Downtown Development is Economic Development

Excerpted from “Downtown Development is Economic Development” by Alicia Cook, Owner of Opportunity Strategies, LLC.

It’s no wonder why prospective investors locating manufacturing facilities or distribution centers always ask to see a community’s downtown before making their final decision; they know that it’s the heartbeat of a community. What downtown looks like and feels like is a barometer of so many elements of that elusive “sense of place.” As a board member of the Texas Downtown Association, we say “Downtown is a Mirror of the Community.” Whatever your downtown experience is, it’s a reflection of the other community investment successes or failures. It can convey whether the citizens and leaders are health-conscious, possess community pride, or value music and the arts. It can convey whether they welcome outsiders, respect historic preservation, or appreciate family activities. Each downtown sends its own crystal-clear message regarding what it values. If you want to see what it says, just look into that mirror.

Business Recruitment & Retention

One factor that seems to be a difference between downtowns that are thriving and those that are struggling is business retention efforts. Business retention and expansion (BRE) efforts aren’t just for the economic development professional; they are for the downtown development professional, too.

So what goes into creating a meaningful Downtown BRE? Every Main Street manager or Downtown Director needs to have a visitation schedule that includes every downtown business. They need to visit each merchant, restauranteur, and property owner asking a set of questions that helps them determine which services and tools to offer to help that business. They then bring to bear the resources or connections that the business needs. They create a file for each business that contains meeting notes, areas of concern or interest, follow up ideas, and the next visitation date.

Main Street managers who want to go the extra mile also create Google Alerts for their businesses, so they receive an email when that business is mentioned on the internet. It’s an opportunity to congratulate downtown businesses when they are in the news or receive an award. It’s an easy way to keep a pulse on what the world is saying about your downtown.

It’s always interesting what you will find on these Downtown BRE visits. Some businesses want access to local, state, or federal programs or elected officials. Others want opportunities to meet and network with their neighbors more. Some may be struggling with financial issues and need banking, accounting, or financial planning help. Others may be interested in succession planning for their business’ future. Some may need human resources advice, zoning explanations, permit assistance, merchandising help, soft skills for employees…the list goes on and on. The point is that Main Street managers need to build these relationships before they can identify how best to help their downtown small businesses.

Just like every other relationship in life, the relationships that are established with downtown business owners and property owners are built upon two-way communication channels and genuine interest in them. When Main Street managers work to foster relationships with business owners, the business owners begin to see them as their very own solutions broker. You become their trusted advisor, advocate, and resource.

When the Main Street manager becomes the go-to person in downtown, everyone knows he or she is the person who can get something done, answer a question, or connect them to someone they want to meet. This type of resource provider and community connector is priceless and helps create the most thriving economic development centers.

Take a good honest look at your downtown. What more can be done this year to cultivate a stronger economic development engine there? What relationships need to be created or nurtured? Do you have a robust Downtown BRE? What can you do to create, retain, or reinvest more wealth in your downtown?