A market research plan developed to save a struggling strip mall in Riverside, California.

1. SAVING RIVERWALK: A MISSION FOR THE AGES
A Proposal To:
Riverwalk Plaza
JOHN PABUSTAN
LA SIERRA UNIVERSITY
December 6, 2011

2. Executive Summary
Turner Riverwalk is a collection of buildings and businesses attempting to be
financially successful in the city of Riverside, California. The city is the 12th most
populated city in the state and by far is the biggest city within the Inland Empire
where it is located. Riverside is unique in the fact that although many cities within
the Inland Empire are associated with labor defined by distribution or production,
Riverside is known for affluence and a varying job market. The US Census quick
facts describes that the average household income for the city is $41,646 a year
while the most comparable city in the Inland Empire in terms of size, San
Bernardino, is $31,140 a year. This shows a market within the area with the most
disposable income of any other city listed within the Inland Empire. The city of
Riverside’s official website www.riverside.ca.gov actually lists the 2010 numbers to
be much higher at $67,299 a year for the same average household, whether this be
an embellishment or the truth it shows more than double the average income of the
second largest city in the Inland Empire and the 19th biggest population in the state.
It is their clear intention within their own website to show that Riverside is a
beautiful place to live and is different than the cities located around it. It is in this
affluent city however, that location plays a key.
Turner Riverwalk is located off the 15 freeway on Riverwalk Parkway in a
bustling area for consumers. The Tyler Mall is within walking distance of the area, as
well as a hospital in Kaiser Permanente, and different strip malls located around the
Tyler Mall. The 15 freeway also allows for several stores within a 5 mile radius of
the shops to also be a reasonable choice for competition. It is through our own
studies that we have found that there are a few ways to improve the failing sales at
the stores at Riverwalk if the retailers and professionals successfully chose a target
market. It is possible to improve the overall financial stability of the shops through
simple promotions and advertising, yet to keep sales consistent it seems that
Riverwalk must employ the use of niche marketing to corner consumers. The
competition in the area is fierce and clearly staying the course is not working. Given
the situation and the way we see the problem, Riverwalk must market itself as a unit
and work towards bringing in consumers as a whole. The varying array of options at
a consumer’s disposal in the area makes the Riverwalk option unappealing because
of its lack of convenience in comparison to other areas. The key to marketing
Riverwalk against its competitors is creating an area where amenities are available
throughout the plaza as individual appeal is clearly not working. The basic concept
of company competition is meaningless when they are vying for only a few
customers at a time. We propose that Riverwalk can be changed by defining a target
market, making simple changes to the format, and making Riverwalk “the
experience” the centerpiece of the formula.
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3. Situational Analysis
Turner Riverwalk was originally a project by the Turner Development
Company to make an industrial development in a section of Riverside that lacked
any sort of classification. It was reported in the August 29, 2005 Real Estate Journal
that the original layout of the entire complex changed as the area changed.
Riverside as stated before has the highest amount of disposable income within the
Inland Empire and while in production a series of high end houses were built in the
area directly around Riverwalk. The average home in Riverside ranges from
$300,000-$500,000 with the newer homes being built in the area being $500,000 or
more. The homes around Riverwalk were selling for extremely more than the
normal new home and an opportunity to cash in from these high end consumers
seemed apparent. It was also in 2005, when a trend was emerging where a shortage
of office buildings for the booming city prompted several other developments to add
both retail and office components. Riverwalk although, still being built as a sort of
industrial development, attempted to follow the trend trying to create more profit.
Riverwalk’s aesthetics today still look as if the original intention was to build
industrial developments, but no one could have predicted the housing market to
crash as well as a lack of entrepreneurship to take the office spaces. The current
setup of the buildings is very unformidable as many buildings face backwards to the
street and a lack of eye-catching aesthetics make consumers only drive past. The
location is dominated by the nearby Galleria at Tyler that since 1970 has only seen
one anchor store fail in its many years.
The Tyler mall is Riverwalk’s biggest competitor. It offers several amenities
and stores that range from car washes to safety escorts for female consumers. It has
three anchor stores which consist of big name retailers Macy’s, J.C. Penney, and
Nordstrom’s. It has every conceivable type of store ranging from a movie theatre to
nearly every kind of ethnic food. It has great communication between stores as it
even offers a store wide gift card. People are greeted with internet access, a kid’s
club, and even a postage area. It is a one stop shop for all who come to the mall. It is
aesthetically pleasing as well as has parking available for most consumers. This is a
competitor that is time tested and well recognized. Riverwalk must focus on its
advantages and attempt to be as competitive with the Galleria at Tyler as possible.
Riverwalk has one major advantage in comparison to the Galleria at Tyler but
it involves tapping into one major market. The shops are located adjacent to La
Sierra High School and La Sierra University. The University has an untapped market
that does have disposable income, in the under recognized college student. One of
the biggest success in the Riverside area is the University Village located near the
University of California, Riverside that caters to college students. The University
Village offers office buildings, retail, and specialty stores much like Riverwalk yet is
more successful in every aspect. The official website lists the amount of students,
faculty, and staff that are possible customers as well as the enormous amount of
traffic that is produced on just an everyday basis. The site lists 531, 118 cars daily
which can be millions of people considering that it is only the number of cars not the
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4. number of people within those cars. This does not name the number of students
walking to the facility or other patrons who might frequent the area. The model
shows a simple idea, have several flagship type stores located on the outside
perimeter visible to the many consumers. Denny’s, Del Taco, and Starbucks are
among the first stores visible on the premise. Educational or office type suites such
as the Kaplan facility are usually located on the 2nd floor of the premise with other
stores being the focus. These flagship stores are posted prominently on the website
and even more are extremely visible at University Village. The premise also clearly
caters to college students and we feel with the right know we can implement this
same model to Riverwalk.
Turner Riverwalk clearly cannot change the formation of their stores but can
offer La Sierra University students the same type of amenities that University Village
offers UCR students. We feel that with better word of mouth, better advertising, and
with all shops working in unison much like University Village that Riverwalk can be
La Sierra’s area for college students to congregate. There is a lack of recognition of
the name “Turner Riverwalk” and as such we need to focus on creating brand
awareness. The following sections provide further details about our market study,
the demographics, trends, SWOT analysis, and keys to success in the macro/micro
environment.
Market Summary
Turner Riverwalk’s market consists of both business users attempting to find
a lucrative location in the city of Riverside and a consumer market that consists of
nearby residents especially La Sierra University college students. The particular
segments being targeted are first and foremost college students, local residents, and
possible entrepreneurs in the healthcare as well as the retail industry.
Market Demographics
Turner Riverwalk focuses on both the consumer market and business
market. It should specialize in a target consumer of the normal college student and
any business that will bring in further patrons to their shopping center.
Consumer Market
Within the consumer market, the primary target is the normal middle to
upper-income college student. This target market often varies incredibly from
individual to individual but for the most part many have a lower income than most
normal consumers. The key to this market is they are often strapped for time and
use much of their income on school related activities. It would be most profitable to
offer things such as Wi-fi, study areas, and quick food to increase consumer loyalty.
The secondary market of residents would be drawn if the area became popular and
word of mouth spread of a great place to shop. The primary age range we are
looking to attract is from 17-25 with other residents coming because of the
atmosphere.
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5. Business Market
Within the business market, the primary target is finding willing
entrepreneurs to take some of the empty store fronts that will in turn attract more
customers. The problem begins in the fact that as a whole, Riverwalk is not seen as
a lucrative place for business and finding willing entrepreneurs is easier said than
done. It will take showing that the new model for Riverwalk will be successful and
that shops will be profitable. Secondly, once a series of entrepreneurs decides to
take the real estate and customers are flowing through the premise a healthcare
provider must be found to take the medical building. The order of entrepreneurs vs.
a healthcare provider is not set in stone but we feel that with the growing
competition from the adjacent Kaiser Permanente a health care provider would
want to see established results before coming to the shops. The series of statistics
we have taken from La Sierra Students shows that more modern amenities such as
Yogurt which received 80% of our student vote and Wi-fi which received 76%
percent of the vote would make the shops more appealing. The most appauling stat
is that14% of students have never even heard of Riverwalk. Statistically because of
the total revamping of Riverwalk’s advertising a certain market trend cannot be
produced but the numbers from our research show that in all likelihood a focus
towards students will lead to consumers. These consumers would lead to more
businesses wanting to be a part of Riverwalk.
Market Needs
Our target consumer the college student has two real needs that encompass
the entire college experience. They need to be able to 1) maximize time and 2)
experience an inviting atmosphere. The first measure entails that things such as
store openings follow their needs. The average store opening at Riverwalk is 11am
which does not take into the early and late night of a normal college student.
Students are usually up early and stay up later than most people in the area. The
average close time of the shops is 11pm when most college students are admittedly
up late studying. Students would love a place to study at all hours that has Wi-fi,
groceries, ATMS, and even prescriptions yet all these amenities fall short at
Riverwalk. There is no unified way to get around the shops in a time productive
manner for a student. We feel that if all stores worked in conjunction with one
another much like the Galleria at Tyler and offered longer hours students would feel
at home studying at the shops. It would also provide the second need which would
be a better atmosphere as students would be surrounded by other students. This is
the secret formula of University Village, if students are catered to naturally a better
atmosphere will be created making better word of mouth.
We feel that the stores must simply implement more ways to maximize
student time at the shops creating a consumer with loyalty to Riverwalk. A student
who is treated well at the shops will most likely continue to frequent them and bring
others to the area. If all stores were to forget their competition with one another
and focus on creating loyal student customers through discounts as well as student
interaction through on campus ventures, Riverwalk would most likely thrive. SALSU
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6. the student union at La Sierra University as well as faculty events could prove
lucrative to helping the La Sierra community recognize that it is in their best interest
to visit Turner Riverwalk. The business community would have to follow suit if
clearly students frequented the area because of all the changes made for the target
market. It is very clear that students are unaware of Riverwalk but with the right
type of advertising as well as directive things would improve in the area.
Target Market Growth
La Sierra University has only been established as a University since 1990 and
because of this an actual growth trend or amount of consumership is hard to
predict. The true actuality of the situation is that the number of students at the
University has increased exponentially in the last year. The school for the first time
ever has topped 2,000 students and this is a record for attendance since the 2003
year when approximately 1,900 students attended. The school’s budget projections
are through the roof according to the official La Sierra University (cite
http://www.lasierra.edu/index.php?id=3738) and with all the publicity currently
surrounding the school because of graduate and undergraduate programs the
school is certain that the number of students will increase in upcoming year. It is
without a doubt, a lucrative market and the risk is seemingly minimal as La Sierra
will at least continue to replenish students creating a consistent market for
Riverwalk. The only down-side is the fact that students are often unpredictable as
they follow trends while competition from other strip malls may also contend with
Riverwalk’s appeal, but this appeal can be increased if time is invested in creating a
“full” student experience. The real immediate weakness to the plan is how much
money can be invested to make this change in experience.
SWOT Analysis
By using the SWOT analysis, various areas of the Turner Riverwalk project
could be analyzed into more details. Turner Riverwalk has several strengths on
which it could build on and weaknesses that could be improved. There are several
opportunities for Turner Riverwalk to undertake and threats that could harm the
competitive advantage of the business.
Strength
Good Location: Turner Riverwalk is within driving distance to the nearest
highway and has a nearby recreation park.
Facility been built: The buildings are new and it is a conducive area for
customers.
Close proximity to University, residential, and active adults home: Potential
customers to the retail business.
Provide state-of-the art facility: The buildings are equipped with the latest
technological infrastructure.
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7. Weaknesses
Lack of Awareness: Most people area unaware of the existence or the
purpose of the Turner Riverwalk.
Insufficient or inadequate marketing campaign: The developer has not done
enough advertisement or decoration in order to promote the plaza.
Vacancy of buildings: The vacant buildings do not bring revenue for the
developer and gives a bad image for the area.
Unwilling to add changes to current buildings: Inflexibility of the developer
to add or make changes to the original buildings.
No anchor stores or potential stores to attract customers: Lack of key stores
that would generate a stream of loyal customers.
Premium leasing rates: The leasing rates are higher as compared to other
plaza.
Poor building layouts: For example, the hotel is located inside the plaza,
behind all the major buildings.
Opportunities
Economic recovery: The pickup in economy should improve the current
condition of the businesses in the plaza and the possibility of attracting new
tenants.
Growth in certain business sectors: Certain businesses that are expanding
might be interested in finding a place to lease.
Increase in consumers: If new retail stores were being introduced or the
current stores offered better deals, more customers would be coming in.
Threats
Other plaza offering better terms: A potential threat that might draw current
or potential customers away from Turner Riverwalk.
Current customers moving after contract is over: A possible threat as current
customers might look for better lease terms.
Close proximity to hospitals, supermarkets, and shopping malls: Fierce
competition from places that might offer similar services as the plaza.
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8. Competition
The competitors of the Turner Riverwalk Plaza would be compared based on
the location, lease rates, building class, lease type, and year built of the office,
medical, and retail buildings. By comparing Riverwalk Plaza with similar types of
buildings, it could be benchmarked against the industry standard.
Retail Competition
Riverside is a hotbed for several businesses because of the high amount of
income for normal residents. The main competitor as explained above for the
Riverwalk shops is the Galleria at Tyler. Vendors and merchants located around it
are left to fend for secondary business that may be drawn from the mall or that
might see stores in passing. Riverwalk is not visible from the Tyler Mall meaning it
cannot even get this secondary market that seems to thrive several businesses
visible from the Galleria’s location. It is therefore, very important to spread word of
mouth for the Turner Riverwalk just to stay competitive. The mall offers every
amenity that a college student would want especially the maximization of time. It
has Wi-Fi, food, valet parking, and even a place to take one’s children while working.
It dominates the local area in terms of sales and is one of the most known locations
in Riverside. The stores all work together and it creates an incredible product.
Riverwalk will not topple the Galleria at Tyler and must instead attempt to be
competitive with the nearby smaller retailers for the secondary market created by
both the Riverwalk’s traffic and a keen marketing sense. There is enough room in
the market for two primary retailers but Riverwalk must make itself that second
retailer. First, Riverwalk must control the La Sierra University market and then
somehow promote itself enough to defeat all the secondary strip malls in the area. It
is the maximization of convenience that no other strip mall has cornered that will
set Riverwalk apart. Riverwalk just needs to be able to offer some of the best
amenities in comparison to other areas vying with the Galleria at Tyler. The model
created by the University Village will allow for Riverwalk to be highly successful if
they have a consistent customer base from the University.
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9. Business Office Competition
Turner Downtown Ontario
Riverwalk Riverside Business
Centre
Lease Type Modified Gross Full Service Modified Gross
Building Class A A A
Year Built 2008 1984 2004
Location Close to residential Located in Located in the
& LSU Dowtown & close business district
to UCR
Rental Rate: $2.85 $2.00-2.35 $1.15-1.35
SF/Month
Rental Rate: $34.20 $24-28.20 $13.80-16.20
SF/Year
From the table above, it can be seen that the lease rate of Riverwalk plaza is
considerably higher than its competitors. The building class of all the buildings is
identical, only the year in which they are built is different. Furthermore, the
competitors of the Riverwalk plaza are strategically located in a busy hub. It would
be tough for Turner Riverwalk plaza to attract more tenants unless it makes changes
to its price policy.
Medical Business Competitors
The Medical 16465 Sierra Corona
The Village
Park at Lakes Medical Arts
Medical
Riverwalk Parkway Plaza
Center
Riverside, CA Fontana, CA Corona, CA
Riverside,
CA
Lease Type NNN Modified Gross NNN NNN
Building Class A A A A
Year Built 2008 2006 2010 2010
Location Located near 91 Located near Located near 91 Located near
& 15 Freeway, 210 Freeway, & 15 Freeway, 215 Freeway,
residential, residential, golf residential, residential, &
businesses, club, & hospital school, & businesses,
schools, & hospitals hospital
hospitals
Rental Rate: $2.15 $2.35 $2.00 $2.00
SF/Month
Rental Rate: $25.80 $28.20 $24.00 $24.00
SF/Year
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10. The above table shows that the lease rate of the Medical Park at Turner
Riverwalk is considerably competitive in terms of pricing with similar building
qualities. The building classes are identical and the years built and completions are
roughly within the past 4 years. The competitors of Turner Riverwalk Medical Park
are strategically located in areas with expected medium to high population growth,
high traffic, and near major hospitals. In order to attract perspective tenants, Turner
Riverwalk could negotiate lower pricing or other promotional deals to make the
Medical Park more appealing.
Product Offering
Our product offering are office, medical, and retail building spaces, with the
following features:
Turner Riverwalk
Situated on 73 acres in Western Riverside and Corona market
A one million-square foot premier mixed-use business development that
incorporates high quality office, medical office, R&D, and flex industrial buildings
Employee-oriented amenities including meandering trails in a scene setting of
lakes, streams, outdoor gathering areas, gazebos, and basketball courts.
Only a few minutes away from the 91 and Interstate 15 interchange
Cross commute accessibility
Office
One of the largest master-planned office campuses in the Inland Empire
Approximately 500,000 square feet of newly constructed office space
Two 4 story Class “A” office buildings with the latest in technology and design
Office buildings are visible from the 91 Freeway but set in the serene award
winning landscape environment of Turner Riverwalk
Class “A” office space for sale or lease from 1,300 to 200,000 square feet
Medical
Eight state-of-the-art medical buildings for a total of 100,000 square feet of
medical office space
Fully customizable suites in phase II ranging in size from 1,300 to 20,000 square
feet
Array of ownership options: purchase, lease, or lease-to-buy
Two 2 story buildings conveniently located within walking distance to the Shops
at Riverwalk and the Hampton Inn and Suites Hotel
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11. Located with convenient access to Riverside Community Hospital, Corona
Regional Medical Center, Kaiser Permanente of Riverside and Parkview
Community Hospital
Strategically located in close proximity to La Sierra University, senior housing
developments, and over 2,300 new housing units
Retail
Newly completed Shops at Riverwalk
Approximately 100,000 square feet of upscale shops, high quality restaurants,
and a 132 executive hotel
Set among the award winning lushly landscaped and park-like settings of Turner
Riverwalk
Keys to Success
A major key to success in the marketing of Turner Riverwalk is the proper
implementation of an advertising campaign. Turner Riverwalk is one of many
choices for the consumer markets and business markets.
The second key to success is the proper promotion of these building spaces
that are vacant as well as the ones that are in use.
Critical Issues
Turner Riverwalk faces several critical issues:
Increased competition
Gradual recovery of an economic recession
Possible escalating costs to meet certain requirements for buildings
Macroenvironment and Microenvironment
Macroenvironment: According to the 2010–2011 Southern California economic
forecast, certain industries are expected to grow despite the slowdown in economy.
The outlook for Riverside-San Bernardino County shows that the Health services,
Educational services, and Finance & Insurance are the only industries that would
create new jobs. As consumers spending are starting to pick after the recession,
retailers are showing positive growth. Hence, the macroeconomic environment is
showing signs of growth despite the slowdown in economy.
Microenvironment: Factors that are likely to affect Turner Riverwalk include
competitors and customers (consumer and business)
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12. Marketing Strategy
The marketing strategy is to design a plan that would support the future
success of Turner Riverwalk Plaza. Furthermore, this strategy would create
awareness and image while sustaining the long-term growth of the business.
Through the use of the marketing mix and other tactics, it would reach out to the
targeted market segment and educate them on the benefit and value of the product.
Due to the budget constraints, we would reach out to our targeted segment through
magazines, newspaper advertisements, flyers, and personal marketing. In the next
section, it would explain the mission, marketing and financial objectives, target
markets, positioning, strategy, marketing mix, and marketing research plan.
Mission
Our mission is to promote the long-term success of Turner Riverwalk Plaza
by creating the much-needed image and awareness of the product. This plaza offers
state-of-the art facility that is conveniently located within close proximity to a
residential, highway, and a university. There is a high potential for growth for this
Plaza if we could build on its competitive advantage and promote it.
Marketing Objectives
Create awareness of the product and build on its image.
Attract targeted market segment into leasing the buildings.
Create a student-centered lifestyle in the shops area.
Develop a loyal stream of consumers.
Financial Objectives
Develop an affordable marketing plan.
For the 1st and 2nd year, attract tenants through aggressive promotion of
lease term.
For subsequent years, generate sufficient revenues for developer.
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13. Target Markets
Retail Target Markets
On the consumer side, the target market is the normal La Sierra college
student who needs a place that maximizes their time in terms of food, study, and
leisure. These consumers prefer trendier places to reside that look to cater to them
in things such as internet connectivity and affordability. They are extremely picky in
the sense that they have several options but other than the University Village near
the University of California Riverside, no other strip mall takes the time to make
their experience beneficial to their lifestyle.
The business market, that we would target in terms of becoming retailers are
one’s that we feel could not only afford the rent but would be willing to work with
the other retailers already on site. The only way Riverwalk would survive is if
collectively all shops worked as one to get students to come to the area. Businesses
would all love to be a part of such an expanding market but selectivity would allow
for the new entrepreneurs to buy into a system much like University Village. We are
looking to bring in a healthcare provider that would use the whole health facility
and entrepreneurs with the right type of products for students. It would be an ideal
situation for any retailer if the student market becomes cornered.
Business Target Markets
For the office buildings, the target market is businesses that specialize in the
service industry. The size of the business is generally small to mid-sized company.
According to the 2010–2011 Southern California economic forecast, certain
industries are expected to grow despite the slowdown in economy. The outlook for
Riverside-San Bernardino County shows that the Health services, Educational
services, and Finance & Insurance are the only industries that would create new
jobs. Furthermore, with the new Financial Regulation & Health Reform being in
placed, there would be a need for more services in areas such as Accounting and
Law. Due to the increase in infrastructure projects in the State, there is a demand
for Architecture & Engineering firm. So, the target markets for the Turner Riverwalk
office buildings are the Educational, Finance & Insurance, and Business &
Professional Management businesses located in Inland-Empire.
Medical Target Markets
For the medical office buildings, we have separated and categorized the
targets on the consumer side and the corporate business side. On the consumer side,
the primary target markets are upper-income private practice medical professionals
and medical specialists from hospitals and mid-size medical groups. We target these
individuals who need practicing space or expansion needs. These consumers would
prefer a competitive low-priced lease or sales tag in an area with high demand for
specialists and reasonable population growth. On the corporate business side, the
target markets are mid-sized medical groups to large-sized hospitals who want to
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14. expand their service area. These are buyers or leasers who would want to expand
their services away from their primary service location or would likely start a new
medical group.
Positioning
Retail Positioning
Using the correct set of advertising and changes to the area, we are
positioning the Turner Riverwalk as the most college student friendly area near the
Galleria at Tyler. We are focusing the ability for students to make it a one stop place
to shop as the key and showing that all students will maximize their time on the
premise.
Business Positioning
Turner Riverwalk Plaza offers Class A office buildings that is equipped with
state-of-the art facility which could accommodate the need of the customers. The
office building has a stunning design and is currently one of the larges office
campuses in Inland-Empire. Furthermore, it is within driving distance to the
freeway and has nearby amenities. The office campus of Riverwalk Plaza
differentiates itself from the competitors by providing superior values at a
convenience location.
Medical Positioning
In utilizing the location and the availability of different types of building
spaces within Turner Riverwalk, we are positioning the medical office buildings as
the most convenient, modern, resourceful and versatile buildings for consumer and
corporate business use. We are positioning our focus on these reasons:
Convenience: strategically located with access to major surrounding hospitals
(Riverside Community Hospital, Corona Regional Medical Center, Kaiser
Permanente of Riverside, and Parkview Community Hospital), near major
freeway interchanges (91 Freeway and Interstate 15 Freeway), and within a
mixed use business development of Turner Riverwalk (Shopes of Riverwalk and
Hampton Inn)
Modern: state-of-the-art medical buildings with a modern design setting
Resourceful: strategically located within newly developed community and close
proximity to schools (La Sierra University, La Sierra Academy, La Sierra High
School, and California Baptist University), population growth within the area is
expected to increase 7.3% in 5 years
Versatile: fully customizable suites ranging in sizes from 1,300 to 20,000 square
feet, different options of ownership (purchase, lease, or lease-to-buy).
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15. Strategy
Retail Strategy
Because of the intensely competitive nature of the market within the region,
our most clear strategy is to make sure that we corner the La Sierra student market.
It is an expanding market and can prove to be quite lucrative. The best way to tap
that market is to offer things that no other area can offer other than the nearby
Galleria at Tyler.
This includes:
Internet access
ATMs from major banks
Longer Store Hours
Earlier store openings
Student Discounts
Student Coupons
Riverwalk wide offers
More Places to Study
Convenience
Business Strategy
In order to attract businesses to the Turner Riverwalk office buildings,
various marketing strategies should be implemented. The strategies would
differentiate Turner RiverWalk from its competitors and draw potential customers.
Advertising in the Inland-Empire business magazines would expose Turner
RiverWalk to businesses that might be interested in a finding a place to lease.
Advertising in the local education magazine would expose Turner Riverwalk
to institution or private educator that might be interested in finding a place
to lease.
Advertising in the Inland-Empire newspapers classified section would cater
to a wider range of customers that might be interested in finding a place to
lease.
More awareness to be done over the Internet by promoting the Turner
Riverwalk website and making it more interactive for possible customers.
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16. Medical Strategy
There are new competitive opportunities which will arise from new health care
reforms and the changing demographics of baby boomers. Hence, there will be a
growth in the medical care industry as more health care will be available to new
patients. In order to attract the attention of consumers and large businesses,
strategic adverting should be implemented that would promote Turner Riverwalk
Medical Park and its amenities that are available in the area. Some suggestions in
relation to advertising would include the following:
Websites: using internet websites (i.e. loopnet.com) that list the information
about Turner Development and/or Turner Riverwalk Medical Park
Internet/Mobile Phone ads: advertisement shown on various websites that is
relevant to new development, medical offices, medical industry related, etc.
Yellow pages: used for local coverage, wide reach, and low cost in terms of
advertisement
Newspapers and community ad postings: using newspaper and community ad
postings can get a good local market coverage
E-mails and direct mails: using this type of advertising, we would gain the
advantage in no ad competition from other competitors. The reader would be
more aware of Turner Riverwalk.
Billboard signs and outdoor signs: using signs near high traffic and close
proximity of Turner Riverwalk Medical Parkway.
Magazines: advertising through magazines mean high geographic and
demographic selective. This could bring more attention to Turner Riverwalk by
those aspects.
Real estate: using real estate could help in advertising through agents which may
have connections in other areas around the state and country.
City commerce: listings of newly developed areas and vacant buildings that is
available. Consumers and Businesses can look into these listings to find out more
information
Community/County fairs: bringing business and consumers together at a
location for potential growth and knowledge base of Turner Riverwalk.
Conferences: using conferences by real estates and health organizations to offer
information.
Hire a marketing firm: using an external source to do help advertise.
Marketing Mix
The next section is the marketing mix, where different tactics would be
suggested and implemented for the Riverwalk Plaza.
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17. Product
Turner Riverwalk Plaza offers three different types of buildings that cater to
the business, medical, and retail customers. The plaza is a well-designed business
park with amenities such as a water park, fountains, outdoors tables & benches, and
beautifully landscaped environment. Furthermore, there is adequate parking space
throughout the plaza.
The two Class A four story towers is equipped with the latest technology that
could accommodate the need of the business customers. The space for lease or sale
ranges from 1,300 to 200,000 square feet in the Business Towers. Lastly, the office
building has a modernistic design and is currently one of the largest office campuses
in Inland-Empire.
The Medical Park of Riverwalk is a state-of-the-art facility and has a total of 8
buildings for the medical space. The buildings are two stories high and the size of
each suite ranges from 1,300 to 20,000 square feet. It is also within close distance to
the Hampton Inn & Suites Hotel and the restaurants at Riverwalk Shops.
The Shops at Riverwalk offers a wide range of retail services in the area.
Currently, twelve out of the twenty-one suites are occupied with restaurants, a
fitness center, a physical therapy, a spa, and a nail shop. The space for lease ranges
from 1,002 to 1,434 square feet in the retail suites.
Place
Turner Riverwalk Plaza is situated in an area where there is potential for
future growth. It is nearby the 91 Freeway and the estimated traffic count per day
for vehicles passing by Riverwalk Parkway and Collett Avenue is around 37,630.
Furthermore, the plaza is adjacent to La Sierra University and the Esplanade
Apartments. The plaza is also within driving distance from the surrounding
residential homes and the new Active Adults Apartments. The estimated population
within a five-mile radius from the plaza is 228,553 with an average annual income
of $ 64,354. From a study done being conducted by the developer, the population
within the 92505 area code is expected to grow by 3.6% in the next five years. As for
Riverside County, the growth is 10.6% and 1.3% for the State of California. The
plaza is located nearby four hospitals such as Parkview Community Hospital, Kaiser
Permanente, Riverside Community Hospital, and Corona Regional Medical Center.
Lastly, the surrounding area of the plaza has amenities such as a water park,
fountains, outdoors tables & benches, and beautifully landscaped environment.
Pricing
Retail Pricing
The idea of pricing for the retail aspect of Riverwalk, is clearly up in the air as
it would depend on how much cohesion would take place among businesses. The
businesses currently residing in the area must buy into the idea that they must all
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18. work together to corner the student market. It would take an overall price decrease
and the ability to have area-wide savings. All retailers must work to use their
resources to band together in the most important aspect of the situation which is
advertising. Riverwalk must market itself as an experience and as such the benefits
for all stores involved would lead to more customers. It is imperative that all stores
buy in and the benfits would be great as advertising expenses would be lessened by
all involved. Market trends and comparisons are not available for the region but
because of the rapidly expanding La Sierra University population it would
undoubtedly lead to more customers if done effectively.
Business Pricing
The lease rate of the Turner Riverwalk office buildings is higher as compared
to its competitors. The annual lease rate for Riverwalk office building is $34.20 per
square foot while in Downtown Riverside it would cost $24-$28.20. It would be
tough for Riverwalk plaza to attract new tenants as the competitors are strategically
located and are offering attractive prices. In order to be competitive in this field,
Riverwalk plaza should look at the option of reducing its price or matching to that of
the competitors. Apart from the reduction of lease rate, Riverwalk plaza could offer
promotional value to its current or prospective tenants.
Medical Pricing
The lease rate of the Turner Riverwalk Medical Park buildings is priced
competitively when looking at other competitors with similar qualities and
amenities. The location and the amenities that the Turner Riverwalk offers has an
advantage over other competitors in that the location is just walking distance to The
Shops at Riverwalk and the Hampton Inn Suite. Turner Riverwalk could have the
option to negotiate lower pricing policies to help attract new medical businesses.
Another option is to formulate a promotional strategy with their pricing should
Turner Riverwalk decide to keep their current pricing.
Promotion
Consumer Promotion
The main promotional objective is to get students to have a higher brand
awareness to the name “Turner Riverwalk” as it does not even seem to register to
some La Sierra students. We would need a collective effort from Riverwalk to work
with SALSU and to have things such as emails/flyers to give to students just to know
it exists. Student discounts are the only way a student would look twice or if the
promotion was to focus on the type of needs that student’s have on campus. It would
take messages filled with Wi-Fi, longer hours, earlier openings, and student success
that would entice a student just to go the premises. Signs, flags, and even brighter
colors could be used to catch the eyes of students passing the area. It would just take
some capital as well as a united Riverwalk for these types of ideas to take fruition.
Business/Retail and Medical Promotion
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19. In order to attract new tenants into the Riverwalk Parkway plaza, the
developer needs to promote heavily by offering attractive leasing terms. By
changing the current lease terms and making it more favorable towards the tenants,
it could potentially draw more tenants. This Plaza offers superior buildings and is
strategically located in a high-growth area, the only factor lacking is price
promotion. Below are some recommended lease terms in which the developer might
choose to undertake.
Lease Term A
New Tenants
Lower current lease price by 35%.
Lower NNN Fees.
Higher Improvement Allowances.
Duration of Lease Term: 8 -10 yrs.
1st year: Offer Free Rents.
2nd year: Offer Free Rents.
3rd year: Start Full Payment.
Current Tenants
Lower NNN Fees.
Lower current lease price by 20%.
Duration of Lease Term: Unchanged.
Lease Term B
New Tenants
Lower current lease price by 25%.
Lower NNN Fees.
Higher Improvement Allowances.
Duration of Lease Term: 5-7 yrs.
1st year: Offer Free Rents.
2nd year: Free rents for the first six months and 50% payment for remaining
six months.
3rd year: Start Full Payment.
Current Tenants
Lower NNN Fees.
Lower current lease price by 15%.
Duration of Lease Term: Unchanged.
Lease Term C
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20. New Tenants
Lower current lease price by 15%.
Lower NNN Fees.
Higher Improvement Allowances.
Duration of Lease Term: 3-5 yrs.
1st year: Free rents for the first six months and 50% payment for remaining
six months.
2nd year: Start Full Payment.
Current Tenants
Lower NNN Fees.
Lower current lease price by 10%.
Duration of Lease Term: Unchanged.
By offering attractive lease terms, it should attract tenants that would be wiling
to stay at Riverwalk Plaza for the long duration. The more favorable the lease term,
the longer it would be for its duration. The developer should generate adequate
revenue from the long-term investment of the tenants.
Marketing Research
The marketing research is conducted in order to support the marketing plan.
Retail Research:
Business Research: According to the 2010–2011 Southern California economic
forecast, certain industries are expected to grow despite the slowdown in economy.
The outlook for Riverside-San Bernardino County shows that the Health services,
Educational services, and Finance & Insurance are the only industries that would
create new jobs. So, the target markets for the Turner Riverwalk office buildings are
the Educational, Finance & Insurance, and Business & Professional Management
businesses located in Inland-Empire. From the research, it indicated that the lease
rate of Riverwalk plaza is considerably higher than its competitors. In order to be
competitive in this field, Riverwalk plaza should look at the option of reducing its
price or matching to that of the competitors.
Medical Research:
Financials
Ever since the completion of the Turner Riverwalk Plaza in 2008, a huge
majority of the main buildings have been vacant. The financial goal is to gain new
tenants as vacant buildings would not generate revenue for the developer. Due to
the current economic recession, Turner Riverwalk has been hard pressed to find
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21. viable tenants for the buildings, making it impossible to create a valid break-even
analysis that would be nothing less than speculation. After corresponding with the
developer, it was clear that they rather have any type of tenant as oppose to cutting
their losses with a break-even. So, the main focus of this marketing plan is to attract
several tenants and in the long run draw more instead of leaving the buildings
vacant.
Sales Forecast
If the marketing plan proved to be a success by drawing more tenants into
Riverwalk Plaza and transforming the shops into a student-centered hub, it would
magnify the image and atmosphere of the Plaza. With an improved image, there is
better prospect for future tenants and it would draw more consumers to the retail
shops.
Marketing Expense Budget
The marketing expense would be spent on the research, advertisement, sales
promotion, events & experience, public relations & publicity, and aesthetic
improvement of the Riverwalk Plaza.
Controls
Implementation
Marketing Organization
Contingency Planning
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"LAEDC - Economic Information." Los Angeles County Economic Development
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LoopNet - #1 in Commercial Real Estate Online. Web. 09 Nov. 2010.
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Mueller, Mark. "Medical Offices Seeing More Leasing, Discounts on Sales | Orange
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Riverside, California | City of Arts & Innovation |. Web. 01 Dec. 2010.
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SIOR. Web. 05 Dec. 2010.
<http://www.sior.com/data/files/Marketing_Bergsman.pdf >
Turner Riverwalk - A Unique Business Community. Web. 12 Nov. 2010.
<http://www.turnerriverwalk.net/>.
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