The Pellucid Perspective - March 2014 - (Page 14)
MARKET FOCUS
Overdevelopment storm still blankets
Minneapolis
Minneapolis, MN Core Business Statistical
Area (CBSA)
C
Otsego
Otsego
Albertville
Albertville
St M ichael
St M ichael
Greenfield
Greenfield
Rockford
Rockford
Corcoran
Ham Lake
Ham Lake
Columbus
Columbus
Scandia
Scandia
Anoka
Anoka
Rogers Dayton
Hanover
Hanover
Andover
Andover
Ramsey
Ramsey
Coon Rapids
Coon Rapids
Maple Grove
Maple Grove
M arine on St Croix
M arine on St Croix
Centerville Hugo
Centerville Hugo
Circle Pines
Circle Pines
M ounds View
M ounds View
Brooklyn Center
Brooklyn Center
ontinuing our sequential series of profiling the healthiest
Loretto
Loretto
Hilltop
Hilltop
Top 25 US Golf Markets as quantified and ranked by
Plymouth Crystal
Plymouth Crystal
Independence
Independence
Bayport
Lake Elmo
M aple Plain
M aple Plain
35W
North Hudson
North Hudson
Pellucid using a 10-measure composite scoring system
Hudson
Hudson
(things like population size/growth, golfer base, rounds gen35E
94
St Paul
St Paul
Lakeland
Lakeland
M innetrista Deephaven
eration, supply/demand balance, utilization and RevpAR), this M innetrista Deephaven
Lake St Croix Beach
Lake St Croix Beach
St Bonifacius
St Bonifacius
Excelsior
Excelsior
Afton
Afton
Edina
Edina
month we highlight the 11th healthiest golf market in country,
Victoria
Victoria
Newport
Newport
Richfield
Richfield
494
Minneapolis MN. Currently buried beneath a blanket of more
St Paul Park
St Paul Park
Bloomington
Bloomington
Eagan
than a foot of snow and with temperatures peaking during the
Chaska
Chaska
day in the low 20s, the golf market of Minneapolis is patiently
Shakopee Burnsville
Shakopee Burnsville
Carver
Carver
Prescott
Prescott
Rosemount
awaiting Spring when it will come to life as a healthy and viHastings
Hastings
Prior Lake
Prior Lake
Coates
Coates
brant host to nearly half a million golfers with an abundant
Scott County
Scott County
Lakeville
Lakeville
supply of Public-access golf across the price spectrum.
Vermillion
Vermillion
Jordan
Jordan
Farmington
Farmington
By rounds demand (our selection criteria for market incluGoodhue County
Goodhue County
Hampton
Hampton
sion in the Top 25 list), Minneapolis has a healthy number 8
M iesville
M iesville
ranking of US markets, with facility-reported annual demand of
just over 5.9M rounds. (That facility-reported tally counts both
local and tourist play). Looking at the golf consumer base, we
Private
PublicPublicPublicLearning
Future
Premium
Value
Price
& Practice
Facility
see that Minneapolis is home to an abundant local golfer base
of roughly 409K golfers. (This is only local, resident population, and doesn't count the summer tourism crowd). That golfer
Minneapolis, MN
Index
base is served by an abundant 182 18-hole equivalent (EHE)
Golfer Base
CBSA
vs. US
Tot US
facilities producing an above average ratio of nearly 2.3K local
408.9 24,400
- Est. # of Golfers (Ks)
resident golfers per EHE, slightly above the national average.
182 14,675
- # of 18 Hole Equivalent Facilities
2,253 1,663
135
- Golfers per 18-Hole Equiv.
The supply mix vs. the national distribution across PelSupply Mix
lucid's five access/value/usage segments shows a bias to the
- Private
20%
27%
74
Public segment at 80% of holes vs. 73% of holes nationally.
- Pub-Prem
28%
23%
122
The balance of Value-add30%
28%
107
By rounds demand ed golf supply (Private & - Pub-Val
- Pub-Price
12%
16%
75
Public Premium) vs. Value
- Learn & Prac
10%
6%
167
(our selection
golf (Public Value, Price
Supply/Demand Balance
criteria for market and Learning & Practice) - '00-'11 Cume Supply Growth/Decline
7%
8%
86
- '00-'11 Cume Rds Demand Growth/
is 48%/52%, which is simi-13% -15%
86
inclusion in the
Decline
lar to the national average
- '00-'11 Cume Mkt Supply Dilution
-20% -23%
86
(50%/50%). Within PublicTop 25 list),
(-)/Absorption (+) Level*
Regulation golf, the distribu- Avg Ann Rds Velocity (ks per 18-hole
27.8
26.7
104
Minneapolis has
tion between Premium/ValEquiv.)
a healthy number ue/Price is 40%/43%/17% Rounds & GF Revenue Health
- % Utilization Rate
which represents a clear bias
56%
44%
127
8 ranking of US
- Avg. Ann. Rev. per Public
to Premium, compared to
$974
$836
117
Regulation EHE ($Ks)
the national distribution of
markets, with
- Revenue per Available Round
$13
$14
93
34%/42%/24%. (One has to
(RevpAR)
facility-reported
* Period % Chng in Rds vs. Period % Chng in Supply
keep in mind however that
+ Inverse index, lower is better
the threshold for Publicannual demand
Above average level vs. US (Index >105)
in
of just over 5.9M Premium lowMinneapolis is Average level vs. US (Index 95-104)
relatively
at $51+ comBelow average level vs. US (Index <95)
pared to, say, Chicago where
rounds.
14 The Pellucid PersPecTive
March 2014
Table of Contents for the Digital Edition of The Pellucid Perspective - March 2014
TOC
Where is golf pricing headed in 2014?
The feminine touch
Colorado Section PGA enters tee time fray
Historic course going back to nature
February '14 golf weather impact: Tough sledding for golf
Overdevelopment storm still blankets Minneapolis
ClubCorp acquires Prestonwood CC and its two courses
The crime of the century
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