The Downtown San Diego Partnership elected a new
board of directors to help manage and foster future business growth. The partnership is designed to brand,
revitalize, and create economic growth for the city. Keeping San Diego’s
downtown developing and adapting helps raise the economic stature of the city
through collaborative effort that improves the business attractiveness of the
city.
It is beneficial to understand what a Business
Improvement District is (BID). BID’s levy additional taxes on businesses within
the district and use that money to improve the management of the area. It is
like having an additional service on top of existing governmental services.
Businesses willingly pay the extra cost because they can create collective
benefits that they wouldn’t be able to do on their own.
BIDs create additional value for these businesses by
creating better environments. For example, in North Carolina a survey found
that local business owners thought highly of the BIDs ability to raise retail
and property values (Ha & Grunwell, 2014). Sharing marketing resources and keeping
the area consumer friendly helps all members of the community.
Businesses that work in collaboration with each
other find ways of improving their business models. BIDs offer an opportunity
for downtown businesses to develop their brand image and improve on their
innovative abilities (Byrne, 2014). As these businesses begin to develop and
grow that revenue can be used to strengthen the competitive nature of San Diego’s
downtown area.
Opening a business in the downtown area has obvious
benefits for customer attraction and business connections. You might want to
check out the
benefits of membership. A younger generation of talent and shoppers are
attracted to metro areas that offer them a number of shopping amenities in a
small area. Developing stronger downtown business management that keeps the
area clean, safe, and attractive has positive benefits for the quality of life and
economic sustainability of the area.
Byrne, K. (2014). Hubs of Innovation. Site Selection, 59 (4).
Ha, I. & Grunwell, S. (2014). Estimating the
economic benefits a business improvement district would provide for a downtown
central business district. Journal of
Economic & Economic Education Research, 15 (3).
No comments:
Post a Comment