Lady A said, “I don’t know why you don’t take me downtown,” and we felt that. A second quarter market conditions report from the Nashville Downtown Partnership shows 77% of downtown businesses are locally based. Now, that’s what we call pride in place.
📊 How the stats compare
Crunch the numbers… the second quarter report shows:
- 339 downtown dining options
- 130 shopping retailers
- 139 nightlife spots
- 2.6% retail vacancy rate
Crissy Cassetty, NDP’s director of economic development, credits steady residential growth of 10% yearly as a big contributor to these numbers in a recent interview. She also states that half of all sales tax in Davidson County is collected downtown.
The numbers show that though downtown is a great place to play, people want to live and work there as well. Office vacancy has gone down from the first quarter to the second, sitting much closer to 10% now. Over 15,000 residents live downtown, keeping occupancy rates at a steady 95% from quarter to quarter + encouraging an uptick in planned residential developments — 201 to be exact.
👋 Say hey to new businesses
Comparatively speaking, downtown has welcomed ~15 and counting retail tenants from the first quarter to the second. Let’s meet three of those new businesses.
- MJ’s Chill Spot: Priding itself as the perfect place to chill, MJ’s takes beating the summer heat to the next level with FroSho — a frozen shot with various flavors + serving options.
- The Extended Shop: This clothing boutique specializing in plus-sized women’s fashion opened its first brick-and-mortar store in Capitol View with plans to launch its online shop this fall.
- Good Citizen Coffee: Though this coffee retailer has been roasting locally since 2018, it has expanded its Nashville footprint more recently.