By Heather Mallows
Small businesses on Bank Street are primed for a great year because the number of residents in Centretown has grown substantially, say store-owners.
“The buzz is that 2001 is all about Bank Street,” says Luc Thivierge, proprietor of the fünf funk boutik, located at Bank and Lisgar. “They’re really going to revitalize the street.”
“I would definitely agree,” says Gerry LePage, executive director of the Bank Street Promenade. “It’s an exciting time for Bank Street.”
The restoration of the street has been in the works since 1993 and, as LePage says, “we’re finally starting to see the fruits of that effort.”
The revival of the area began after masses of people moved to the suburbs about ten years ago. Businesses shut down, leaving an empty centre core.
But people have gradually been attracted back, reversing a phenomenon known as the “doughnut effect.”
“Is it practical for us to think that someone in Kanata is going to go past Kanata Town Centre, past Bayshore, past Carlingwood to beat a path downtown? No,” says LePage. “You need a strong residential base to support business.”
This base was created mostlyby lobbying the city and region to enact a moratorium on charges for residential development. Paid to the city and to the region, they were to cover the cost of infrastructure and cost up to $11,000 per unit.
The fee freeze finally came in 1996. The following year, Claridge and Minto built town homes on Somerset and Bay streets, respectively.
Furthermore, the housing was affordable, says LePage, because the savings that the developers incurred were passed on to the consumer.
LePage estimates that since the freeze, 1,500 to 2,000 new residents have moved back downtown.
“And we’re continuing to add numbers to the area,” he says, pointing out that Urbandale is presently building condominiums on Cooper Street.
And now, it seems as though business is picking up on Bank Street. Thivierge says his Christmas sales were “very vigorous” and believes the strong sales will continue into this year.
Across the street at the Cedar Closet Boutique, owner Danah Aris also believes that 2001 will bring brisk business to Bank. The key to a successful retail area, she says, is to provide goods and services that people can’t get elsewhere.
“In that respect, the Bank Street Promenade has really done a great job of attracting unique businesses to the street,” says Aris.
Aris raves about the Candy Bouquet, a shop which specializes in creative candy arrangements. “I just love that store!”
LePage says the Promenade has attracted such businesses by successfully lobbying for a moratorium on commercial development charges as well. Where malls attract huge chain stores, the promenade attracts mainly small businesses.
“There has to be a place in a city or an area for the entrepreneur to be able to set up a business,” he says. And with lower development costs, Centretown has become just the place.
Jocelyne Lamarche, owner of the Candy Bouquet, moved the shop to Bank Street from the Glebe in November.
Since the northward move, she says she has seen an increase in business.
“There’s more walking traffic here,” she says. “And more businesses and government workers.” This all adds up to increased sales.
For the new year, LePage plans to continue proposing new initiatives that he hopes will be adopted by the new city council.
The Promenade will also continue to promote the area through advertising.
“The message we want to get out,” says LePage, “is that Bank Street is still here, it’s still alive, and it’s healthy.”