COLORADO SPRINGS — 2023 brings more businesses and higher rents to downtown Colorado Springs. That's according to the Downtown Partnership's 2024 State of Downtown Report.
Each year, the Downtown Partnership releases a report detailing the state of business in the Colorado Springs city center. These track the growth of restaurants, shops, living, tourism, and more.
Downtown Colorado Springs is home to restaurants, art galleries, and clothing stores. Several downtown business owners told News 5 that rents are high, but it's a price they're willing to pay because the location draws more people to their stores.
“We feel that downtown is the heart of any city, and we want to be part of the Colorado Springs community,” Nikki Fry said.
Nicky Fry is the owner of Good Eye on Tejon Street.
“We are a boutique in downtown Colorado Springs that specializes in a mix of vintage and new items,” Frye said.
She opened her store on Tejon Street in downtown Colorado Springs nearly two years ago.
“We want to be here. We want to be downtown. This is our customer. This is where we want to feel at home as residents. So we want to be invested in the community as a small business. and we want to be invested in again,” Fry said.
Frye said rents have been going up over the years, something she agrees with. Considering the location, it's a price she's willing to pay.
“We don't know if rents will go down in other areas,” Frye said.
Retail rents rose 50.2% between January and December 2023, according to the Downtown State report. It found that at the beginning of 2023, average retail rents were $19.57 per square foot, but by the end of the year, retail rents were sitting at $29.40 per square foot.
Frye said while the rent may be high, it's a good place to run a business.
“We feel like we have very good foot traffic here downtown. For us, that makes up our target customer, so what we're looking for is foot traffic. So we're in different shopping areas of the city. It's more important than that,” Frye said.
Cacao Chemistry Chocolatier and Patisserie, also located on Tejon Street, has been making homemade chocolate since 2016.
“We enjoy working with people,” Travis Ashing said.
Travis Ashing is the owner of Cacao Chemistry Chocolatier and Patisserie. Running a small business downtown is very rewarding, he said.
“You become a part of people's lives. You hear about anniversaries, first dates, lots of things, and of course, tourists coming downtown to see local businesses. So it's really rewarding. It's a job with a lot of work,” Ashing said.
Ashing said the location comes with its challenges.
“One challenge is that Colorado Springs is a very large city geographically, and it can be difficult to get people together for a 25-minute drive from the north side of town or anywhere downtown. No,” Ashing said.
But he said community events such as parades draw customers to the neighborhood.
“There are all kinds of events and fun things going on,” Ashing said.
The report also shows 29 new businesses opened downtown last year. Frye hopes to see more stores like hers move downtown this year.
“For me personally, as a resident of Colorado Springs, if more stores opened, I would want to come here,” Fry said.
The Downtown Partnership said more small businesses will move into downtown in 2024, including new live music venues, piano bars and cafes.
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