Vision 2008 - Market Analysis Overview

In order to develop an accurate and viable marketing plan we must first (a) understand and assess the current business mix, (b) recognize the key growing and declining industry sectors, and (c) analyze the economic / market situation that faces both Maple Ridge and Pitt Meadows respectfully. From there, we can identify opportunities or challenges, and educate and communicate an action plan to assist the business community and other key stakeholders by providing resources for starting, growing and sustaining local business.

(A) Current Business Mix

It can be argued that there is somewhere in the neighborhood of 3000 to 7000 business of different sizes and representing dozens of sectors. The following is the more prominent sectors and their backgrounds.

With close to 1000 Retail type businesses in both communities this sector is a key for local consumers and the B2B (business to business) community. Because of the “sprawl” of our region,
distinct retail centres have been developed, creating a loyal but small customer base. These centres or “economic hubs” are located on Harris / Lougheed, Meadowtown, the Lougheed corridor from 203rd to 207th, and the downtown core which is represented by the new Business Improvement Association (BIA). Though we have a number of established franchises and anchor businesses in thecommunity, there is a relatively high turnover of failed smaller business ventures which can be clearly noted in the smaller, older business centres. For this report, 35 “for lease” signs were counted in the Maple Ridge area surrounding the downtown core, some in key visible spaces.

Home-Based Businesses or Small Office Home Office (SOHO) make up a large and unexplored sector in the Maple Ridge and Pitt Meadows. These include hobby or product (craft) based ventures, a large and growing base of service providers like tradesmen, contractors, financial services, realty, and creative services. With a decline in the Ridge Meadows Home Based Business Association membership (mixed reports say it is now defunct), there is a need for these individuals to get access
to pertinent and useful resources including business development and marketing tools, networking opportunities to build B2B and B2C relationships, and access to Chamber based partners like Group Insurance, Payworks and Merchant Services, etc.

Professional Services are vital and integral part of any community. This group includes physicians, dentists, pharmacists, notaries, realtors, financial services (institutions) and law firms.

Construction and Natural Resource sectors employ thousands of local individuals. The recognition of the challenges facing the coastal and local forestry industry is important, as is the partnership with the growing residential and commercial construction sector and the large infrastructure sector (Gateway Project).

Agriculture and Landscape Services has been represented in both communities for decades though there seems to be a disconnect from the business community. While the agriculture sector deals with separate rules and governance along with political and market interference the rapidly growing landscape / garden sector has become a key employer and supports the residential / commercial development in the region.

Travel and Tourism (Eco-Tourism) is believed to be a key sector in the coming years. Whether its golf, hiking, fishing or camping, this industry attracts millions of dollars to the community and due to our beautiful yet strategic position, Maple Ridge and Pitt Meadows has the ability of becoming the lower mainland’s playground for the outdoor enthusiast.

Manufacturing and Warehousing are two sectors quietly growing in areas like Hammond and Pitt Meadows. Projected to grow due to available land, this sector employs a large number of people and contributes to the local economy.

(B) Growing and Declining Industry Sectors

As documented in the local media there are numerous growth sectors and growth sector opportunities in our communities. Commercial and residential development, construction, recreation
and eco tourism, agriculture and service based businesses are growing.

Micro niche suppliers like interior design, or web development and hosting, that support the large and medium sized business, and retail (due to lack of consumer choices in specific sectors) show lots of promise with the right planning and guidance.

Manufacturing and Warehousing are two sectors quietly growing with Westfair and Translink going through expansion.

The future of the natural resource based business; primarily in forestry is of some concern, as is the loss of local jobs upon the completion of the North Fraser Gateway project.

Healthy competition in the alternative health sector could become a challenge for some businesses as the supply may not meet demand due to cost restrictions and the fact that most services are still not covered under the basic medical services plan.

Should residential and commercial development slow, contractors and tradesmen as well as micro niche providers could find themselves changing the business models.

(C) Economic / Market Analysis

Are region is an important strategic market for the province for numerous reasons. With the ongoing infrastructure construction of the Gateway Project, new transportation routes are being developed and current routes being expanded, bottlenecks for trade of good and services are opening,
decreasing travel times and costs, new commercial developments are being built while existing developments are being upgraded. For businesses, more development means more consumers,
more jobs, more business opportunities and start ups and increased revenues and stability for existing businesses.

Whether it’s the recent 2006 Census, or Provincial assessments from the Minstry of Small Business and Revenues, the prognosis for our community is one of diverse population growth, new infrastructure, an increase in employment opportunities which in turn will increase revenues.

This bodes well for business as it allows for fresh and innovative thinking and planning within business and government and it means that the community can financially support the growth in infrastructure and additional services.

A proper analysis of the Provincial Gateway project as it pertains to the North Fraser, is an important part of the 2008 Chamber Vision. A committee, to be announced in January 2008, will look at, and analyze the existing government information and prepare an assessment for its members so that all business sectors can plan and prepare a plan of action leading towards the opening of the two (2) bridges and the new roadways. Such planning will include reorganization and re-branding (if
necessary), new marketing, sales and public relations strategies and will identify sectors at risk and business opportunities.