Company Press Release: Del Webb Corporation
December 13, 1999
PHOENIX, AZ -- The following interview excerpts are being issued by Del Webb Corporation:
Q: From your perspective, what are Del Webb's strengths and weaknesses?
Del Webb has dominated the active adult market for 40 years. Today, we can draw on the experience of having built
successful Sun Cities coast-to- coast and in numerous different markets. Because of this, we have our finger on
the pulse of the active adult market, and I would wager to say we know it better than anyone. Every year, we survey
the lifestyle needs of more than 100,000 people and, in addition, are in constant communication with our residents.
This knowledge is what drives all our planning. Last but not least, I am extremely proud of the expertise of our
staff. We have a great team and our success is proof of that.
Yet, we can always do better. Our resident surveys show we have a 95 percent approval rating, overall. That's great.
And, there are gold mines in looking at the 5 percent. Customer satisfaction drives our product. For the past decade,
we have been focused on growth and quality and we have nearly doubled the number of active adult communities. Now,
our emphasis is on cost-effectiveness -- without sacrificing our quality. So, a large part of my job will be looking
for ways to operate as a financially efficient company -- constantly continuing to improve our products -- without
negatively impacting our customers.
Q: What effect will the Baby Boomer generation have on Del Webb's future?
Just tremendous! We are talking about a prime market that will increase by 5.6 million people between 2000 and
2005. We are on the edge of a demographic tidal wave. Webb is positioned better than any other developer in the
nation to take advantage of this fantastic boon. As a matter of fact, we have renamed Baby Boomers, ``Zoomers''
because these individuals are redefining retirement -- they are ``zooming'' into the third phase of their lives
with goals, agendas, financial prosperity and a desire to continue to change the American landscape. And, Del Webb
understands their needs and is poised to help provide them with the retirement community of their dreams.
Q: Do you have any projections for the future of the company?
To continue to stay way ahead of the curve. My vision for Del Webb is to become a nationally recognized brand name
-- as well recognized as Xerox and Kleenex. Naturally, we will lead the Baby Boomer ``revolution'' and seize the
opportunity to meet the needs of this extremely dynamic market. We'll continue to strategically expand our active
adult, and community and family properties and maintain our market dominance. In-state retirement is also key --
our success with Huntley, our Illinois property, is a prime example. And we'll continue to be the leaders in maintaining
and strengthening our environmental policies and practices that are state-of-the-art.
Q: The majority of people over age 55 still prefer not to live in age-qualified communities, so will market expansion
really help Del Webb?
Without a doubt. A recent random survey conducted by Del Webb showed that there are more than 2 million Baby Boomers
who are interested in living in an age-qualified community. That is a lot of people. Given that the entire population
of all our active adult and Sun Cities is only around 125,000 residents, I'd say we have a jackpot on our hands.
In California, Sun City Roseville was built out six years ahead of our projection. That's 3100 homes. We have the
formula. In other words, we would only need to capture a small percentage of the age 55 plus market to be very
profitable, but why stop there? Our goal is to exceed all projections by capturing as much as the market as possible.
And we will.
Similarly, we've been hugely successful with our Anthem communities in Arizona and Nevada. These amenity-rich,
master planned communities for people of all ages are an important profit center for Del Webb.
Q: What's the company's strategy going forward?
No stone unturned. We have an aggressive strategic plan to expand into numerous new markets with our active adult
communities, and we are continuing to build successor communities in markets that have proven to be financially
rewarding. Research, an expertise Del Webb is known for, is key and we are the data experts. Simultaneously, we
are looking for opportunities to repeat the Anthem concept in other parts of the country. The knowledge we have
of local markets will certainly continue to provide us with other unique and profitable land development opportunities.
Q: What's been your greatest personal achievement at Del Webb?
Certainly being named CEO is a high point of my career but, looking back, I have to say that the development of
Del Webb's Las Vegas operations -- building a number of thriving communities from scrub bush and desert -- stands
out. Del Webb has played a major role in helping make Las Vegas the most popular retirement destination in the
country. This is a very gratifying experience. Many of the development concepts that we've since used nationwide
were site-tested in Nevada.
SOURCE: Del Webb Corporation