Release Date: Thursday, January 26th 2017
Downtown Raleigh Opens 2017 After Adding 14 New Street Level Businesses in Fourth Quarter
RALEIGH, NC (January 26, 2017) – Downtown Raleigh continues to boom, as development and business openings maintain their strong growth heading into 2017. The Downtown Raleigh Alliance (DRA) released its Fourth Quarter 2016 Economic Development Report, which details business trends over the last three months in downtown and provides updates of planned development in the future. The report shows 14 new street level businesses opened between October and December, with three more already open in early 2017. In total, 47 new street level businesses opened last year, the second most in the past decade.
“We’re coming out of one our strongest years over the last 10 years,” says DRA Senior Director of Planning and Development, Bill King. “We’ve continued to see a more diverse mix of retail and restaurants enter the market with some great entrepreneurs attracted to downtown. Right now, there are an additional 19 street-level businesses that have been announced that we’re expecting to open in 2017. In particular, we are excited about new retailers like Raleighwood Provisions and Read with Me joining recently opened retailers such as The Flourish Market, The Art of Style, and Deco Home.”
Details in the report show that 2016 was a banner year for bars and restaurants in downtown. For the first time ever, downtown Raleigh saw over $200 million in food and beverage sales— a 77% percent increase since 2009 and a 7.4% increase over 2015.
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 – Fourth Quarter 2016.
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.