Increases in new customers, rental incomes, and property values were seen in a recent study of the impact of facade improvement programs.
To help downtown professionals better determine the ROI of these types of improvements, a team at the University of Wisconsin-Extension examined the impacts of storefront improvements over the past 15 years.
“The intent is to help business and community leaders make more informed investment decisions,” say authors Bill Ryan, Amy Greil, Dayna Sarver, Joe Lawniczak, and Errin Welty.
Overall, the report, An Analysis of Downtown Storefront Improvements, is favorable. Among the findings:
- Business operators generally experience an increase in the number of first-time customers.
- Many, but not all, business operators experience an increase in sales.
- Property owners generally generate increased rental revenues.
- Properties are often converted to a perceived better use.
- Nearby businesses often enjoy increased sales and initiate their own storefront improvements.
Download An Analysis of Downtown Storefront Improvements.
The full article appeared in our print edition. To always get the full story, read Downtown Idea Exchange.