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Pinewood Analysis (cont.) <br /> <br />Pinewood relies on senior age golfers. To attract and retain this <br />category of golfer, discounting rates will need to continue. <br />*McMurchieGolf Management 2005 <br />As a consequence, the average rate achieved will decrease over <br />o <br />time with no appreciable upside to round volume. <br /> <br />Revenue from ancillary businesses is very restricted. <br />No space for driving range <br />o <br />Food sales are restricted to packaged items <br />o <br />