Few adult Americans are oblivious to the casualty list amassed in the ongoing, decades-old battle between Main Street and the mall. Assessing the recent toll, it’s apparent that neither has escaped the ravages of the recession. The National Association of Realtors predicts that by year end, retail vacancy rates will reach 13 percent, with shopping centers getting hit the hardest. The direst forecasts suggest that by Christmas at least 200,000 stores will be shuttered, along with some 3,000 malls of all shapes and sizes.

Learn the secrets for creating a business development strategy that turns prospects into new customers in a recession. Download your free copy of Proven Ways for Getting New Customers without cost or obligation.

As entrepreneurs look for ways to bounce back from these difficult times, they must also consider the question of where to set up shop. Despite dramatic downturns in consumer spending, studies show that Main Street continues to show a remarkable resiliency, particularly when business owners come together and adopt a common strategy to harness resources while still adhering to the unique strengths of business development plans.

Earlier this year, Doug Loescher, director of the National Trust for Historic Preservation’s Main Street Center, delivered the 2009 “State of Main Street Report.” It brims with great insights, some of which defy conventional wisdom. Here are five takeaways from the report:

1. Create events that unite consumers with the business community and present opportunities to advertise your presence and services. Each year, the town of Fairfield, Calif., reaps a ton of positive media attention. Its 18-year-old Tomato Festival, for example, was recently featured on the Travel Channel. All traditions begin with a creative spark.

2. Identify issues that you and your business neighbors can rally around. Ripon, Wis., in an effort to achieve the accolade of “best small college town in the U.S.” pooled its resources to refurbish 18 downtown storefronts. Efforts like this benefit the entire community and create a better overall climate for real estate, commerce, and investment.

3. Draw on the natural appeal of history. Loescher cites a survey that showed the level of volunteerism in 2008 rose in most historic districts affiliated with the Main Street program. It’s not that people don’t care; you just need to give them a reason to pitch in.

4. Commerce equals more tax revenue, which feeds rehabilitation. Local option taxes, in which businesses voluntarily accept a modest 1% or 2% tax on purchases, can yield significant resources for physical improvements and promotion. Consumers will pay a few pennies more if they feel they’re getting special attention.

5. The renaissance of Main Street is real. It is being fueled by a patriotic belief in shopping locally, the phenomenon of more people moving back into downtown areas from the suburbs, a preference for walkable shopping experiences, especially at a time of rising gas prices, and the attraction of being able to shop and socialize in a place with real atmosphere.

Permalink: http://www.stepbystepmarketing.com/?p=5529