Town council last week got its first official look at comprehensive market analysis prepared by the University of Delaware.
Officials from UD’s Institute for Public Administration and members of the Greater Georgetown Chamber of Commerce were on hand at council’s July 9 meeting for the presentation, and town officials were enthusiastic about the results.
“The market analysis will guide the town in economic business development for future business growth and our current businesses,” mayor Eddie Lambden said. “It shows us what areas we lack in and we can recruit in those areas.”
Town manager Gene Dvornick echoed Lambden’s comments.
“I found the report very informative, and I think it will be a great tool to engage perspective businesses,” Dvornick said, adding the analysis would provide needed demographic information to developers already interested in the town.
“[Town council] was very pleased with what was presented,” he said. “It shows we’ve got a demand for services we don’t currently have.”
The project started as a do-it-yourself survey conducted by members of the chamber’s Economic Development Committee, but under the direction of survey subcommittee chair Bill Pfaff, has grown into a partnership with the university.
Highlighted in the analysis were demographics of the trade area, customer survey results, areas for potential expansion and recommendations from the university staff. To those familiar with Georgetown, many of the results were expected, but the hope is to use the information to recruit business and help the town plan for future growth.
Recurring themes in the report included the importance of U.S. 113 in economic development, the large role Wal-Mart plays in the trade area, Georgetown’s diverse population and the public’s desire for additional entertainment and dining options (see attached graphs).
“It’s a snapshot,” project manager Troy Mix said of the report. “It asks what do people want, and are there enough people in the trade area to justify what people want.”
The economic analysis is the first of its kind in Sussex County and could mark a major step in responsible commercial growth in Georgetown.
“It’s essentially a blueprint for the business community,” Pfaff said when the project kicked off. “This study and the end product will really be a great tool for any business looking to relocate to Georgetown or expand in town.
“It will really set Georgetown apart from other towns.”
Town council agreed, voting on Nov. 6 to give $10,000 toward the project.
