Economic Impact Dashboard

MARKET OVERVIEW Q2 2023

To gain an understanding of the current business environment and market potential in Downtown Tempe, statistics are collected and analyzed in the retail, residential, and hotel markets on a quarterly basis. In addition, an inventory of all street-level establishments in the downtown district was conducted the week of July 3, 2023.

Retail

There are 168 street-level retail businesses currently downtown. 8 new businesses opened and 5 businesses closed between April - June 2023. Dining remains the dominate retail category with 77 food establishments or 46% of total businesses. 40, or 52% of the dining establishments are independently owned and offer a broad spectrum of cuisine. 7% of businesses are in the nightlife category, bringing a total hospitality category to 53%.

105 or 63% of the downtown street-level businesses are considered local & independently owned.
25% are BIPOC-owned businesses
22% are female-owned businesses
There are 16 current street-level vacancies.