07 Jan Find out what business owners think about Pioneer Square

The Alliance for Pioneer Square (TAPS) and OED recently came together to request a study of Pioneer Square business owners + professionals to find out more about the local economy of the upper-floor businesses and the retail needs of its workforce.

The survey was operating on a base number of assumptions made about the neighborhood:

1.       IT is the fastest growing sector in Pioneer Square
2.       Most P2 professionals eat out / shop during the day, but not in the evening
3.       They would shop at retail (not currently there) if it were located in the neighborhood

The survey analyzed data from 68 business owners and 222 retail owners/managers. Here are the major findings from the study:

1.  Businesses like Pioneer Square because of the central location + historic charm

2.  IT is the fastest growing sector (28% of the workforce)

3.  60% of the businesses experienced some increase or no change

4.  40% experienced a decline

5.  Vacancy rates are 9% for office, 15% for retail space

6.  PSq businesses would like marketing and networking assistance

7. Survey results show the following for shopping frequency:
— Most respondents eat lunch in Pioneer Square 2-4 times per week.
— Most respondents eat dinner and shop in Pioneer Square less than 1 time per week.

Based on these findings, here are the retail recommendations:

1. Increase social networking events that activate public spaces and promote the creativity of the neighborhood

2. Partner with local marketing firms to design marketing and branding strategies and attract new retail business (and more customers)

3. Talk with existing businesses about expansion of products or services to meet retail needs

And the office sector recommendations:

1. Start events like roundtable discussions to increased shared learning opps for business owners

2. Start business leadership committees that could address issues like building rehab and connectivity problems

3. Transition to a membership organization so that business reps have more ownership in Alliance activities

Although the report suggests that more inclusive research be done, the Alliance has already started implementing some of the recommendations, including setting up business mixers for the owners in the neighborhood to come together and network. Another event has already been scheduled for March 21st (see calendar for more details)

So what are the next steps? Let’s go back to the original assumptions

IT is the fastest growing sector in Pioneer Square. It would only seem logical that we should capitalize on this and offer the types of retail that would most likely be utilized, and make sure that the neighborhood supports those businesses (by offering top of the line internet connections… something we don’t have yet). It seems like it would also be good to have gaming conventions organized in the neighborhood or other events that would bring people down in the evenings.

Most P2 professionals eat out / shop during the day, but not in the evening. So what can the local retail shops do to encourage these professionals to stick around? Because I know as residents, we want these stores to stay open longer, but they won’t if no one is shopping there.

They would shop at retail (not currently there) if it were located in the neighborhood. Although the number one suggestion was grocery, I don’t think that’s going to happen (with something like 13,000 residents, not even Belltown can get a grocery store). But could we have a once a month farmers booth? Or once a week?

Here are the new businesses people would like to see:

1.  Grocery Store

2.  A movie theatre (how about opening one in the metropole building? Bring back history!)

3.  Live Theatre

4.  Restaurant with outdoor seating

5.  Clothing

6.  Bookstore (.. not funny…)

To see the full report and inclusive graphs, click here.

And if you’re interested in joining the Promotions Committee to plan events for residents and businesses alike, come to the meeting next week, January 11th from 4:30pm – 5:30pm. For more info, you can email Lisa at lisa@pioneersquare.org.