On Day 1, Hurricane Rina blew past parts of Central America at speeds just short of a Category 3, and when the group boarded the bus, it was still unclear if it would affect stops around Fort Lauderdale and Miami. Few events impact a marina more than a hurricane. Of course, one recent event that did was the economic recession, the impact of which is still being felt. That was evident as the tour began with just eight participants, far short of the usual total.
Rina eventually fizzled and ended up missing Florida entirely, allowing the tour to go on as scheduled. As in previous years, it stopped at a half-dozen different facilities with the goal of evaluating and learning from the businesses.
As the marina industry begins to come back from the downturn, it is ripe for a similar analysis. Like much of boating, the marina industry is highly site and region specific. Not all areas experience growth and decline evenly.
However, a number of trends seen in the marinas covered by the tour apply to the industry as a whole. Our smaller boats seem to be affected most and seem to be really shopping the rates. Rybovich Superyacht Marina, one of the first stops on the tour, is a good example of this trend. At one of the premiere destinations in the U. The most important improvement, however, is a recent uptick in billable hours. As a whole, the marinas embodied both the challenges and opportunities the industry faces in Weaknesses: Competition.
Opportunities: Non-traditional customers. Threats: Regulation. Unlike most businesses, Rybovich has grown since to more than employees, with 50 additional hires expected by February, according to Jason Sprague, director of business management. Sprague attributes the growth to aggressive sales that earned the company market share as other yards closed. The new business model at Rybovich calls for no seasonal layoffs.
During the initial phase of that plan, the company had to be aggressive with rates in order to keep staff on during the summer, actually working at a loss.
Since that time, it has managed to raise rates to market value or premium levels. During the growth period, it also let contractors negotiate rates. Now it is dictating the terms. Other marinas that took a hit and reduced prices during the downturn are beginning to take advantage of the recovering market. Weaknesses There are still plenty of lasting effects from the downturn. The current state of the marina industry is preventing much investment in facilities, equipment and people See Market Focus on Marina Development.
In a flurry of activity in , developers produced a slew of dockominiums and other marina projects, hoping to make a quick buck.
As in the housing market, the number of marinas for sale at 50 cents on the dollar is preventing many new facilities from being built, and the amount of inventory available in terms of slips is depressing prices. That has created a marina market with Boat Sailing Composition Model little room for investment.
With marinas not being run with long-term results in mind, areas like equipment maintenance have been on the receiving end of cuts, which both shortens the lifespan of equipment and poses potential safety issues. Unfortunately, cuts have also come from investments in personnel.
The reduced attendance at the marina tour is indicative of industry-wide cuts in education spending, says Timpson. A number of years of dramatically reduced revenues have predictably led to dramatically reduced expenditures for training and personnel. We are in the hospitality business.
Marinas can make themselves more attractive by positioning themselves as a destination rather than just a launch pad. Opportunities Perhaps the most important positive indicator for the marina industry is that boat utilization has increased. In addition to this ton boat hoist, Roscioli Yachting Center features a ton elevator that gives the facility the flexibility to work on a wide variety of vessels.
That flexibility is key in an environment where every deal counts. During the recession, marinas began offering dockage accommodations that were more or less mothball dockage. Megayachts would let go of the entire crew except the captain and engineer, and in the case of smaller boats, captains were hired by the day and a cleaning crew would occasionally stop in.
Owners and their parties basically stayed off the boat for the season. That mothballing has for the most part gone away, according to Sprague at Rybovich. New ownership opportunities and ways to enjoy the water are also helping drive people back to the water. Fractional ownership, which has increased dramatically in recent years, represents an opportunity for marinas to serve a growing customer base.
Of course, it also presents a challenge, since boats that were being used three or four times a month are now in some cases being used multiple times in a day. That impacts the equipment maintenance and personnel costs, but increased use also means boats will require more repairs, which can be a boon to boatyards. On the opposite end of the spectrum from yachts, paddle boards are also gaining popularity because they provide an on-the-water experience at a low cost.
Marinas that find ways to capitalize on these new trends while their more traditional customers regain their financial footing will reap the rewards. Tax-strapped communities view marinas as a source of additional revenue. As an example, Timpson cites Barnegat Township, N. Proper maintenance can significantly increase the lifespan of equipment like this forklift at Harbour Boat Sailing Composition Quality Towne Marina. The management at Harbour Towne is diligent about maintaining equipment, but industry consultant Tim Timpson says too many facilities have cut back.
As another example, regulation surrounding dredging can make the process prohibitively expensive, Boat Sailing Composition 15 making it more difficult for marinas to cater their facilities to the needs of their clients.
With utilization increasing, it is now up to marinas to provide an experience that goes beyond just storing boats. Marinas need to take advantage of that enthusiasm by catering to new groups like fractional yacht owners, creating a destination atmosphere at their facilities and going out of their way to make the boating experience as enjoyable as possible with great customer service. You no longer need it. The next generation of boaters is out there right now, and the long-term health of the industry will be determined by whether boating continues to be something that rises to the top of their priority list.
For many boaters, a positive marina experience is essential to ensure it will. Awareness of the facility is spread through word of mouth. Dockmaster Bob Garey said the Yacht Club utilizes its facilities for weddings and various banquets throughout the year in order to generate additional revenue. Rybovich specializes in the repair and refit of superyachts.
Only a limited number of facilities can handle vessels of the size Rybovich can, and thus much of its competition is international. To help draw that business to the U. Using feedback from captains, it has recently worked to improve facilities for the crews docked at the facility. In addition, it now hosts sponsored crew parties and provides a bus to downtown West Palm.
A huge new profit center for the company has been the painting of meter vessels and up, which is technically and logistically difficult to manage but offers huge returns if handled properly. The acre facility includes more than wet slips and more than drystack spaces. In addition, the site includes 80, square feet of office and retail space, providing another revenue stream.
The marina has invested a lot in its dry storage facilities. Having dry storage space for boats up to 45 feet has allowed it to capture a niche that has served the marina well, according to Marina Manager Mike Horn. Marina Bay Fort Lauderdale, Fla. Marina Bay offers deep-water slips for boats from 24 feet to feet and amenities including a pool, gym, theater, billiard room and restaurant.
The marina has done well in recent years with yachts 60 feet and above, and is converting more of its space to accommodate larger vessels. The marina is also currently examining its rates to aggressively pursue the live-aboard market, said General Manager Jason Taplin. Roscioli Yachting Center is a full-service marina and shipyard offering repairs, carpentry, electrical, fabrication, construction, and painting as well as undercover yacht storage for boats up to feet.
It employs more than people and underwent a massive renovation in The company has been involved in painting and boat building in Fort Lauderdale for more than 40 years, and that long history has made it a name people in the industry recognize and trust. It faces competition, however, from newer operations that spring up offering bargain rate paint jobs and other services, without the same history of quality work that Roscioli can offer.
It is operated by a board of directors as well as a general manager. The marina offers slips ranging from 45 feet up to feet. One of the main draws of the facility is its prime location, but being in the heart of Miami Beach also limits the possibility of further expansion.
However, the club makes the most of its somewhat limited footprint. Club members have access to a parking spot with each slip as well as an Olympic-size swimming pool and a fitness center. Investment in technology means that members also enjoy wireless and wired high-speed Internet access at each marina dock as well as digital satellite TV, and more facility upgrades are planned for the future.
Excellent Article - but with respect - I could have written it without visiting a marina! SWOT needs to take place on a three monthly basis due to the current economic climate and the fast changing pace of customers wants, needs and expectations.
Timpson is so right in his assessment. I would only add that: "Boats alongside pontoons don't spend money, people do! The educational potential of marinas is also missed as a valuable income source during low seasons. I have been on several of these marina study tours through IMI and the information we come away with is very valuable.
I was slightly misquoted in this article however. Our marina is constantly looking for new sources of revenue and new ideas. However, the ideas Boat Sailing Composition 500 that were discussed during this particular meeting were not feasible due to the business structure of our private yacht club as well as zoning and permitting restrictions.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Click image to view larger. Kelsey Larson.
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