The Pellucid Perspective - September 2021 - 16

MARKET FOCUS
Miami occupies #15 in current ranking, pretty even
scorecard on upsides/downsides
Miami-Ft Lauderdale-West Palm
Beach, FL, 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 of 7 variables
ranging from Population Growth to Avg. Facility Utilization.
In this issue, we'll profile the 15th-ranked market, the MiamiFt
Lauderdale-West Palm Beach, FL Metro CBSA. As you
see in the map and table above, Miami has one of the highest
concentrations of Private golf, particularly on the coast and as
you move north from the city (we call it, " the land of the red
stars " ). As you'll see below, Public golf, while significantly under-represented
vs. the national averages, is relatively healthy
although the market suffers similarly to the pervasive challenge
of...oversupply relative to the 2000 benchmark.
By rounds demand (one of our 3 selection criteria for initial
inclusion in the Top 25 list), Miami punches well above its
composite ranking weight coming in 7th among US markets
with facility-reported annual demand of just over 7M rounds
(that's the through-the-turnstiles tally which counts both local
and significant tourist/snowbirds play). Looking at the golf
consumer base, we see that Miami is home to a healthy local
golfer base of ~443K golfers (this is local, resident population
only, doesn't count any of the golf tourist crowd). That golfer
base is served by a healthy supply base of 242 18-hole equivalent
(EHE) facilities producing an average ratio of just under
~2K local resident golfers per EHE, a level19% higher the national
average.
The supply mix vs. the national distribution across Pellucid's
five access/value/usage segments shows an incredible skew to
the Private segment at 53% of holes (a whopping 191 index vs.
the national contribution). The split between Private/Public
is 53%/47% which, again, is significantly tilted to Private vs.
the national average of 28%/72%. The balance between Valueadded
golf supply (Private & Public Premium) vs. Value golf
(Public Value, Price and Learning & Practice) is 77%/23%
skewing overwhelmingly to Value-added golf vs. the national
average of 47%/53% (much to the chagrin of value-seeking
golfers in the market we're sure). Remember also that we establish
the Premium/Value/Price segments by individual market
so that's factoring in differences in cost of living/cost of
golf as we cross markets (unlike NGF where Manhattan NY
has the same price segmentation as Manhattan KS, go figure).
Within Public-Regulation golf, the distribution between Premium/Value/Price
is 36%/41%/23% which is only moderately
skewed to Public-Premium (at the expense of Public-Value) vs.
16 The Pellucid PersPecTive
Private
PubPremium
FPROF
PubPremium
MUNI
PubValue
FPROF
PubValue
MUNI
PubPrice
FPROF
PubPrice
MUNI
Learning
&
Practice
Closed
Golfer
Base
- Est. # of Golfers (Ks)
- # of 18 Hole Equivalent Facilities
- Golfers per 18-Hole Equiv.
Supply Mix
- Private
- Pub-Prem
- Pub-Val
- Pub-Price
- Learn & Prac
Miami-Ft LauderdaleWest
Palm Beach, FL Tot US
443.1 25,500
242 16,749
1,831 1,535
Index
vs. US
119
53% 28% 191
14% 19%
16% 29%
10% 14%
6%
9%
Supply/Demand Balance
- '00-'19 Cume Supply Growth/Decline
- '00-'19 Cume Rds Demand Growth/
Decline+
- '00-'19 Cume Mkt Supply Dilution
(-)/Absorption (+) Level*+
Av. Facility Throughput & Efficiency
Tot. Facility-reported Rounds
- Avg. Ann Rds Velocity (Ks, per EHE)
- %Utilization Rate
* 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)
10% 11%
-13% -7%
-23% -17%
29.2
26.5
39% 42%
76
57
69
67
110
92
September 2021

The Pellucid Perspective - September 2021

Table of Contents for the Digital Edition of The Pellucid Perspective - September 2021

TOC
Dynamic Pricing: Is it working, will it work the same in ‘22?
GMRC is driving directionally upward plans, dialogues & actions
14 Activities; Transactions outpace closures 3:1 (good or bad?)
August GPH declines 5%, Year-to-Date swings to modest down (-1%)
July Utilization breaks winning streak, Year-to-Date figure still in the 70% neighborhood
Miami occupies #15 in current ranking, pretty even scorecard on upsides/downsides
The Pellucid Perspective - September 2021 - TOC
The Pellucid Perspective - September 2021 - Dynamic Pricing: Is it working, will it work the same in ‘22?
The Pellucid Perspective - September 2021 - 3
The Pellucid Perspective - September 2021 - 4
The Pellucid Perspective - September 2021 - 5
The Pellucid Perspective - September 2021 - GMRC is driving directionally upward plans, dialogues & actions
The Pellucid Perspective - September 2021 - 7
The Pellucid Perspective - September 2021 - 8
The Pellucid Perspective - September 2021 - 9
The Pellucid Perspective - September 2021 - 14 Activities; Transactions outpace closures 3:1 (good or bad?)
The Pellucid Perspective - September 2021 - 11
The Pellucid Perspective - September 2021 - August GPH declines 5%, Year-to-Date swings to modest down (-1%)
The Pellucid Perspective - September 2021 - 13
The Pellucid Perspective - September 2021 - July Utilization breaks winning streak, Year-to-Date figure still in the 70% neighborhood
The Pellucid Perspective - September 2021 - 15
The Pellucid Perspective - September 2021 - Miami occupies #15 in current ranking, pretty even scorecard on upsides/downsides
The Pellucid Perspective - September 2021 - 17
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