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About

Release Date: Thursday, October 27th 2016

Downtown Raleigh Adds 14 New Street Level Businesses in Third Quarter

Downtown Raleigh Adds 14 New Street Level Businesses in Third Quarter

 

RALEIGH, NC (October 27, 2016) – Business is booming in downtown Raleigh ahead of the holiday season.  The Downtown Raleigh Alliance released its Third Quarter 2016 Economic Development Report, which details business trends over the last three months in downtown.  The report shows 14 new street level businesses opened between July and September.  Four more street level businesses have already opened in the early goings of the fourth quarter as well, bringing the yearly total for street level businesses to 37 after only 29 in all of 2015. 

“This has been a strong year for street-level business openings in downtown,” says DRA Senior Director of Planning and Development, Bill King.  “Downtown is going to see more street-level businesses open this year than in any year since 2012.  We’re also seeing a good mix of businesses open in downtown including a pharmacy, several markets and bodegas, home goods, clothing, and several furniture stores. Having over 1,800 residential units open since the beginning of 2015 has certainly helped.”

Details in the report point to a strong finish in 2016 with continued success into 2017, in part due to another 23 street-level businesses in the pipeline, with more than $600 million of development currently planned or already under construction. 

More information, including additional data on market trends, population, demographics, development, and a look at future projections for downtown Raleigh, is available in the State of Downtown Raleigh 2016 and the Economic Development Report – Third Quarter 2016.

 

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About Downtown Raleigh Alliance (DRA):

DRA is an award-winning nonprofit organization whose mission is to continue the revitalization of Raleigh’s downtown. The Alliance enhances the quality of life and positively impacts the economic success of downtown through six core services:  1. Safety & Hospitality Ambassadors; 2. Strategic Branding & Community Communications; 3. Events Production; 4. Retail Attraction & Merchant Promotions; 5. Strategic Partnerships & Stakeholder Engagement; and 6. Strategic Planning. For more information about DRA, please visit www.YouRHere.com.