franklin retail market study preliminary recommendations august 4, 2010
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Franklin Retail Market StudyPreliminary RecommendationsAugust 4, 2010
Today’s Presentation• Input Review• Recap of the market study findings• Strategic Themes• Recommendations
Process• Background Review• Interviews and Focus Groups – Roughly
60 Participants• Zip Code Survey • Market Findings• Recommendations
Input -- Strengths• Setting and proximity.• Fiber loop.• Phil Drake’s investments in Franklin.• Appalachian Trail.• Young people are proud to be from here.• Several museums in town.• Gem mines.
Input -- Strengths• Certified Entrepreneurial Community.• “Economic Center West of the Balsams.”
Input -- Challenges• 56% of the tax bills go out of the county.• Dependency on construction has been a
hard hit during the recession.• Specialty retail is spread out in a number
of districts.• Multiple messages – Shop Franklin First,
Affordable Franklin, Discover Us, Mountain Treasures, etc.
Input -- Challenges• Older population demographic• Nothing to keep young people here
Input -- Opportunities• Capitalize on affinity groups:
– Hikers on the AT– Bikers– Families
• Tap into Blue Ridge National Heritage Area.
• Market to “lone wolf” consultants.• Realign businesses along the river.• Food related businesses.
Input – Desired Uses• More variety of accommodations.• Restaurants downtown.• Belk’s or Kohl’s.• Mast General Store.• Drug Store.• Small meeting facility.• Microbrewery.• Lone Star, Outback.
Market Analysis - Zip Code Survey
• Survey Held June 23-July 3• 17 Retail Participants Tallied • 1988 Recorded Visits • 524 Unique American Zip Codes (574)• 31 States (36)
Where are they from?
The Trade Area Definition
Retail Market Potential
Retail Market Potential
Retail Market Potential
Refining the Message: Marketing Recommendations
Building Critical Mass: Retail Recruitment Recommendations
Retail Development Strategies for Franklin
Preparing for Investment: Organizational Strategy
• Franklin has created and has launched a “brand” identity – (new Hiker logo)
• Yet there are still multiple branded statements for the community and the region.
• There is little focus on Franklin as a shopping and dining destination.
• There are also multiple markets to target.
Marketing Issues
• The local Franklin resident• The seasonal customer• The regional customer• The visiting customer
Marketing Targets
• Implement wayfinding ASAP.• Work on a “shopping and dining” page for the
Town’s webpage:– include a link for shopping and dining on Facebook.– Coordinate and link with Shop Franklin First
• Consider reinventing print material for the community:– Launch a shopping and dining guide, AND/OR– Work collaboratively on a high quality magazine guide
• Develop a marketing matching grant for businesses.
Marketing Recommendations
• First year: $10,000.• Matching “allocation” for ads that use the
Franklin brand.• Merchants may choose preferred media.• Web tracking (not discounts) to check
progress (particularly important to reconnect to markets that are targets).
• Consider guerilla marketing tactics.
The Marketing Grant Explained
• Consider and coordinate all events:– Consider after hours event to promote shopping and dining
downtown: art/gallery/shop crawl.– Consider a special event or promotion to recognize
seasonal visitors.
Marketing Recommendations, Cont’d
• Franklin is demonstrating significant retail leakage in several retail categories and significant retail gain in others.
• Franklin has numerous retail districts within downtown and along the by-pass.
• There is no single district that has “critical mass” as a gathering spot, a browsing district. Downtown comes closest.
Recruitment Issues
• Clothing• Restaurants• Sporting Goods• Food related retail• Gifts, Jewelry: some of this is already a strength.
Retail Targets for Franklin
• Consider targeted recruitment of store types:– Anchor/catalyst store for downtown– Outdoor outfitters, sporting goods– Full service restaurant downtown – consider slow food, locally
grown, etc. – Retail catalyst: single point of sale craft cooperative or similar
• Consider signing and marketing of “districts”– Downtown.– River District (Depot Street and Highlands Road).– Heritage Hollow, lower Palmer Street area.
• Consider “Lone Wolf” office catalyst in upper floors.• Consider community meeting space, reception space.
Recruitment Recommendations
• Franklin has a number of partners working to market and improve the community:– Main Street– Town TDA, County TDC– Chamber of Commerce– Smoky Mountain Host– Blue Ridge National Heritage Area– Shop Franklin First – The Whistle Stop– Center for the Performing Arts
• There is an opportunity for stronger collaborations and a more consistent message.
• Franklin should continue to engage young professionals.
Organizational Issues
• Appoint a volunteer “recruitment team” to solicit interested businesses in locating in Franklin using information from this study.
• Work on a “young professionals” group to encourage involvement from new people, initiate projects, etc.
• Consider an annual Franklin Marketing Summit to share ideas and deploy strategies.
• Host a familiarization tour of Franklin for shopkeepers/stakeholders.
Organizational Recommendations
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