Although many Village businesses have experienced reduced revenue as a result of the current economy, the area has lost a relatively small number of businesses. This is good news. The hardest hits have affected professional offices rather than retail products or services. Generally, Village retail and service businesses have sustained their businesses through this difficult economy.
The recession has every household being more mindful with its spending. Many businesses are struggling with daily operations to make ends meet. Value and affordability have become much more important to consumers, and those businesses not adjusting to meet this demand will probably not see substantial improvement in their sales.
The economic pinch is felt by all retailers — from national chains to local independent businesses. However, in considering national trends we find that the Village and other Carlsbad businesses are performing relatively well given the current challenges.
Industry reports show that downtowns across the country are suffering; in the Midwest, 35-percent commercial vacancy rates are not uncommon. Around 30 years ago, the Village experienced vacancy rates of 50 percent and sometimes even higher.
Currently, the Village seems to be holding strong with an average commercial vacancy rate of around 5- to 7 percent over the past few years. To track vacancies in the Village, the Housing and Neighborhood Services Department produces a monthly real estate hot sheet. As of January, 2010, the overall commercial vacancy rate was about 7 percent. However, the commercial retail vacancy rate was close to 0 percent with only a few available spaces.
Commercial retail space typically does not remain vacant for any extended period of time. For example, a national pizza franchise located at the end of State Street closed late last December. The next day, the space was occupied by a local entrepreneur pursuing his passion to produce organic pizza. New businesses may not always be successful, but the Village remains a popular location for new, start-up, and independent businesses — even during this difficult economy.
In an effort to connect with and support Village businesses and to remain current on the issues of major concern, the following programs and projects have been implemented over the past two years:
• Village Business Resource Guide
• Village Voices
• Real Estate Hot Sheet
• Storefront Improvement Grant Program
•
Property Acquisition,For parking and other uses to support the Village business climate
Additional projects currently underway to help create a more welcoming and inviting business environment for the Village are:
•
Increase in Outdoor and Public Art-
To create new 4'x10' banners for Grand Avenue featuring the work of a local artist. This will increase awareness of public art, and build a more appealing environment for the public to gather.
•
Stringer Light Pilot Project-
To implement a tree-lighting test project. A variety of solar stringer-light products have been installed on the trees near the Village fountain. In addition to the solar products, an energy-efficient laser light product is being tested. The goal is to select a tree-lighting product that uses an alternate energy source.
Find out more about the Village business support programs by calling Carlsbad's Housing and Neighborhood Services Department at (760) 434-2810.
The recession has every household being more mindful with its spending. Many businesses are struggling with daily operations to make ends meet. Value and affordability have become much more important to consumers, and those businesses not adjusting to meet this demand will probably not see substantial improvement in their sales.
The economic pinch is felt by all retailers — from national chains to local independent businesses. However, in considering national trends we find that the Village and other Carlsbad businesses are performing relatively well given the current challenges.
Industry reports show that downtowns across the country are suffering; in the Midwest, 35-percent commercial vacancy rates are not uncommon. Around 30 years ago, the Village experienced vacancy rates of 50 percent and sometimes even higher.
Currently, the Village seems to be holding strong with an average commercial vacancy rate of around 5- to 7 percent over the past few years. To track vacancies in the Village, the Housing and Neighborhood Services Department produces a monthly real estate hot sheet. As of January, 2010, the overall commercial vacancy rate was about 7 percent. However, the commercial retail vacancy rate was close to 0 percent with only a few available spaces.
Commercial retail space typically does not remain vacant for any extended period of time. For example, a national pizza franchise located at the end of State Street closed late last December. The next day, the space was occupied by a local entrepreneur pursuing his passion to produce organic pizza. New businesses may not always be successful, but the Village remains a popular location for new, start-up, and independent businesses — even during this difficult economy.
In an effort to connect with and support Village businesses and to remain current on the issues of major concern, the following programs and projects have been implemented over the past two years:
• Village Business Resource Guide
• Village Voices
• Real Estate Hot Sheet
• Storefront Improvement Grant Program
•
Property Acquisition,For parking and other uses to support the Village business climate
Additional projects currently underway to help create a more welcoming and inviting business environment for the Village are:
•
Increase in Outdoor and Public Art-
To create new 4'x10' banners for Grand Avenue featuring the work of a local artist. This will increase awareness of public art, and build a more appealing environment for the public to gather.
•
Stringer Light Pilot Project-
To implement a tree-lighting test project. A variety of solar stringer-light products have been installed on the trees near the Village fountain. In addition to the solar products, an energy-efficient laser light product is being tested. The goal is to select a tree-lighting product that uses an alternate energy source.
Find out more about the Village business support programs by calling Carlsbad's Housing and Neighborhood Services Department at (760) 434-2810.