Ferry: Answering Taylor Paules’ question

I can try to answer Taylor Paules’ question. Rents are high, traffic is down and there is not a sufficient locals population in Vail to support business in the offseason — or seasons, I should say, as they happen twice a year in the spring and fall.

I can give a little history. As a previous owner of the Daily Grind, one of Vail’s iconic hang outs of days gone by, we saw a significant shift in the local population. At that time, “downvalley” was there but not thriving. When the lifts closed there was still a steady stream of locals working at local Vail businesses during the offseasons. Hair dressers, dentists, doctors, etc. occupied spaces in the village and continued to supply a flow of workers that created enough business revenue to at least keep businesses alive until the guests returned.

As the owners and operators of those basic necessities moved their businesses west to take advantage of lower rents, it created a business vacuum in the core during offseasons. No longer was there a steady but small amount of daily traffic in town. The natural consequence of that shift caused more businesses than usual to close during those periods, and of course the snow ball effect was lack of revenue and … well, you can figure it out from there.

It has always been the case that owning your space was the best way to make money in Vail. Having landlords, many of whom are not locally located, simply added to the challenge of being prosperous. And, of course, prices have gone up. Businesses have to generate as much revenue per square foot as they can in the short amount of time when tourists are here.

And then we come to the expansion of the retail spaces. Logic would tell you that the more space we add, the more businesses are created and the slice of the pie keeps getting smaller as the rents go up and the flow goes down.

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My biggest concern at this point is, where do we go from here? Do we really need more retail when the current supply is struggling? As we embark on projects like Never Vail, what are the needs to be met?

I would say that we do not need more retail space or restaurant space, as it will only exacerbate the current problem. What we first need is more housing to fill the current basic needs. But even more importantly, we need that base in Vail that can support Vail business owners on a year-round basis when the tourists are not here.

And of course, I will continue to beat the drum as to who should fill that need. Vail Resorts has the land, the financial ability and moral responsibility to step up to the plate and take care of a problem that is significantly theirs. I’ll remind you again — they have built 124 beds, not units, in 65 years. That’s less than two beds a year. If you look at the frontage road and all of the current employee housing that exists or is under construction, remember not one of those buildings was built by Vail’s founding company and largest employer.

So, as for Paules’ concern — things have to change or they will continue to spiral in the wrong direction. You cannot expect a resurgence of affordable, casual and locally accessible spots in the current business environment.

Kaye Ferry is a longtime resident of Vail.