4D: Local Retail/Food Development
Small business entrepreneurs in the retail and restaurant sectors add a particular uniqueness to a destination. The last decade, the Indy region enjoyed great growth in the number and quality of independently-owned establishments, and while it will take time to recover from unprecedented pandemic losses, these businesses will remain an essential ingredient to both visitor attraction and resident quality of life. Support programs that help entrepreneurs start these businesses, including those that reduce barriers to entry with low-cost temporary or mobile platforms. Support programs that sustain these businesses, including efforts to promote and reward resident and visitor patronization of them such as limited-time menu promotions and Indy’s Craft Pass. Such support should focus on clusters of local businesses, like those in downtown and cultural districts, but also be available to small businesses across Indy.
Value to the Community
Locally owned shops and restaurants reflect the entrepreneurial spirit of our community and provide economic opportunity regardless of background. Revenues from locally owned businesses also are recycled within the community at a higher rate than other types of businesses--shopping local has an outsized positive impact on the local economy. Food and retail also often serves as the face of a community, welcoming others and offering a very approachable way to share diverse cultures.Value to the Hospitality Industry
Local retail and restaurants are what distinguish Indy from other places and contribute significantly to a visitor's impression of our city. Local food tourism in particular is increasingly a driver for visitors.Updates
- February 2022. In the Mix initiative launched. A new program to build Black-owned retail and restaurant businesses in downtown Indianapolis was launched with three participants. Support includes business coaching, financial assistance for buildout of stores and help with negotiated lease payments.
