Exhibit L Market Study1
SUMMARY OF MARKET ANALYSIS:
Tamiami Trail & Palm Street, Naples, Collier County, Florida
RaceTrac Petroleum, Inc. Collier County Planning
3225 Cumberland Boulevard Parkway & Zoning Department
Suite 100 2800 North Horseshoe Drive
Atlanta, GA 30339 Naples, FL 34104
2
Introduction
Headquartered in Atlanta, Georgia, RaceTrac is a third-generation led, family-owned company that owns
and operates more than 400 RaceTrac convenience store locations across four southern states: Georgia,
Florida, Louisiana and Texas. RaceTrac also owns nearly 300 RaceWay stores in 12 states across the south. In
the state of Florida, RaceTrac currently operates 184 RaceTrac stores and 48 Raceways and has over 100
projects in-development across the state.
RaceTrac strives to carry out our vision of being the “Convenience Store of Choice” by offering more than
4,000 retail and grocery items to address our guests’ needs, including premium food offerings and endless
beverage options. The company debuted the new 6,000 square foot model stores in 2012 with the aim of
making people’s lives simpler and more enjoyable. These new prototypes feature indoor and outdoor
seating, an expansive coffee bar, Swirl World frozen yogurt and free Wi-Fi, in addition to the large selection
of premium beverage and food items.
At the proposed RaceTrac location at the southwest corner of the intersection of Tamiami Trail, Fredricks
Street, and Palm Street, RaceTrac’s Market Analysis team strongly believes this submarket of Collier
County is not only underserved by the total quantity of fuel and convenience options available, bu t also in
the quality of those existing facilities serving Collier County residents. For these two specific reasons,
RaceTrac is excited about the opportunity to serve future Collier County residents at this location in an
effort to become the Convenience Store of Choice for Collier County residents.
QUANTITY OF FUEL & CONVENIENCE PROVIDERS
Traveling north from the proposed intersection, there are only two convenience stores within two miles of
the site. There is a Mobil with six Multi-Product Dispensers (MPDs) 1.23 miles north of the intersection
catering to south bound traffic. There is a Hess which is located 2.2 miles north of the intersection also
serving south bound traffic with 4 MPDs. Traveling south from the proposed intersection, there are four
convenience stores, only two of which are on the south side of the road. There is a 7 -Eleven at the
northeast corner at the same intersection catering to northbound traffic with 6 MPDs, a Kangaroo 0.6
miles south on the south side of the road with 6 MPDs, a Chevron with only 4 MPDs one mile south on the
south side of the road, and a Hess with 6 MPDs 2.0 miles south of the site catering to northbound traffic.
Company Number of MPDs Primary Direction Served Distance from Proposed Intersection
Hess 4 Southbound traffic 2.2 miles north
Mobil 6 Southbound traffic 1.5 miles north
7-Eleven 6 Northbound traffic --
Kangaroo 6 Southbound traffic 0.6 miles south
Chevron 4 Southbound traffic 1.0 miles south
Hess 6 Northbound traffic 2.0 miles south
3
QUALITY OF FUEL & CONVENIENCE PROVIDERS
RaceTrac’s new architectural design that has been built at (3) current locations within Collier County with (3)
more on the way sets a new standard in product within the market. This standard is not only in the
convenience store sector, but for all retailers. When considering the separation waiver, the existing
established stores should be compared to RaceTrac’s new efforts. Additionally, RaceTrac is in the process of
remodeling all ‘legacy’ stores that do not currently meet the offerings in the new stores.
Allowing RaceTrac to build will establish a new baseline for retail architectural efforts. The existing below-
referenced businesses present Collier County residents would then be providing a sub -standard or less
attractive offering and would need to enhance offerings to stay competitive in the market place. The end
result would only benefit the citizens of Collier County with competitive fuel pricing and state of the art
stores.
The images on the following pages illustrate the discrepancy.
Mobil: 1.5 miles north of proposed intersection
Kangaroo: 0.6 miles south of proposed intersection
4
Chevron: 1.0 miles south of proposed intersection
Hess: 2.0 miles south of proposed intersection
5
Examples of RaceTrac’s current efforts in Collier County
RaceTrac: Photo of our existing store in the city of Naples on Airport Pulling Road, Collier County
RaceTrac: Photo of existing canopy per Collier County standards. Store at Manatee and Collier Blvd.
RaceTrac: Photo of existing store at Manatee and Collier Blvd.
6
This new prototype goes above and beyond the standards required by Collier County. RaceTrac strives to
deliver a superior, premium customer experience. This strategy has shaped the design of the current efforts
and will continue to shape the evolution of RaceTrac’s offering. RaceTrac strives to carry out our vision of
being the “Convenience Store of Choice” by offering more than 4,000 retail and grocery items to address our
guests’ needs, including premium food offerings and endless beverage options. This prototype features a store
offering, both interior and exterior, which is unmatched by the competition in the area.
ANALYSIS
The Market Analysis team evaluates each property independently while also taking into consideration impact
on existing stores and by competitors. The table below represents key demographics considered when
evaluating a potential location. These demographics, which represent a five -minute drive time from the
subject property, align with those RaceTrac deems ideal for a successful location.
Demographic Value
Total Businesses 1,429
Average Travel Time to Work 19 mins
Residential Population 17,446
Daytime Population 29,104
Workplace Population 17,955
Total Households 7,772
Median Household Income $53,143
Aggregate Crime Data 1.446
The existing fuel retailers provide only 32 MPDs in total within a 4.2 mile stretch on Tamiami Trail. Along
Tamiami Trail at the proposed location there are 35,500 cars based on FDOT’s 2015 Average Annualized
Traffic. This count increases to 52,000 traveling west past Davis Boulevard.
In light of the sheer volume of traffic on Tamiami Trail generated by the total population and total employees,
32 MPDs along the four-mile stretch of road represents a deficient number of fueling stations to adequately
meet the needs of Collier County residents in the area based upon the Market Analysis team’s determination.
Upon closer examination, the analysis shows a lack of supply as it relates specifically to the 35,500 vehicles
traveling along this corridor. The National Association of Convenience Stores (NACS) average fuel gallons per
retail outlet for 2015 were 33,947 gallons per outlet per week. In the Southeast Region, which includes the
state of Florida, this figure increases to 35,053 gallons per outlet per week.
For the purposes of this analysis, we have conservatively calculated the existing convenience stores’ fuel
gallons along Tamiami Trail to be on average 125% of the NACS average for the region for a total of 43,817
gallons per outlet per week. NACS states that the average driver consumes 10.44 gallons of fuel per week
which aligns with that of internal data.
Based upon these calculations, the annual demand in this trade area equates to 19.3 million gallons as
represented in the table on the following page. The combined annual fuel volumes for the existing
convenience stores as outlined above calculate to 13.7 million gallons per year. This creates a supply deficit of
5.6 million gallons per year.
7
Traditionally, RaceTrac convenience stores outperform the NACS fuel gallons average by 1.5 to 2 times. Using
aggressive figures for the new RaceTrac of 2.5 times that of the NACS regional average, there remains a
shortage of over one million gallons per year along Tamiami Trail in this trade area.
Description (Source) Figure
Average Annual Traffic Count (FDOT – 2015) 35,500
Average Gallons per Week per Vehicle (NACS Fuels Institute) 10.44
Annual Fuel Demand (52 weeks) 19,272,240
Weekly Gallons (NACS, National) 33,947
Weekly Gallons (NACS, Southeast) 35,053
Existing Convenience Stores 6 stores
Annual Fuel Supply of Existing Stores (125% of NACS regional average) 13,670,793
Annual Fuel Deficit 5,601,447
RaceTrac Gallons (2.5x NACS regional average) 4,556,931
Remaining Fuel Deficit in Trade Area 1,044,516
CONCLUSION
When compared to the total number of residents driving daily on Tamiami Trail in front of the proposed
intersection, the total number of existing convenience stores is inadequate to meet the needs of Collier
County residents. Additionally, the convenience stores that do exist represent potentially both a sub -
standard customer experience and a non -competitive product offering. RaceTrac is ready and eager to
meet the needs of Collier County residents along this corridor of Tamiami Trail.
Every new RaceTrac brings approximately 20 new jobs to the community, and each of the markets we
serve is a special part of the RaceTrac family. RaceTrac looks forward to serving future Collier County
residents at the proposed intersection and throughout the County as we grow our brand through both
new store growth and unparalleled guest experiences.
Supplemental Market Study information supplied by
applicant at the 6/30/2016 meeting.
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