Franklin Retail Market Study

Preliminary Recommendations August 4, 2010

TodaysPresenta.on
InputReview Recapofthemarketstudyndings StrategicThemes Recommenda;ons

Process
BackgroundReview InterviewsandFocusGroupsRoughly 60Par;cipants ZipCodeSurvey MarketFindings Recommenda;ons

InputStrengths
SeGngandproximity. Fiberloop. PhilDrakesinvestmentsinFranklin. AppalachianTrail. Youngpeopleareproudtobefromhere. Severalmuseumsintown. Gemmines.

InputStrengths
Cer;edEntrepreneurialCommunity. EconomicCenterWestoftheBalsams.

InputChallenges
56%ofthetaxbillsgooutofthecounty. Dependencyonconstruc;onhasbeena hardhitduringtherecession. Specialtyretailisspreadoutinanumber ofdistricts. Mul;plemessagesShopFranklinFirst, AordableFranklin,DiscoverUs, MountainTreasures,etc.

InputChallenges
Olderpopula;ondemographic Nothingtokeepyoungpeoplehere

InputOpportuni.es
Capitalizeonanitygroups:
HikersontheAT Bikers Families

TapintoBlueRidgeNa;onalHeritage Area. Markettolonewolfconsultants. Realignbusinessesalongtheriver. Foodrelatedbusinesses.

InputDesiredUses
Morevarietyofaccommoda;ons. Restaurantsdowntown. BelksorKohls. MastGeneralStore. DrugStore. Smallmee;ngfacility. Microbrewery. LoneStar,Outback.

MarketAnalysisZipCodeSurvey
SurveyHeldJune23July3 17RetailPar;cipantsTallied 1988RecordedVisits 524UniqueAmericanZipCodes(574) 31States(36)

Where are they from?

Other States; 7%

Florida; 14% Rest of GA; 5% 28734 OUT; 39%

Rest of NC; 5% 28713 Bryson City; 0% 30568 Rabun Gap; 1% 28904 Hayesville; 1% 30537 Dillard; 1% 28779 Sylva; 2% 28763 Otto; 3% 28741 Highlands; 3% 28734 IN; 18%

28734 OTHER; 1%

The Trade Area Definition

Retail Market Potential

Retail Market Potential

Retail Market Potential

RetailDevelopmentStrategiesforFranklin
ReningtheMessage:Marke.ngRecommenda.ons

BuildingCri.calMass:RetailRecruitmentRecommenda.ons

PreparingforInvestment:Organiza.onalStrategy

Marke.ngIssues

Franklinhascreatedandhaslauncheda brandiden;ty(newHikerlogo) Yetthereares;llmul;plebrandedstatements forthecommunityandtheregion. ThereislimlefocusonFranklinasashopping anddiningdes;na;on. Therearealsomul;plemarketstotarget.

Marke.ngTargets

ThelocalFranklinresident Theseasonalcustomer Theregionalcustomer Thevisi;ngcustomer

Marke.ngRecommenda.ons

ImplementwayndingASAP. Workonashoppinganddiningpageforthe Townswebpage:

includealinkforshoppinganddiningonFacebook. CoordinateandlinkwithShopFranklinFirst

Considerreinven;ngprintmaterialforthe community:
Launchashoppinganddiningguide,AND/OR Workcollabora;velyonahighqualitymagazineguide

Developamarke;ngmatchinggrantfor businesses.

TheMarke.ngGrantExplained

Firstyear:$10,000. Matchingalloca;onforadsthatusethe Franklinbrand. Merchantsmaychoosepreferredmedia. Webtracking(notdiscounts)tocheck progress(par;cularlyimportanttoreconnect tomarketsthataretargets). Considerguerillamarke;ngtac;cs.

Marke.ngRecommenda.ons,Contd

Considerandcoordinateallevents:
Consideraperhourseventtopromoteshoppinganddining downtown:art/gallery/shopcrawl. Consideraspecialeventorpromo;ontorecognize seasonalvisitors.

RecruitmentIssues

Franklinisdemonstra;ngsignicantretailleakage inseveralretailcategoriesandsignicantretail gaininothers. Franklinhasnumerousretaildistrictswithin downtownandalongthebypass. Thereisnosingledistrictthathascri;calmassas agatheringspot,abrowsingdistrict.Downtown comesclosest.

RetailTargetsforFranklin

Clothing Restaurants Spor;ngGoods Foodrelatedretail Gips,Jewelry:someofthisisalreadyastrength.

RecruitmentRecommenda.ons

Considertargetedrecruitmentofstoretypes:
Anchor/catalyststorefordowntown Outdoorouqimers,spor;nggoods Fullservicerestaurantdowntownconsiderslowfood,locally grown,etc. Retailcatalyst:singlepointofsalecrapcoopera;veorsimilar Downtown. RiverDistrict(DepotStreetandHighlandsRoad). HeritageHollow,lowerPalmerStreetarea.

Considersigningandmarke;ngofdistricts

ConsiderLoneWolfocecatalystinupperoors. Considercommunitymee;ngspace,recep;onspace.

Organiza.onalIssues Franklinhasanumberofpartnersworkingtomarket andimprovethecommunity:

MainStreet TownTDA,CountyTDC ChamberofCommerce SmokyMountainHost BlueRidgeNa;onalHeritageArea ShopFranklinFirst TheWhistleStop CenterforthePerformingArts

Thereisanopportunityforstrongercollabora;onsanda moreconsistentmessage. Franklinshouldcon;nuetoengageyoungprofessionals.

Organiza.onalRecommenda.ons
Appointavolunteerrecruitmentteamtosolicitinterested businessesinloca;nginFranklinusinginforma;onfromthis study. Workonayoungprofessionalsgrouptoencourage involvementfromnewpeople,ini;ateprojects,etc. ConsideranannualFranklinMarke;ngSummittoshare ideasanddeploystrategies. Hostafamiliariza;ontourofFranklinforshopkeepers/ stakeholders.