Parking: The most valuable commodity downtown
Parking. It’s a dirty little word. Meters, no meters. Fewer tickets, more tickets. Parking is a controversial subject and finding consensus will take hard work. There are some things we can do right now, however, which make sense and do not cost a thing.
Save spaces for customers! We know, the spaces out front are convenient, which is exactly why we want them for customers. Maybe your business doesn’t depend on parking, but your neighbors may. More than ever, a downtown business district needs to understand, we all sink or swim together.
How do you assess the value of a downtown space? For retail and food establishments, the lack of a space can mean the loss of a customer. The lifetime value of a customer is thousands of dollars. According to Donovan Rypkema, Place Economics, Inc., the value of a parking space to downtown is between $3,000 and $5,000 per year. This value shows why it is so important to save prime parking spaces for customers.