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Economic Impact Dashboard

Economic Impact Dashboard

MARKET OVERVIEW Q4 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 January 29, 2024.

Retail 

There are 176 street-level retail businesses currently downtown. 8 new businesses opened and 2 businesses closed between October - December 2023. Dining remains the dominate retail category with 83 food establishments or 47% of total businesses. 45, or 54% of the dining establishments are independently owned and offer a broad spectrum of cuisine. 7% of businesses are in the nightlife category, and 5% are in the hotel category bringing a total hospitality category to 58%. 

  • 109 or 62% of the downtown street-level businesses are considered local & independently owned.
  • 25% are BIPOC-owned businesses
  • 22% are female-owned businesses
  • There are 19 current street-level vacancies.

Q4 New Businesses

Pure Green Juices & Smoothies

Krispy Cones

One Medical

Bang Bang Sushi

Twist Hot Chicken

Antijitos Linda Mar

Tempe Taco Supply at the Vib

UPBAR Tempe at the Vib

Residential & Hotel

Downtown Users Weekly Comparison Q4 2022 v. 2023

Source: Placer.ai

Highlights from The Value of U.S. Downtowns and Center Cities (Downtown Tempe), 2020 International Downtown Association Publication

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