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{PNE retools to boost flagging attendance at annual fair}
PNE CEO Mike McDaniel: to cut costs this year the annual fair will be closed on the first two Mondays of its late August run; “we’re passing that saving on to the consumer [through the lower prices]”|PHOTO © Dominic SchaeferBy Glen KorstromTue Aug 13,[url=http://www.mcm-handbags.net]mcm handbags[/url], 2013 12:01am PSTThe Pacific National Exhibition (PNE) is embarking on a strategy to increase attendance after years of roller-coaster interest in B.C.’s biggest summer fair.The Fair at the PNE drew 763,689 people last year – its lowest attendance since 2008 and down from the 803,598 who came to eat hotdogs, go on rides and play games in 2011. That’s significantly less than the average annual attendance of 840,[url=http://www.mcm-handbags.net]mcm bags[/url],000 during the past 10 years.PNE CEO Mike McDaniel believes attendance has been faltering because the costs were too high for some families and there was more competition for consumer dollars from other events than there was years ago. The PNE hopes to boost numbers this year by chopping both adult admission and parking fees from $20 last year to $16 this year. The PNE also hopes to save money by closing on the first two Mondays of the fair’s 15-day fair run, which starts August 17 and continues through September 2. That closure is expected to save the PNE $500,000.“We’re passing that saving on to the consumer [through the lower prices],” McDaniel told Business in Vancouver.Boyd Newton is one of 450 entrepreneurs who operate concession stands and rides during the fair. He hopes the strategy works and fair attendance rises.“When you have a fixed percentage of about one quarter of your sales going to rent and a fairly fixed percentage of food costs and staffing costs, the only way to make a profit is to have more volume,” said Newton, who will operate three food kiosks at this year’s fair.Newton is new to owning a fair concession business though he worked for 14 years for West Coast Amusements, which provides rides, games and concessions at carnivals.“The attendance in the last few years at the PNE has gone down,” Newton said. “There’s a risk that they could fail to get it back up.”“We could go in there and lose money. It’s probably a 50-50 gambit.”The fair generates annual revenue of about $25 million, which McDaniel said is more than half of the city-owned, non-profit corporation PNE’s $47 million annual budget.The fair itself is profitable given that it costs approximately $17 million to stage. Eating into profit are costs such as maintenance and capital improvements on the PNE grounds.It gets revenue from onsite vendors, but ranchers who bring livestock to the fair to auction as part of its agricultural component don’t pay any fees because their involvement is seen as a public service.The fair’s venue and audience enable the ranchers to achieve higher auction prices.Aside from the fair, the PNE generates about $10 million from Playland, which runs from April through September, and $2.5 million from Fright Nights, which runs for a couple weeks in late October to coincide with Halloween.The rest of the PNE’s revenue comes from operating venues such as the Pacific Coliseum for concerts and hockey games.Vancouver city council voted August 1 to allow the PNE to continue to control the 62-hectare PNE site, also known as Hastings Park.The Vancouver park board had asked council to allow it to take over administration of the site after area residents argued that the site had become too commercial. The park board said it would run the site more as a park than a moneymaker.“People were saying, ‘Don’t do revenue-generating things,’” McDaniel said. “We said, ‘If we have to pay for the maintenance of the site, we need to do revenue-generating things.’”Tags: Pacific Coliseum, prices, Vancouver Park Board, entrepreneur
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