Housing is a critical component of a vibrant downtown economy. While strong market demand is necessary for a residential downtown to thrive, city governments can facilitate, rather than impede, the working of these forces. This article summarizes a paper prepared for the Brookings Institution that describes steps city officials and others can take to foster a living, 24-hour downtown.
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A key strategy in downtown revitalization efforts is the creation of a mixed-use, 24-hour per day/7-day per week (24/7) environment for living, working, shopping and entertainment. Recently, the Wisconsin Governor’s Conference on Downtown Revitalization focused on creating such an environment. The conference featured Betsy Jackson, a nationally respected urban development consultant who spoke on the management and leadership needed in communities to make a vibrant 24/7 business district. Ms. Jackson’s key points are summarized in this article.
~Thumbnail by Jeff Miller of UW Wisconsin
This article describe trends in the changing business landscape in Northern Wisconsin. They are based on hundreds of counseling sessions and educational programs conducted each year.
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The lodging industry in the United States as a whole achieved a room occupancy rate of 59.2-percent in the year 2002 compared to 60-percent in 2001 and 63.5- percent in 2000. These falling occupancy levels reflect the most significant decline in the industry in over 50 years. A low occupancy rate, combined with a drop in room rates have resulted in lower room revenues and profits. This article discusses some of the major trends and difficulties facing the lodging industry.
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For the past three decades, the restaurant industry has consistently posted yearly sales gains. Today’s consumers regard food prepared away from home as a necessity. Convenience, a need for socialization and gains in real disposable income have led consumers to spend more of their food dollars in restaurants. Last year, large chains for the first time captured more of the dining out market than independent restaurants. This article looks at the challenge chain businesses pose to independent restaurants, especially during these economically sluggish times.
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Walking is beneficial to people’s health, to community vitality, and for the environment. According to a report prepared by the Maine Development Foundation, “walking improves community i0nteraction as people are more likely to talk with neighbors and shop in local stores when they are walking through a community. It also provides easy, inexpensive and low-impact exercise that can improve the overall health of community residents. Walking instead of driving also protects environmental quality. Reducing vehicular emissions benefits plants, watersheds, and the health of wildlife nd people alike.” This issue discusses the economic benefits that walkable communities provide in addition to their environmental and social value.
~Thumbnail by Jeff Miller of UW Madison
Communities can influence business investment decisions by drawing attention to local market characteristics that might otherwise be overlooked. This article discusses how a business recruitment team can assist by identifying high potential retail sectors, compiling information of interest to retail prospects, and marketing to those prospects. The key is to demonstrate that the community is a profitable place to do business.
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Most retail industry analysts would agree that the United States is largely “over-retailed”. That is, there is currently an over supply of retail space. According to one source, the amount of retail space per capita has increased 20 percent since 19701. The reasons for this overbuilding include the evolution of new retail formats, consumer preferences for new retail locations and attempts by
national chains to gain greater market shares. As retail continues to evolve, less competitive retailers have been forced into bankruptcy or have downsized. Older retail space has become less attractive to retailers looking to develop a new image. As a result, there is a glut of vacant retail facing many communities. Increasingly, this retail space is found in “Greyfields” and “Ghostboxes.”
Road construction is necessary to maintain and repair underground utilities, enhance the safety and flow of traffic, and to eliminate damaging potholes. The results of road construction are increased safety and an improved image of a community. Road construction can also have a negative effect on the community and the local economy, especially in downtown areas. However, there are a large number of strategies that local, government, organizations and business operators can use to deal with the effects of road construction. These strategies are summariazed in seven main groups as presented in this article.
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One of the most effective economic restructuring tools community leaders can offer is a program to assist existing businesses in their efforts to become or remain profitable within the business district. It is typically less costly and time intensive to help retain an existing business than it is to try to recruit a new one. Further, the success of existing businesses helps demonstrate the economic viability of a district. The following retention and expansion steps are based on a recent article by Valecia Crisafulli of the National Main Street Center of the National Trust for Historic Preservation.
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