Tuesday, August 26, 2008

Economic Success: Find the Niche

When you are in our business you have an interest in the many ways regional commercial centers attract customers.

Nearly one hundred years in the making, The Magnificent Mile® has four signature components that attract millions of people annually: a gloriously designed historic boulevard, world-class old and new architecture, spectacular trees and gardens, and a strong, diverse cluster of businesses that create synergies between retail, dining, and hospitality experiences. These assets, all promoted by GNMAA, make North Michigan Avenue the visitor capital of the Midwest and one of only about a dozen or so venues around the world with similar experiential attributes.

But what if you are working to build a regional economy without these assets? Some communities with dilapidated older buildings have successfully restored them and attracted visitors to a quaint setting of shops selling antiques, crafts, unique home furnishings, and apparel. Others have capitalized on a natural setting like a lake or forest. Still others develop man-made assets like a horse racing park, car racing track, water park, unique museum, or casino. These are all economic engines that create jobs, profits, and tax revenue for the town.

One phenomena that is sweeping the area is the car show or “cruise night.” Local businessmen have discovered that most people with an interest in cars also like to dine out, stay overnight in unusual settings, and shop. And their cars attract huge crowds that like to do the same. Over one hundred communities across northeast Illinois host some sort of show for hot rods, classics, antique cars, and other special interest vehicles. While these events take a lot of work to manage properly, towns can get the word out that Main Street will be closed for a car show and hundreds of restored, unrestored, new, and old special interest cars just seem to appear.

GNMAA member Eli’s Cheesecake featured cars on September 21 at the bakery, 6701 W. Forest Preserve Drive, and, like last year, there was a huge crowd. Merchants on Oak Street formerly hosted the best classic Ferrari show in the Midwest.

I recently witnessed a terrific event in Geneva, Illinois, perhaps the best old car show in the region. As you may know, this little community on the Fox River about 40 miles west of Chicago fits the description of an “antique town” with many beautifully restored storefronts and homes. The town closed streets and hosted the Classic Car Club of America’s Concourse d’Elegance. Many classic cars worth millions of dollars appeared, each unique in its design, restoration, and history. Of course car owners and their wives (mostly wives) and the crowd attracted by their cars were making it almost impossible to navigate through every restaurant and store in town. Not bad business for an otherwise lazy summer afternoon!

Although I am a car fan and had a special interest in the vehicles that were in Geneva last weekend, I will showcase only one: a unique Rolls Royce. This car was restored and owned by a collector in New Orleans who took a great deal of pride in its 1934 styling and the craftsmanship of the Hooper Body Company, coachbuilder to the Queen. Unfortunately, the car was caught by Hurricane Katrina, which demolished its garage and sent it tumbling through the floodwaters, to be recovered after the storm nearly a mile from where it was stored.

People came from all around to see this car and the many others and, oh by the way, to enjoy Geneva’s fine dining, shopping, and hospitality.