Columbia Business Loop not affected by brick and mortar retail woes

1 year 3 months 3 weeks 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
COLUMBIA - The University of Missouri sent out an MU Alert just before 6 p.m. Sunday to warn people about... More >>
2 hours ago Sunday, December 16 2018 Dec 16, 2018 Sunday, December 16, 2018 6:45:00 PM CST December 16, 2018 in News
COLUMBIA- From model trains to decorated window panes, there was fun for all ages at the Boone County History and... More >>
3 hours ago Sunday, December 16 2018 Dec 16, 2018 Sunday, December 16, 2018 6:12:00 PM CST December 16, 2018 in News
COLUMBIA – After a life-threatening accident 17 years ago, a Columbia man is proving you never have to give up... More >>
8 hours ago Sunday, December 16 2018 Dec 16, 2018 Sunday, December 16, 2018 12:46:00 PM CST December 16, 2018 in Sports
COLUMBIA - A University of Missouri assistant football coach was arrested Saturday on a warrant from Miller County after failing... More >>
11 hours ago Sunday, December 16 2018 Dec 16, 2018 Sunday, December 16, 2018 10:12:00 AM CST December 16, 2018 in Sports
FULTON - Two people were arrested on various drug charges Sunday morning. According to a release, Police stopped a... More >>
14 hours ago Sunday, December 16 2018 Dec 16, 2018 Sunday, December 16, 2018 7:08:00 AM CST December 16, 2018 in News
COLUMBIA - The Missouri Symphony will play holiday music Sunday for the Symphony of Toys concert. Students in the Missouri... More >>
23 hours ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 9:45:00 PM CST December 15, 2018 in News
COLUMBIA - People gathered at Hickman High School on Saturday to celebrate holidays from several cultures. KOPN Community Radio... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 9:10:00 PM CST December 15, 2018 in News
COLUMBIA - Columbia College had a special moment during the graduation ceremony Saturday to honor a student who died in... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 8:15:00 PM CST December 15, 2018 in News
JEFFERSON CITY - The Jefferson City Diocese confirmed Saturday three people were added to its list of clergy accused of... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 7:31:00 PM CST December 15, 2018 in News
COLUMBIA - Columbia Police made an arrest in connection to Saturday afternoon's shooting in the 3800 block of Aspen Heights... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 4:40:00 PM CST December 15, 2018 in News
JEFFERSON CITY, Mo. (AP) — The Missouri State Capitol has recently completed an effort to restore and conserve the building's... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 3:26:00 PM CST December 15, 2018 in News
BOONVILLE - Anyone walking around Boonville might be able to play a game of "I spy" now that painted rocks... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 10:50:00 AM CST December 15, 2018 in News
COLUMBIA- High school football teams from around the state will travel to Memorial Stadium for the next five years to... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 9:41:00 AM CST December 15, 2018 in Sports
WASHINGTON (AP) — President Donald Trump says Interior Secretary Ryan Zinke , who's facing federal investigations into his travel, political... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 8:53:00 AM CST December 15, 2018 in News
ASHLAND - The Southern Boone Area YMCA will build a new 15,714 square-foot facility in the next two years, if... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 7:48:00 AM CST December 15, 2018 in News
ALTON, Ill. (AP) — Authorities are looking for a man who is suspected of fleeing to Missouri after officers shot... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 7:12:00 AM CST December 15, 2018 in News
PERRYVILLE, Mo. (AP) — A former county official from southeast Missouri already in prison on a conviction of exploiting the... More >>
1 day ago Saturday, December 15 2018 Dec 15, 2018 Saturday, December 15, 2018 7:09:52 AM CST December 15, 2018 in News
NEW BLOOMFIELD - The Holts Summit Police Department has offered to include New Bloomfield in its coverage area for the... More >>
1 day ago Friday, December 14 2018 Dec 14, 2018 Friday, December 14, 2018 9:47:00 PM CST December 14, 2018 in News
Columbia, MO
Broken Clouds 41°
10pm 36°
11pm 34°
12am 34°
1am 33°