Small businesses have high hopes for downtown Phoenix

[Source: Betty Beard, Arizona Republic] — For all its looming high-rises and growth, downtown Phoenix hasn’t become so big that entrepreneurs feel squeezed out.  In fact, owners of small businesses in and near downtown Phoenix see only opportunity in the urban professional workers; the growing nightlife; the expanding Arizona State University campus; and the tripling of the Phoenix Convention Center coupled with a new 1,000-room Sheraton hotel.  They watch optimistically as new offices and residential and retail buildings are being constructed, and they’re especially eager for Saturday’s arrival of light rail.

Progress in downtown Phoenix is noticed, though some say it hasn’t come quickly enough.  The area is not yet the vibrant, 24-hour urban core many expected.  One big challenge is increasing pedestrian traffic because downtown Phoenix isn’t as compact as other downtowns in the Valley.  Most small businesses are on the fringes of downtown, where owners still can find an old building with character that can be leased cheaply enough (maybe in the range of $15 to $18 a square foot) to allow the property to become profitable.  [Note: To read the full article, click here.] 

Editor’s Note: Downtown Voices Coalition has long called for investment in and promotion of Phoenix’s locally owned businesses.  Summary recommendations from the 2004 “Downtown Voices: Creating a Sustainable Downtown” report are highlighted below.  To review the full report, click here.

Locally Owned Business: Sustain a unique and thriving downtown by choosing to invest in our local economy, cultivate consumer choice, and encourage cultural diversity by nurturing small, locally owned businesses.  The City should be willing to effectively “co-sign” for any developer who is willing to place locally owned businesses in new projects, and offer incentives to developers who seek out local businesses as tenants.  Fifty percent of the businesses located in the Phoenix Convention Center should be locally owned.  A study should be initiated to show the positive impact locally owned businesses have on the economy and use these findings to engage potential lenders and developers, and to inform policy makers.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.