Tim Alexander, Senior Director, Business Research & Analysis | LinkedIn
Tim Alexander, Senior Director, Business Research & Analysis | LinkedIn
Greater St. Louis, Inc., in partnership with the City of St. Louis, has announced the launch of the second year of its Downtown Retail Incentive Program. This initiative follows a successful first year where eight businesses received grants to establish or expand their operations in downtown St. Louis.
Kurt Weigle, Chief Downtown Officer for Greater St. Louis, Inc., remarked on the program's impact: “The success of the Retail Incentive Program in its first year shows that retail businesses want to be Downtown and are committing to Downtown.” He noted that increased foot traffic and improvements in public safety have contributed to this success.
Three small businesses—Buddy’s Wine Bar, Whip It Goods Skin Care, and The Passport—benefited from last year's grants by establishing pop-up spaces and subsequently deciding to sign long-term leases. Stephen Davis, Vice President of Strategic Partnerships at the St. Louis Development Corporation, highlighted the strong interest from businesses: “Last year’s program was a clear success,” he said.
The incentive package comprises three components aimed at enhancing street-level retail activity:
1. The Sidewalk Café and Signage Program offers up to $5,000 per storefront for outdoor seating and signage.
2. The Tenant Improvement Program provides grants up to $50,000 for interior and exterior enhancements.
3. The Pop-Up Retail Program supports vacant storefronts with up to $15,000 per location.
Greater St. Louis, Inc., along with SLDC, has allocated over $350,000 for these incentives as part of their efforts aligned with Design Downtown STL—a community-informed plan adopted by the City of St. Louis.
Downtown St. Louis is experiencing growth with new residential developments and an active entertainment scene. Attracting more street-level retail is seen as a key step toward further revitalizing this vibrant neighborhood.
For more information on participation details for businesses or property owners interested in these incentives, visit http://greaterstlinc.com/RetailIncentives.
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