Myrtle Beach
Myrtle Beach
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How to attract tourists to Myrtle Beach in the winter?
For a school project, we are given a piece of property to develop in Myrtle Beach. I have no idea what to put on it. It is 11 acres ocean front and Myrtle Beach doesn't need another hotel or putt putt course. Any ideas???
Your teacher will hate this idea but it is the economically correct answer. You take a lead from the wealthiest company on the Grand Strand and you do nothing at all with it right now. You let it sit there and appreciate in value without expending any additional costs in a down economy. [re: Burroughs and Chapin Company and their prime empty real estate on the former MB Pavilion site.]
Amusement parks have been attempted and every single one (save one) has closed. Some with losses in the multi-million dollar range [Hard Rock/Freestyle Park] and this isn't a recent issue - historically, amusement parks will not thrive here. The reason is that the nature of tourist that comes to Myrtle Beach doesn't support that sort of venue. Our tourists go to Orlando when they want to go to an amusement park.
If you examine where your vacant oceanfront in MB could possibly be - there are only a few options. One is the former Pavilion site. That one is being leased to a portable vendor for a huge inflatable water slide to cover costs of the owner just holding on to it. It's not intended to make real money so much as to cover the taxes and insurance until the owners decide on something profitable to do with it.
Another is between Crown Reef and Springmaid Pier - that one is sitting vacant with no development plans. Assuming we'd be talking about an already developed piece of property - then the highest and best use right now is probably to remain as whatever it is. [that site hosts a really big time jet ski competition each spring]
Now, an idea that hasn't been attempted here but that works on some other beaches. An oceanfront sports complex catering to such things as beach volleyball and water sports. If you could develop such a thing and then get support for competitions of the major players (such as USA Volleyball) then you'd draw traffic. It could also host other events oceanfront such as Bass at the Beach or the regular cheerleader competitions. If you could think up enough major national-level competitions and draw them to you then you'd make a pretty penny.
Think of things such as open water swimming, triathlons, Iron Man, beauty pageants, volleyball, even mini-golf... maybe consider Disney's Wide World of Sports Complex as a model. Many of those are already hosted here but not in a complex designed for the purpose - they're hosted in hotel convention centers.
If it were my land though, and I have an MBA and am very familiar with Myrtle Beach economics, I'd either hold it as a long-term investment or sell it now and invest in something more profitable. Holding it makes better sense because our real estate values aren't so hot right now.
Add: Attracting winter tourist traffic. Why try? We get 14 million tourists per year and most are in three months of summer. The off season here is not very pleasant and our main attraction (the beach) isn't very inviting in December. Further, our tourist season just happens to conveniently coincide with when schools are out. Instead of spending money trying to make Myrtle Beach something it's not (a winter attraction), sink tons into getting money from those 14 million people that come in the summer. No need to fight the laws of economics. There are plenty of businesses here that make all of thier money for the year in three months and then relax through the rest of the year. The businesses that try to be 12-monthers tend to suffer unless they primarily serve the local community. Those sorts of businesses can go anywhere so then you have to ask "why Myrtle Beach?" Why not sell the land and buy something somewhere more entrepreneurial friendly. Whatever you pick, there are 90,000 hotel rooms and 1900 places to eat already here - those probably aren't good choices to compete with.