Economic Vitality

Through economic vitality, we can show you how to strengthen your community's existing economic assets while diversifying its economic base. Successful communities accomplish this by evaluating how to retain and expand successful businesses to provide a balanced commercial mix, sharpening the competitiveness and merchandising skills of business owners, and attracting new businesses that the market can support. Many Main Street programs also achieve success through creative reuse of historic properties. Converting unused or underused commercial space into economically productive property also helps boost the profitability of the district. The goal is to build a commercial district that responds to the needs of today's consumers while maintaining the community’s historic character.

Purpose: The Economic Vitality Committee’s purpose is to create a vibrant downtown business atmosphere by retaining current businesses and attracting new businesses.

Primary Responsibilities:

  • Identify key redevelopment sites within the district and develop strategies to successfully rehabilitate the property into productive use.
  • Identify and attract developers for properties as needed.
  • Develop programs to convert unused space within buildings to increase cash flow for properties to prevent deterioration.
  • Identifies what is needed in downtown Oxford and actively recruit new businesses to the area.
  • Defines businesses that have the highest potential of success, through the use of ESRI data and then uses business recruitment packets to bring in new businesses.
  • Engage with current businesses to identify issues they may have; seek solutions and connect them to the necessary resources.
  • Use best practices to strategically plan clusters of uses to promote a mix of businesses that complement each other.

Action Items

Business Recruitment

  • Package recruitment materials
  • Prepare Introduction letter
  • Identify missing markets
  • Create a retail gap assessment
  • Recruit businesses based on retail gap assessment
  • Find creative ways to support entrepreneurialism

Current Businesses Relocation

  • Identify businesses in the area that we would like on Washington St and where they ideally should go.
  • Identify businesses that we should try to help relocate; professional, office uses.
  • Can we “swap” some retailers or service businesses with office uses?

Retention & Expansion

  • Communication is handled through another committee, retention needs to not figure out how to communicate but what should be communicated and what data needs to be gathered.
  • Biannual retention meetings with business owners.
  • What should be discussed at business retention visits.
  • Identify issues at retention visits and recommend potential solutions.
  • Identify businesses that are looking to expand and connect them to appropriate resources.
  • Provide Tools and Training for businesses within the disctrict.