Once bustling downtown areas like San Francisco and Boise have experienced a significant exodus of businesses, resulting in job losses, declining property values, and decreased sales [6dfdba06]. This exodus has been further exacerbated by construction projects in both cities [62e3d2b9]. However, despite these challenges, downtown Boise has managed to perform relatively well compared to other downtowns nationwide, with a low retail vacancy rate and an increase in the number of downtown residents [62e3d2b9]. Both cities are implementing initiatives such as street upgrades and the construction of new hotels to support affected businesses and attract visitors [62e3d2b9].
On the other hand, Fresno's retail distribution centers have become a driving force in the city's economy, leading to a significant increase in sales tax revenue over the past five years [dcce859b]. This growth has allowed Fresno to invest in essential neighborhood services, affordable housing, public infrastructure, and support for local businesses. The retail distribution centers also provide quality jobs for Fresno residents, accounting for nearly a quarter of all jobs in the city. Despite occupying only 7.5% of the city's land area, the south central business district contributes over 21% of Fresno's sales tax revenue [dcce859b]. This economic expansion promises a thriving future for Fresno, with more jobs and greater opportunities.
Nearly half (42%) of downtown Boise businesses reported decreased sales numbers compared to last year, with 26% experiencing a 10-20% decline and 11% seeing a 30-40% decline [71e52272]. However, 32% of businesses reported increased sales, and 27% reported sales remaining the same [71e52272]. The struggles are attributed to ongoing construction projects in the downtown area, including work by Capitol City Development Corporation, Ada County Highway District, and private developers [71e52272]. Despite the challenges, Boise's downtown is outperforming many other cities across the country, with downtowns nationwide experiencing a 25-35% decline in sales [71e52272]. The combination of construction and nationwide slowing consumer spending due to inflation is impacting merchants [71e52272]. The Downtown Boise Association is working to support affected businesses and encourage people to continue visiting downtown [71e52272]. The annual report also highlighted positive indicators for downtown Boise, including low retail vacancy rates, a growing number of downtown residents, and increased parking revenue [71e52272]. Boise saw an 18% increase in unique visitors last year, but repeat visitors were down 33% and out-of-state visitors were down 11%, likely due to people choosing longer vacations requiring air travel over shorter road trips [71e52272]. Hotel occupancy in Boise is up 10%, and five new hotels with over 700 rooms are under construction [71e52272]. The report also noted that retail storefront vacancies in downtown Boise are hovering between 4 and 5%, which is around the national average [71e52272]. Overall, downtown Boise is recovering from the impact of COVID-19 and experiencing positive growth [71e52272].
Old City Media, founded by Ray Sheehan, emerged as a robust and adaptable organization in the retail sector during the pandemic [b2db48be]. The global economy contracted by approximately 5.2% in 2020 due to the pandemic. Over 70% of companies adapted by incorporating digital tools and adjusting their management practices [b2db48be]. Old City Media introduced the GIFT Program, a customer-centric strategy that maintained and enhanced customer engagement during reduced foot traffic [b2db48be]. The agency facilitated brand integration through its client network and helped retail partners generate extra income [b2db48be]. The agency's resilience stands as a testament to the enduring power of creative solutions in transcending challenges and building meaningful connections [b2db48be].
Several regional and neighborhood-serving shopping centers are set to break ground in Bakersfield within the next year. Demand for retail space in Bakersfield remains robust, with national chains eager to secure leases. Financing is a crucial hurdle for developers to overcome. The successful construction of these shopping centers could create numerous jobs and enhance shopping options for residents. The future looks promising, provided that the financing challenges can be successfully navigated. [d6520da2]