The Pellucid Perspective - November 2015 - (Page 15)

Market focus Boston needs some 'deflation' in supply Boston MA Metro Core Business Statistical Area (CBSA) I n this monthly section we profile one of the Top 25 US Golf Markets based on a Pellucid composite score of the golfer base, the supply level and rounds demand. Within that Top 25 universe, we then rank them based on relative health using a Pellucid weighted scoring system on 8 variables ranging from Population Growth to Estimated Profitability-per-Available Round. In this issue, we'll profile the 15th healthiest market, the Boston MA Metro Core Business Statistical Area (CBSA). With its well-known political left-leaning, Boston is proof that golf rises above politics and is one thing that Democrats and Republicans can likely agree on. While neither GOLF Magazine nor Golf Digest have yet done a survey or run a story on golf participation among the LGBT population (wait it's coming...), you can be sure that some part of the Boston residents will be enlisted in that effort and we'll also likely discover that golf is gender-blind as well. (Although women might tell you otherwise and the fact that we continue at only 25% of golfers being women would probably support their case). Regardless, Boston seems to like golf as much, if not more, than many other of the major metro areas in the US. When it's not snowing, they're playing. By rounds demand (one of our 3 selection criteria for initial inclusion in the Top 25 list), the Boston CBSA ranks number 7 among US markets with facility-reported annual demand of just under 7M rounds. (That facility-reported tally counts both local and tourist play). Looking at the golf consumer base, we see that the Boston CBSA is home to a healthy local golfer base of roughly 509K golfers (5th ranking in the US, remember this is only local, resident population, doesn't count the tourist crowd). That golfer base is served by a reasonable supply amount of 183 18-hole equivalents (EHE) producing a healthy ratio of roughly 2.8K local resident golfers per EHE, well above the national average. The supply mix vs. the national distribution across Pellucid's five access/value/usage segments skews to Private at 33% of total holes compared to the national average of 27%. The Private vs. Public access balance is 33%/67%, differing from the national average of 27%/73%. The balance of Value-added golf supply (Private & Public-Premium) vs. Value golf (PublicValue, Price and Learning & Practice) is 50%/50%, which is dead on the 50%/50% national distribution. Within PublicRegulation golf, the distribution between Premium/Value/Price is 29%/46%/25% vs. the national picture of 34%/42%/24%, which shows that the Public-access regulation supply skew is towards the affordable golf segments vs. the US benchmark www.PellucidCorp.com Private PublicPremium PublicValue Golfer Base - Est. # of Golfers (Ks) - # of 18 Hole Equivalent Facilities - Golfers per 18-Hole Equiv. PublicPrice Learning & Practice Boston MA CBSA Supply Mix - Private - Pub-Prem - Pub-Val - Pub-Price - Learn & Prac Supply/Demand Balance - '00-'13 Cume Supply Growth/Decline* - '00-'13 Cume Rds Demand Growth/ Decline* - '00-'13 Cume Mkt Supply Dilution (-)/Absorption (+) Level* ** - Avg Ann Rds Velocity (Ks per 18-hole vs. ks) (EHE) Rounds & GF Revenue Health - % Utilization Rate - Avg. Ann. Rev. per Public Regulation EHE ($Ks) - Revenue per Available Round (RevpAR) Future Facility Tot US Index vs. US 508.8 22,900 183 14,672 2,788 1,561 179 33% 17% 27% 15% 9% 27% 23% 28% 16% 6% 123 73 95 91 151 17% -10% 9% -12% 186 89 -27% -21% 131 29.3 33.8 87 54% 56% $1,368 $1,155 $25 $19 96 118 132 * Inverse index, lower is better ** Period % Chng in Rds vs. Period % Chng in Supply Above average level vs. US (Index >105) Average level vs. US (Index 95-104) Below average level vs. US (Index <95) The Pellucid PersPecTive 15 http://www.PellucidcorP.com

Table of Contents for the Digital Edition of The Pellucid Perspective - November 2015

TOC
Payment processing again – Have you inserted your chip card?
Members lose club over gender discrimination suit
NGF Suggests that 30M Golfers Was “A Bubble”
IBM buys parent of The Weather Channel: Why you should pay attention
Beverage cart really a goose laying golden eggs?
October golf weather impact: Neutral nationally, tough for Texas
Boston needs some ‘deflation’ in supply
Singing the blues in Memphis

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