nodes within Georgetown
designated as “the fastest growing city in the US,” with a population commercial opportunity at SH 130 Toll road and University Avenue and competitive nodes in the region;
of over 50,000. Over 820 building permits were issued in 2015, and intersection. This area is situated for regional retail to service east
it is expected that Georgetown will have similar numbers again in Georgetown and the regional population growing along the SH 130 • Conduct a review of properties within Georgetown and their
2016. This rapid growth creates substantial demand for retail goods Toll road corridor. current attributes and retail potential; and
and services, which in turn strengthens the fiscal base and economic • Develop a list of potential retail targets that align with the
vitality of the City. For example, Georgetown collected over $19,166 NWC of Lakeway and I-35 and Lakeway Drive and adjacent to the Georgetown market and elevates the city’s status as a retail hub.
million dollars in sales tax in 2015, up from $18,655 million in 2014. Georgetown Municipal Airport is Georgetown’s newest planned
commercial development. It is planned to have major regional anchor INITIATION OF THE WORK
To harness this economic opportunity in a strategic way, the City of opportunities, as well as pad sites and associated commercial uses.
Georgetown has retained Catalyst Commercial to explore methods This process included substantial on-the-ground research, including
to enhance the City’s tax base by attracting quality retail businesses A future development node is also located between Shell Road, I-35 a census of existing tenants, inventory of major shopping centers,
and creating a more diversified retail environment in Georgetown. and SH 195. This area is situated for mixed-use and commercial to and interviews with developers and the City team to understand the
In addition, retail has a large impact on the brand of a community; service the northern portion of Georgetown and the neighboring existing retail landscape.
therefore, improving retail quality will also improve the perception of communities along the I-35 corridor. H-E-B has purchased a tract
Georgetown. just south of I-35 & SH 195 for a grocery store and associated retail. In addition, Catalyst conducted over 2,650 customer intercepts from
They will serve as catalysts for future development and begin to various retail shopping centers to develop a statistical retail trade
AN OVERVIEW OF MAJOR RETAIL establish this area as a new retail hub to service Sun City, until more area for Georgetown. The team also physically evaluated regional
commercial development advances north. retail nodes to understand how external forces may influence the
As evidenced by Georgetown’s Primary Trade Area (PTA), Georgetown Georgetown Retail Merchandising Strategy. This process included a
has established itself as a regional hub for the greater north Austin The development plans for the intersection of Williams Drive and half-day workshop with staff to review development activity. Catalyst
region. The regional pull is created from the strong base of quality Ronald Reagan Boulevard and CR 245 are reserved for regional also conducted a Downtown Assessment, which was provided under
existing retail development, such as its vibrant historic Downtown, commercial development. This area is one of the most active separate cover.
Wolf Ranch Town Center, and The Rivery. Wolf Ranch Town Center residential areas in Georgetown and will be strategically located for
is a regional retail outdoor mall developed by the Simon Property retail/commercial uses, which will serve Sun City, Somerset Hills, and The results are a comprehensive perspective on both local and
Group. Wolf Lakes is a mixed-use lifestyle center being planned by future residential developments in the northwest sector. regional retail conditions that were used to develop a competitive
the Wolf family, the original owners of Wolf Ranch, to compliment retail strategy for Georgetown and position future retail developments
this Center and service the growing regional population. It will consist more effectively. This process serves as both a policy guide for
of destination retail, first-class restaurants, hospitality, and Class A MERCHANDISING APPROACH development and a tool to help market and recruit quality retail to
office. The Rivery is a first-class mixed use district with high-end Georgetown.
townhomes, hotel and conference center, and regional retail. Phase The Project Team was asked to develop the following for this initiative:
2 will consist of high-end lifestyle retail and destination restaurants. • Create a market assessment to explore the capacity of retail While this analysis recognizes substantial population increase and
for existing and planned retail developments, and assess traffic regional retail demand, the future challenges will be to balance the
There are several new emerging retail oriented projects in Georgetown. patterns and other drivers within the study area; number of commercial projects in context with the regional retail
Regional developers are planning a new regional retail district within • Determine the Primary and Secondary Retail Trade areas for market to mitigate over-saturation of retail and ensure retail health
Georgetown’s extraterritorial jurisdiction (ETJ), called Longhorn Georgetown; and vitality. It will also be critical to explore ways to differentiate
Junction. Longhorn Junction is a planned mixed-use project with over development patterns and merchandising to create balance and
• Conduct a Market Analysis to understand current customer
diversity within the region.

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