It's Your Business: What's ahead in 2023 for Bloomington? Here's what's predicted.

“Innovations occur at the crossroads of different backgrounds and experiences” states Matthew Wagner of the National Main Street Center. He and his team surveyed downtowns across the country for trends and predictions.  These trends are important things to watch out for in the coming year. Below is a summary of their findings. 

Entrepreneurial “hotbeds” thrive with collisions of human capital and small business support systems to strengthen the downtown ecosystem. There is definitely an entrepreneurial vibe in meetings across the country with both newcomers and existing residents who have newfound energy in their community’s prospects. It is important for us to better understand the needs and interests of new people getting involved, leverage third places and populate our own volunteer committees and task forces to capture talent. This will drive and grow our downtown. 

Brick-and-mortar growth happens when consumers realize what they missed with the experience of going into a store, interacting with others and being able to use their senses as part of shopping. We missed this essential form of leisure. Now, we are seeing downward trending in online sales, less available stock, recent online employee layoffs and name brands opening brick-and-mortar space. Instead of a purely transactional online experience, online shops are transforming into closer alignment with brand and lifestyle that a company attempts to evoke through instore purchase. 

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Sales are shifting to services in 2023. During the pandemic several retail sectors experienced growth. But because 2021 was so incredible, consumers realized last year they already had a lot of what they could not get in 2020. Now the prediction is consumers will direct more of their spending to servicing those previous purchases and more leisure experience. Some businesses are moving in to repair services with the eco-friendly “repair, reuse and recycle” shift. They are looking to keep customers engaged and coming back for different reasons.   

Generational shifts are becoming more visible in volunteering, small business ownership and property development. Gen Z will make up 30% of the workforce in 2030. For our downtowns that means a visible shift in asset ownership in our commercial districts. There is an obvious youth movement seeking a deeper level of community engagement serving on committees, running for office and wanting to give back. Downtown’s future looks bright with this generation understanding the importance of a thriving and appealing downtown to their interests, lifestyle and community. 

Small business ownership is growing in status. Downtown small business owners are essential players who are critical to one’s quality of place and to what truly brings value to the consumer experience. Individuals endeavoring to reach their dream of business ownership are the same who want to give back to their community and be part of something bigger than themselves.  

There are struggles to overcome each day but the future looks bright if we all work together.To read the full article, go to https://bit.ly/3HJoSYP to read the full article about the Main Street Spotlight 2023 predictions.

Talisha Coppock is executive director of Downtown Bloomington Inc. and the Monroe Convention Center.