Three Rivers awarded market analysis through Main Street project

Kathy Jennings | Thursday, March 19, 2015

Downtown Three Rivers

Carnegie Center for the Arts

Centsible Treasures

The next step in Three Rivers' downtown revitalization through the Main Street program is in place.

The city will participate in a market analysis. The Downtown Development Authority's Economic Restructuring Committee applied for the market analysis service in January and was notified in March that its participation has been approved.

Market studies through the Main Street program are typically conducted in downtown districts for a number of reasons. Examples include: to help businesses understand their trade area to improve sales; to explore business development opportunities; and to demonstrate the economic importance of downtown.

Consultants will visit Three Rivers at the end of April for a driving tour, walking tour, and visits with businesses, They will then guide DDA representatives through a general outline of tasks, follow up dates, and deadlines. The study is expected to wrap up by the end of the calendar year.

The training and consultation service will help in the gathering of quantitative information that identifies business opportunities in the commercial district, and explain how to use this information to attract and retain business.

The market analysis service is valued at more than $20,000.

Through the Main Street Program communities work for five years on design--making the most of a downtown's assets such as historic buildings; economic restructuring--helping existing businesses and recruiting new ones; promotion--marketing a downtown's unique characteristics; and, organization--working toward a common goal of a revitalized downtown through the efforts of a volunteers guided by a paid program director.

The Main Street Program offered through the Michigan State Housing Development Authority (MSHDA) is one of the tools helping cities revitalize their downtowns.

“The market analysis service will not only help Historic Downtown Three Rivers more effectively grow in target markets, but it will also be a tremendous asset to the City of Three Rivers and surrounding area,” says DDA/Main Street Executive Director Brian Persky.

Source: Brian Persky, DDA/Main Street Executive Director Three Rivers