As long-time businesses have been closing their doors around downtown Ann Arbor due to changing economic factors, new trends are beginning to emerge.
Ann Arbor is experiencing a period of rapid change with new businesses and buildings replacing older ones.
Ashley Schafer is the executive director of Main Street Ann Arbor. She says the rising cost of rent is one of the reasons cited by businesses in the Main Street area that have recently needed to downsize, relocate or shutter their doors for good.
“The feedback we’ve gotten is that staff retention is very difficult, due to the cost of parking and living downtown. Transit, getting people to downtown, you know, has been difficult.”
Schafer says new franchises and restaurants have been filling the vacancies left behind by specialized boutiques that have closed. She says the future economy of Main Street will likely have a balance of the three.
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