We call this the 7-8-7 rule because of the three most important statistics that make a downtown a successful and vibrant destination. Think of your favorite destination downtowns. Are they beautiful? Do they feel safe? Are there things to do after 6:00 pm?
1. 70% of first-time sales at restaurants, retail shops, lodging facilities, and attractions can come from curb appeal. Travelers often use these phrases: “That looks like a nice place to eat.” or “That looks like a nice place to stay.” Virtually every person on the planet has said those words at least once, if not dozens of times. You can spend millions of dollars marketing a town or downtown, and none of that will make me—the visitor—walk through your shop’s door. You, the merchant, must do that. Beautification, or curb appeal, will always be an investment with a tremendous return.
2. Women account for 80% of all consumer spending. Yes, it’s true. I use this statistic a lot in speaking engagements, and I always pause to hear the audience reaction, which ranges from “You go girl!” spoken by women, to “That’s all?” from the guys. Women will spend more money in places that look inviting, are clean, and feel safe. If you cater to women you will ultimately win the entire family’s business. Women also account for 70% of all travel decisions including places to stay and eat, and “must see” attractions.
3. 70% of all consumer retail spending takes place after 6:00 pm. Are you open? This is one of the reasons downtowns are dying – they’re not competing with malls’ later hours. In the 60s, stores typically closed at 6:00 pm, 5:00 on Saturdays, and were closed on Sundays. In the 70s malls were open until 8:00 or 9:00 pm, but still closed at 6:00 on Saturdays and were open from noon to 5:00 on Sundays. Fast forward to today, and you’ll find just about every successful mall opening at 10:00 and staying open until 9:00 (or later) seven days a week. Meanwhile, traditional downtowns are stuck in the 1960s, and most are dying.
While we are moving to the European standard of dining and shopping later in the evenings, downtowns haven’t made the change at all.
Let me know what changes you are making in your downtown!