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8/23/2016 <br />City,/ ` City,f <br />Downtown Retail 1=1 Louisville Downtown Retail Louisville <br />COLORADO ^SINCE 1878 <br />• The area has transitioned into a mix of offices, <br />retailers, service providers and restaurants. <br />• This transition continues bringing with it new <br />challenges and opportunities. <br />• Significant lease rate increases over the last <br />few years and <br />— This trend is expected to continue given the <br />desirability of downtown <br />FE City,/ <br />Downtown Retail Louisville <br />COLORADO 'SINCE 1878 <br />Recent uptick in concerns from retailers and <br />restaurants <br />• Retailers are; <br />— stating a lack of retailers in downtown, <br />— rents increasing causing stress on reaching <br />profitability, <br />— downtown construction projects, and <br />— a lack of assistance to promote downtown. <br />• Retailer attrition may occur should the spring <br />2016 decrease continue for an extended period. <br />City; <br />Downtown Retail ▪ Louisville <br />COLORADO • SINCF <br />• Given these trends, the outlook, and business <br />input, discussion about downtown retail <br />• To help the discussion, here are some main <br />components to a successful downtown. <br />COLORADO ^SINCE 1878, <br />Downtown Sales <br />• Most Recent 01 2016 sales tax report shows <br />sales tax revenue of $305,658, representing a <br />7.02% increase from 01 2015. <br />• April 2016 was 21.6% increase over 2015 <br />(non-standard collection month) <br />• May 2016 was 8.1% decrease <br />ILZ <br />CityPf <br />Downtown Retail Louisville <br />COLORADO^SINCE 1878, <br />Restaurants have stated; <br />— A decrease in sales as well in 2016. <br />— Additional restaurants opening in downtown is <br />perceived to cause sales declines among existing <br />restaurants. <br />— Some note the significant downtown construction <br />causing challenges <br />— Smaller Street Faire turnouts have also been noted as <br />a reason for the decline. <br />• Downtown may be reaching maturity <br />— Not going to be significant new construction to create <br />new space. <br />ILZ City -Of <br />Downtown Retail Louisville <br />COLORADO •SINCE 1878 <br />A shared vision for the future <br />• Successful downtowns know what they are and what they <br />want to be. <br />A critical mass of restaurants, retail, and nighttime activities <br />• Having several options for each category adds to the desire <br />for visitors and residents to come to downtown. <br />The stores have standard operating hours and days <br />• When visitors and residents come to shop, there is an <br />expectation that everyone is open. There are also set <br />evenings where the shops remain open. <br />Downtown includes residential to help support the businesses <br />• Where residents hang out, so do visitors. Nearby <br />residential assists downtown vibrancy. <br />3 <br />