Economic Distress and Downtown Revitalization
DOI link for Economic Distress and Downtown Revitalization
Economic Distress and Downtown Revitalization book
Even with the best of efforts, successful downtown programs can still be derailed by national economic trends. A perennial problem that downtowns must contend with is economic recessions. As subsets of regional and national economies, downtowns are not insulated from supra-local events. The extent to which a downtown is impacted by a recession, however, varies. Although resilient downtowns have felt the symptoms of the recent recession that began in 2007, they have been less adversely impacted by it than other downtowns. Two main reasons explain this. First, resilient downtowns have become multifunctional districts with a myriad of activities besides retail. As a result, these downtowns have been less dependent on one sector of the economy for their economic survival the way that other downtowns and business districts may have been. Second, through design, resilient downtowns have become quality places that continue to attract residents and businesses that find them appealing places to live and do business. Below, we discuss first how an economic recession affects the economies of downtowns and then consider how resilient downtowns have coped with the recession that started in 2007. The discussion sheds light on how other downtowns can adapt to such economic conditions. The chapter concludes with an account from the proprietors of two downtown businesses in Hendersonville that reveal how the private sector handles a recession.