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Report Pinpoints Challenges Ahead for Downtown Los Angeles
The long-term impacts from the COVID-19 pandemic on the economy are still uncertain, but evidence of how government ordered lockdowns are affecting specific markets and activities is becoming clearer. Data from the first Downtown Center Business Improvement District (DCBID) Recovery Compass Report shows steady, yet cautious optimism among those in Downtown Los Angeles.
The initial report reveals 60% of respondents are still working from home due to the pandemic. While nearly 50% say they are eager to return to their place of work, only 30% say they would be comfortable doing so at this time. Despite the economic and mental toll, the pandemic has caused around the world, Downtowners overall remain committed to and are cautiously optimistic about the area’s future, with more than 75% noting they “love DTLA” and nearly 60% remaining “Optimistic about the future of DTLA.”
DCBID’s Suzanne Holley says, “This first report establishes a solid baseline of where DTLA consumers are currently, and it begins to shed light on what it will take for consumer confidence to return. Future reports will begin to tell us how ready people are for full reopening, what milestones need to be overcome, and what safety procedures will be the most effective.”
Key findings from two key recovery sentiment areas included:
Willingness to Engage:
– 53% – shop at a retail store
– 50% – eat at a restaurant
– 49% – visit in person with two or more people
– 31% – work from an office outside their home
– 13% – attend a live performance
Concerns:
– 79% – the long-term impact of COVID-19 shutdowns
– 74% – the overall public health crisis from COVID-19
– 62% – potential to contract COVID-19
– 45% – long-term personal financial situation
– 30% – losing job or being furloughed
*Photo credit: Simon Zhu/Unsplash
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
