What would it take to leverage the potential of your community’s business district?
Prioritizing business district growth is often the first step for community revitalization.
Fourth Economy has a strong track record of successfully supporting commercial corridors and fostering growth within small businesses and Main Street communities. A notable example of our work includes our extensive involvement with Allegheny Together in Allegheny County. Allegheny Together plans result in strategies centered around market, place, and identity. Examples of these actions include specific steps to build neighborhood capacity, bring additional businesses and resources to business corridors, install public art installation with funding strategies, and offer streetscape recommendations.
Communities that engage in a process to assess their business district’s strengths and opportunities and have a plan to follow see the results in increased small business openings and visitors. To achieve these impacts in a way that positively benefits all community members and stakeholders, coordinated planning at the local, regional, and state level is crucial.
Fourth Economy’s portfolio of working with business districts and commercial corridors includes:
Fourth Economy excels at working with communities that are focused on emerging or intersectional economic sectors.
Four questions to consider
Is your business district competitive to attract new business?
What brings residents and visitors to your business district?
Do local businesses have a way to access incentives, support services, or each other?
How might your business district be better connected?
Our work considers several factors that allow communities to understand their business district in a holistic way.
Market
Do you have an existing business inventory?
What market strengths or competitive advantages can be used to attract new businesses and support existing businesses?
What other types of businesses could the local market support and how might these match business district uses?
Place
Is your geography viable for hosting new businesses and talent?
Do you have the sites necessary to attract new businesses?
How can you improve your built environment, vibrancy, and quality of life to better attract new businesses and talent?
Do your incentives and regulations show that you are “open for business” in these emerging industries?
Identity
What are the signature events, historic architecture, unique physical features, natural assets, geographic connections, and regional drivers of your business district?
How does your business district balance future planning with maintaining a connection with its history?
How do residents feel about their business district and what could improve their perception of the business district?
Organizational Capacity
How does local government currently work with the existing small business community?
Are there existing non-profit organizations that support community development and/or business district planning?
How have business district issues been prioritized as part of past community planning efforts?
Project Examples
Get in touch to find out more about our business district planning capabilities
Fourth Economy is an economic development consultancy that uses analysis and engagement to help communities become more equitable, strategic, and resilient.
Want to know more? Get in touch!