Press Release

Retaining Locally Owned and Operated Businesses Downtown

(Boonton, NJ, April 15, 2009) — Few downtowns invest the effort and resources in business retention that they do in their recruitment efforts. In particular, a lack of succession planning on the part of small businesses has always been a problem that little to nothing is done about.

Too often, the small, "mom and pop" businesses that make downtowns special sell out or shut down because the proprietors don't have children who want to take over.

Not so in Allegan, MI, where the city's economic development department, local bank and Downtown Development Authority joined forces to provide funding and technical assistance to ensure the continuation of several at risk businesses including the downtown's only remaining shoe store.

About Downtown Idea Exchange

Downtown Idea Exchange newsletter is published by the Downtown Research & Development Center. For more than 50 years, the Downtown Research & Development Center has provided a forum for exchanging news, information and ideas on how to rebuild the hearts of our cities.

Website: http://www.DowntownDevelopment.com