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.

“I think we’re looking at the broad picture,” then-mayor Mike Wyatt said at the time. “It’s a good thing to get some development into town. It brings jobs and helps the town grow in a positive way.”

A total of 316 people responded to the survey, and demographic percentages matched closely with the 2000 census for Georgetown, Mix said.

Included in the results:
• Shopping peaks after 5 p.m.
• High retail traffic at the Wal-Mart and Georgetown Plaza shopping centers
• Transportation corridors are key
• Motor vehicle and parts dealers top the list of estimated sales numbers
• Store vacancy rates are highest downtown
• Sales potential vs. existing businesses is highest in specialized retail areas such as clothing, electronic and sporting goods stores

Georgetown Planning Director Tom Klein praised the analysis for its potential use of attracting commercial development and benefiting developers already interested in the Georgetown area.

“It gives an opportunity for all potential developers…this study can be used as a tool to make it easier for them,” Klein said, adding that it could also help in town’s efforts to attract UD to open a Sussex campus in Georgetown.

“It’s been sent to retail merchants to hopefully get them to further invest in Georgetown,” Dvornick added at the July 9 meeting.

A copy of the market analysis will be available at town hall, as well as on the university’s, chamber’s and town’s Web sites.