Friday, March 6, 2015

Downtown Partnership Fosters San Diego Business Growth

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).

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