|
|
William King Museum Market, Site Suitability
and Feasibility Study
Overview
The William King Museum in Abingdon, VA has faced significant challenges in
recent years including a decline in grant funding, a loss of
membership/attendance, a somewhat isolated location away from the main flow of
Abingdon’s tourism traffic, an aging facility that is larger than needed, and
the turnover and loss of staff. New challenges include the creation of more
accessible arts venues in Abingdon that compete for the time and interest of
locals and tourists and the pending departure of Washington County’s
administrative offices from the William King, complex creating another large
building for which the Museum will be responsible.
Approach
Along with Kathy Stockburger Consulting that conducted a strategic planning
process for the Museum’s Board of Trustees, the firm researched, developed, and
presented an extensive report to guide the decisions facing the Board regarding
the investment of resources in the current facility or the relocation of the
Museum to another, more viable site in Abingdon. Components of the study
included:
·
A Targeted Market Study examining the local, casual visitors, and
tourism markets for the Museum defining the market potential for the WKM if
ideally situated.
·
A Site Suitability Analysis that reviewed the pros and cons of the
targeted potential locations vs. the needs of the Museum.
·
Financial Feasibility Analysis of four construction scenarios for two sites.
·
Financial Feasibility Analysis of operating a new facility via
5-year pro formas that estimated revenues and expenses.
·
An Economic Impact Analysis using RIMS II multipliers.
The Museum leadership is continuing to work with its funders, local
partners, and the Town of Abingdon on the prospects of relocating and building a
new facility.
Sample Text from the William King Museum Study
|
