Survey of 2020 business performance in Downtown Frederick
Each year, the Partnership administers a Business Performance Survey to gain insights into the downtown economy, providing a unique opportunity to gauge the health and wellbeing of the Downtown Frederick business community and the effectiveness of the Partnership.
FREDERICK, Md., May 26, 2021 /PRNewswire-PRWeb/ -- Each year, the Partnership administers a Business Performance Survey to gain insights into the downtown economy, providing a unique opportunity to gauge the health and wellbeing of the Downtown Frederick business community and the effectiveness of the Partnership. The survey is broken into sections that collect data on retail demographics, business revenue, retail hours of operation, rental rates, overall satisfaction, economic outlook and Partnership performance.
2020 was an extraordinary and difficult year and, as expected, Downtown Frederick saw significant negative impacts in revenue performance and operating capacity for downtown businesses. However, the statistics also point to positive signs for Downtown Frederick's recovery – with 56% of respondents feeling that the overall economic climate for businesses like theirs in the coming year would be "very good" or "good." An overwhelming majority of respondents say they would recommend Downtown Frederick to other retailers, with 92% rating Downtown Frederick as an 8 or higher on a 10 point scale
Despite the challenges experienced this past year, 36% of the businesses reported having sufficient funds to cover 1-2 of months of operations and 34% reported having sufficient funds to cover 3 or more months of operations – which is stronger than average for Maryland small businesses in the January 2021 timeframe when the survey was administered. Additionally, when combining first and second time Paycheck Protection Program (PPP) applicants (the Partnership's survey includes only first time applicants due to the 2020 calendar year focus), the PPP application rate among respondents is 30% higher than the Maryland average.
Related to Partnership's work, 82% of businesses rated the Partnership's performance as a 9 or higher on a 10 point scale in 2020 as compared to 81% in 2019. For 2020, 70% of businesses rated the Partnership's performance as a 10 (excellent) as compared to 45% in 2019.
"The Partnership has been fortunate to help support our Downtown Frederick business community during a time of incredible stress and hardship," said Kara Norman, Partnership Executive Director. "As a staff, we are incredibly impressed with the efforts of our business community to adapt so quickly and to continue to persevere."
View the complete 2020 Downtown Frederick Business Performance Survey at downtownfrederick.org/wp-content/uploads/2020-Downtown-Frederick-Business-Performance-Survey-Results-Report.pdf
Downtown Frederick Partnership works to enhance, promote and preserve the vitality and livability of Downtown Frederick, a national Main Street community.
Media Contact
Leeann Crews, Downtown Frederick Partnership, 3016988118, [email protected]
SOURCE Downtown Frederick Partnership
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