Columbia Business Loop not affected by brick and mortar retail woes

2 months 3 weeks 5 days ago Tuesday, August 22 2017 Aug 22, 2017 Tuesday, August 22, 2017 7:22:00 PM CDT August 22, 2017 in News
By: Cameron La Fontaine, KOMU 8 Reporter
loading

COLUMBIA - In an era in which brick and mortar retail stores are falling by the wayside, Columbia's I-70 Business Loop is doing just fine, according to a new report.

The Business Loop CID (community improvement district) released its first annual report Thursday, showing consistent sales throughout 2016 and a strong bump in property value. 

Business Loop CID executive director Carrie Gartner said revenues were above expectations, as were property values along the Loop.

"After a year of data, it was a nice, pleasant surprise that we were doing so well when it came to sales tax revenues, and also that property values had increased so much," Gartner said. "We had a 12 percent increase in property values, and about two percent is normal, so we were very pleased with that."

The property value increases come largely from personal property owners and businesses investing in their property with renovations and expansions, Gartner said. 

While business is thriving on the business loop, the same can't be said for physical retail stores nationwide. According to a Credit Suisse report earlier this year, more than 2,800 retail stores across the nation announced closures, including many national chain stores. That puts the retail world on pace to face more brick and mortar closures than during the 2008 recession.

One reason so many retail stores are closing is due to the continuously growing popularity of online shopping with marketplace powerhouses like Amazon. A study by Pew Research Center in December 2016 found that eight in 10 Americans now shop online.

Many storefronts on the Loop deal in businesses that don't have much online competition. 

Dave Griggs, founder of Dave Griggs' Flooring America, has been operating for more than 42 years and said businesses on the Loop benefit from the experience shoppers get and the products offered.

"The Business Loop is more of a hometown, locally owned businesses who truly want to provide excellent products and great customer service and most of the products that are on the Business Loop are things that don't really lend themselves well to online purchases," Griggs said.

Home improvement stores, along with automotive shops and dealerships line the Loop, creating a niche, according to Gartner, and the Business Loop CID hopes to continue to build on that.

"If you've ever fixed up your home, you don't buy paint and you don't buy flooring on the internet, you want to go look at it in the showroom," Gartner said. "That's really helped us a lot and we hope we can expand on that to do home and auto niche."

The CID was created in 2015 and voters passed its half-cent sales tax in December 2015 and Gartner and Griggs, a member of the CID board, both said they were pleased with the first year results. Both look for continued improvement around the Loop, with the upcoming expansion of Conley Avenue set to bring more traffic.

Griggs doesn't see it the internet upsetting his flooring business any time soon.

"Yes, you can buy everything I sell online, but by the time you freight it in and have to deal with it, it becomes very challenging to install," Griggs said. "I believe it's good, honest customer service from local people, and customers want to shop local if they can and it's competitive, and I believe we offer those services on the Loop.

 

More News

Grid
List
ASHLAND - The approval process took several months, but the process of planning a switch to a new sewage treatment... More >>
1 hour ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 4:00:00 PM CST November 17, 2017 in News
KINGDOM CITY - Hatton-McCredie Elementary’s 5th grade class donated $900 to Central Missouri Honor Flight, in honor of a late... More >>
1 hour ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 3:51:00 PM CST November 17, 2017 in News
ST. LOUIS (AP) — A Missouri prosecutor will not file criminal charges against a Southwest Airlines pilot arrested after... More >>
1 hour ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 3:41:31 PM CST November 17, 2017 in News
COLUMBIA- Congresswoman Vicky Hartzler met with the Columbia Chamber of Commerce Friday to discuss the new tax overhaul known as... More >>
1 hour ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 3:24:00 PM CST November 17, 2017 in News
COLUMBIA - Police arrested a man Thursday after a woman said he had sexually assaulted her. According to police,... More >>
2 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 2:42:56 PM CST November 17, 2017 in News
COLUMBIA - The Missouri Housing Development Commission held a meeting with Missouri citizens to share the final decisions for the... More >>
3 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 1:39:00 PM CST November 17, 2017 in News
ST. LOUIS (AP) — St. Louis' largest skyscraper is on the market following foreclosure. The vacant 44-story office... More >>
3 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 1:30:48 PM CST November 17, 2017 in News
ST. CHARLES (AP) — A judge has agreed to once again push back the trial date for a St. Louis-area... More >>
3 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 1:28:54 PM CST November 17, 2017 in News
ST. JOSEPH (AP) — The driver of a stolen vehicle involved in a crash that killed four people has been... More >>
3 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 1:26:19 PM CST November 17, 2017 in News
ST. LOUIS (AP) — St. Louis police officers will be required each month to read and acknowledge an order reiterating... More >>
4 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 12:48:28 PM CST November 17, 2017 in News
DONIPHAN (AP) — Authorities are investigating an unusual drowning in the Current River. The Missouri State Highway Patrol... More >>
4 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 12:44:22 PM CST November 17, 2017 in News
JEFFERSON CITY - Police have arrested a suspect accused of stealing several items, including handguns, from unlocked cars. It comes... More >>
5 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 11:54:00 AM CST November 17, 2017 in News
MACON - Macon's fire chief said a business outlet is a total loss after a severe fire that started Thursday... More >>
5 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 11:41:00 AM CST November 17, 2017 in News
FULTON - Westminster College is taking a stand against sexual assault culture on campus. The college received a $300,000... More >>
6 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 11:01:00 AM CST November 17, 2017 in News
JEFFERSON CITY (AP) — The Missouri Department of Agriculture is altering its rules for use of BASF's dicamba herbicide on... More >>
6 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 10:46:49 AM CST November 17, 2017 in News
JEFFERSON CITY (AP) — Missouri Sen. Claire McCaskill says she's giving away $30,000 that fellow Democratic Sen. Al Franken's leadership... More >>
6 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 10:16:00 AM CST November 17, 2017 in News
CAPE GIRARDEAU (AP) — Officials with the Missouri State Highway Patrol are searching for the driver who struck a scooter,... More >>
7 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 9:22:54 AM CST November 17, 2017 in News
ST. LOUIS (AP) — St. Louis fire officials call it amazing that no one was hurt when part of a... More >>
8 hours ago Friday, November 17 2017 Nov 17, 2017 Friday, November 17, 2017 8:43:18 AM CST November 17, 2017 in News
Columbia, MO
Broken Clouds 63°
6pm 63°
7pm 63°
8pm 64°
9pm 64°

Select a station to view its upcoming schedule:

Coming Up Next

5:00p
KOMU 8 News @ 5
5:30p
NBC Nightly News with Lester Holt
6:00p
KOMU 8 News @ 6
5:00p
American Dad!
5:30p
American Dad!
6:00p
Family Guy

Tonight's Schedule

7:00p
Blindspot
8:00p
Dateline NBC
7:00p
Crazy Ex-Girlfriend
8:00p
Jane the Virgin
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld