Economic Impact Dashboard
MARKET OVERVIEW Q1 2024
To gain an understanding of the current business environment and market potential in Downtown Tempe, statistics are collected and analyzed in the retail, residential, and hotel markets on a quarterly basis. In addition, an inventory of all street-level establishments in the downtown district was conducted the week of April 1, 2024.
Retail
There are 170 street-level retail businesses currently downtown. 3 new businesses opened and 6 businesses closed between January - March 2024. Dining remains the dominate retail category with 81 food establishments or 48% of total businesses. 44, or 54% of the dining establishments are independently owned and offer a broad spectrum of cuisine. 8% of businesses are in the nightlife category, and 5% are in the hotel category bringing a total hospitality category to 61%.
- 107 or 63% of the downtown street-level businesses are considered local & independently owned.
- 23% are BIPOC-owned businesses
- 22% are female-owned businesses
- There are 19 current street-level vacancies.
Q1 New Businesses
Devil's Hideaway
Parlor Doughnuts
Dazey Aesthetic Collective
Residential & Hotel
Downtown Users Weekly Comparison Q1 2023 v. 2024
Source: Placer.ai