Excerpt from: Do Business in Vail!
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| July 24, 2008 | | Vail Valley Partnership put on stellar presentation with keynote speaker Harry Frampton and an array of business experts. | My optimism in the long term outlook stems from the fact that real estate investors have stepped back, paving the way for more sustainable buying and investing by first and second home owners. | – | Harry Frampton Slifer, Smith & Frampton |
Why is Vail doing so well?
Vail mountain, Beaver Creek, and the bordering natural resources provide a rich diversity of opportunity. Vail Resorts is also a great mountain owner - among the best in the industry, but Harry was clear about Vail Resorts - "I would not swap owners with any other."
Denver also has a huge impact on visitors and growth in the Vail Valley. Demographics is also a big contributor to the success of this industry. Technology allows people to stay in Vail longer and some stay forever building their businesses here but easily able to communicate with the world.
Storm clouds do exist on the horizon ...
Poor real estate sales has started to have an impact on the Vail area. Recent trends have been great, but not sustainable. Harry's optimism in the long term outlook stems from the fact that real estate investors have stepped back, paving the way for more sustainable buying and investing by first and second home owners.
2009 won't be a very good year; there are no new projects of any significant size being started next year, and most big projects are wrapping up in Vail in 2008. There is little funding available for 2009 projects as well, which means it'll likely be pretty quiet in the region for the next 12 months or so.
Slow economy and other economic factors is likely to cause us to be about 10 to 15% off the business levels compared to last year.
Harry provided these five categories that are necessary to focus on to remain competitive...
- Better partnership between the community and Vail Resorts.
- Find the balance between how we invest in the community versus how we invest for the pleasure of our resort guests.
- Continue to invest in infrastructure.
- The five governments of the area must work together more effectively.
- And lastly... if he were "king": Sustainability. Solve the frontage road parking. Increase the frequency of bus service. Constrain I-70 truck traffic during weekends. Better workforce housing.
Harry wrapped up his comments by adding that Vail has a bright future - we must plan and become master of our environment and strategic planning is critical to success.
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