Warrnambool needs to invest in additional attractions to boost its identity as a tourism hotspot, according to city councillor Debbie Arnott.
Cr Arnott, who is the chair of the council's economic development and tourism committee, said the city needed a point of difference from other 'beach holiday' destinations.
One idea that is being explored by the committee is a seafood market for the city.
Attracting visitors year-round was essential, she said.
"We've got to be innovative, creative, visionary," Cr Arnott said.
"We've got to think about what would bring people to the city who don't necessarily want to come here for a beach holiday."
Cr Arnott said she was eagerly awaiting the results of the council's Flagstaff Hill feasibility study.
She has long aired her views about it, saying she believed the site could be better utilised.
"Does the model need to change - yes it does," Cr Arnott said.
"I would love to see a five-star hotel up there somewhere with a conference centre."
Cr Arnott said she was aware there were people who wanted the maritime museum to be kept open.
However, she said councillors had to consider the high cost of running it.
"At the moment it's costing council a lot of money," Cr Arnott said.
"Are we getting bang for our buck? I don't know."
Cr Arnott said it was time the future of the site was "reimagined".
She said she wanted community members to share their ideas about what types of attractions would put Warrnambool on the map.
"We certainly haven't reached our potential as a city," she said.
"I think we need to do everything we can to bring those tourism dollars to Warrnambool.
"We don't just need the summer tourists - we need to be able to attract tourists year-round."
A feasibility study on Flagstaff Hill is expected to be completed within the coming months.
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