Purcellville Market Study Update June 2014

8/12/2019 Purcellville Market Study Update June 2014

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Purcellville, VA

Retail Market Study UpdateJune 24, 2014



Background• Purcellville Community Assessment November 2004:

– Completed by Arnett Muldrow through Main Street Loudoun

– Outlined physical, marketing, economic development, and

organizational issues in the community.

– Recommended a more detailed retail market analysis of the community.

• Retail Market Analysis Completed in March of 2006

– Also prepared

by

Arnett

Muldrow

through

Main

Street

Loudoun

– Examined retail and demographic trends in the community.

– Made market and marketing recommendations to the community.

• Retail Market Update 2014

– Examines changes in the demographics and retail market since 2006.

– Examines progress on recommendations from the 2004/2006 studies.

– Makes recommendations on future actions.



2004 Community AssessmentPHYSICAL

• Prepare a downtown master plan – completed

• Implement high

quality

streetscape

– completed

• Protect and improve gateways – completed

• Enhance zoning/design guidelines – completed

• Bike trail

along

Main

Street

– not

completed

PROMOTION AND MARKETING

• Complete a seamless branding campaign – completed

• Redevelop

print

material

with

consistent

logo

– completed• Complete a banner/wayfinding sign program – completed

• Long‐term launch visitor marketing – completed



2004 Community AssessmentECONOMIC DEVELOPMENT

• Conduct a detailed market study – completed

• Create economic development recruitment effort – completed

• Create a master plan that shows investment opportunities –

completed

• Recruit more visitor oriented, dining, and specialty shopping –

completed.

ORGANIZATION

• Create more efficiency in development services – completed

• Consolidate multiple

groups

serving

similar

purposes

–

completed

• Hire staff with responsibility for economic development –

completed



2004 Community AssessmentOTHER ISSUES

• Was great concern about the future of Fireman’s Field

• Desire for more regular festivals and events to familiarize

people with Purcellville

• Desire for accommodations/hotel in town



2006 and 2014 Market Study

Comparison



PrimaryTrade

Area



Zip Code Survey 2006 and2014• In 2006 46% of shoppers recorded the

Purcellville zip code as their place of residence.

• In 2014 30% of shoppers recorded the

Purcellville code (only one in five were from

the Town

itself).

• In 2006 only only 4.7% were “visitors”

• In 2014 20.8% were “visitors”



Primary Trade Area

DemographicsPOPULATION

• 2005 Estimated Population 16,606.

• Had grown by 38.3% since 2000.• Projected to grow by another 30.9% to 21,737 by 2010.

• Census population in 2010 was 21,419.

• 2013 population estimate is 22,857.

• Projected growth of 9.3% by 2018 to 24,982.



Comparison 2000-2010Growth

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%



Comparison 2013-2018Projection

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%



Primary Trade Area

Demographics

‐$10,000

$10,000

$30,000

$50,000

$70,000

$90,000

$110,000

$130,000

$150,000



Retail Market Potential 2006 and

2014• The retail market of Purcellville’s PTA has

$254.3 million in sales.

• In 2006 this PTA market was $143.0 million.

• The 8 year change represents a 77% increase in sales.

• Consumers still outspend local sales… spending is $449.6.

• In 2013 the PTA lost $195 million in sales.



Retail Opportunity Gap



Potential Capture*



Retail SharesRetail Shares Analysis Sales Share

PTA Loudoun Co %

Total Retail Sales 254,306,863 8,381,714,562 3.0%

Food and Beverage Stores 146,090,671 1,074,692,545 13.6%

Miscellaneous Store Retailers 4,604,060 93,770,306 4.9%

Gift, Novelty and Souvenir Stores 1,287,445 26,391,775 4.9%

Used Merchandise Stores 773,968 7,737,873 10.0%

Other Miscellaneous Store Retailers 1,731,689 32,155,869 5.4%

Furniture and Home Furnishings Stores 9,084,971 206,335,228 4.4%

Building Material, Garden Equip Stores 23,822,244 552,300,344 4.3%Sporting Goods, Hobby, Book, Music Stores 5,163,517 126,166,236 4.1%

Foodservice and Drinking Places 26,561,758 930,344,513 2.9%

Full-Service Restaurants 18,845,378 402,581,839 4.7%

Limited-Service Eating Places 7,226,801 399,882,808 1.8%

Health and Personal Care Stores 6,000,709 214,021,879 2.8%

Electronics and Appliance Stores 2,505,083 114,349,424 2.2%

Gasoline Stations 4,258,315 490,171,704 0.9%

Motor Vehicle and Parts Dealers 17,134,684 2,068,524,893 0.8%

Clothing and Clothing Accessories Stores 5,114,793 1,166,549,501 0.4%

General Merchandise Stores 1,858,234 1,091,906,543 0.2%



Retail Market Potential

Conclusions• The Purcellville market has increased dramatically in

population.

• The population is relatively young and very affluent. • Retail has also increased dramatically to keep pace

with growth.

• Yet, there is still room for additional retail development.

• Leesburg remains

a

retail

powerhouse

but

this

does

not prevent Purcellville to capitalize on its growth



Retail Market Strategic Positioning

• Tourism growth in the community is robust and only expected to continue to grow.

• Regional customers have also increased as Purcellville has emerged as a grocery and dining destination.

• Dining sales have quadrupled since 2006 – there is room for more particularly casual dining.*



Recommendations• Continue to pursue infill development per the prior

plans.

• Contemplate expansion of quality retail along Main Street as traditional uses migrate to expanded industrial areas in town.

• Be prepared for “small box” general merchandise stores with appropriate land use tools.

• Continue to work on hotel development: likely to be independent and smaller than a chain hotel.

• Consider additional catalyst development related to wine to ground the community as the wine capitol of the region.

Purcellville Market Study Update June 2014

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