UNSPLASH
CRAINSCLEVELAND.COM I MARCH 25, 2024
Report: Residential, retail growth key to downtown recovery Highlights show workforce, foot traffic and overall visits are near pre-pandemic levels By Kim Palmer
A new report shows that Downtown Cleveland’s postCOVID recovery continued in 2023 as workforce and overall foot traffic nearly reached the highs of 2019 and visitor traffic is on pace to exceed pre-pandemic levels in 2024. The 2023 Downtown Cleveland Inc. Economic Development Report claims that “despite public safety and office market challenges, downtown Cleveland exhibited tremendous resilience … (and) outpaces our peer cities in Ohio and is in the top three for the Great Lakes region.” The report drills down on downtown residential growth, noting that with more than 21,000 residents by the end of
Manufacturing sees a post-COVID rebound Manufacturers have faced major challenges in recent years, but they’ve survived and come back strong, data suggests By Dan Shingler
The region’s manufacturing sector has possibly never been tested like it has been over the last four years — and it has passed with flying colors.
That’s the assessment of Magnet, the state agency in Cleveland that advocates for and supports area manufacturers dealing with topics ranging from workforce training and recruitment to new product development.
Magnet issued its findings in a report titled, “Make It Happen: A Progress Report on the Blueprint for Manufacturing in Northeast Ohio.”
VOL. 45, NO. 12 l COPYRIGHT 2024 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
P001_CL_20240325.indd 1
See REBOUND on Page 16
2023, the downtown area’s population is at 112% of 2019 pre-pandemic levels. The city’s downtown also has seen growth in retail since the pandemic caused so many shutdowns and closures, with the addition of 33 new businesses in 2023 alone.
Living and housing The report found that by the end of 2023, 91% of downtown apartments were occupied. Before COVID hit, downtown Cleveland’s resident-to-worker ratio was 1-to-5. But by the end of 2023, it was 1-to-3. Of those residents, about 38% are between the ages of 25-34. See DOWNTOWN on Page 16
Shopping center owners aren’t sweating Joann Inc. bankruptcy By Stan Bullard
ownership management concern Chase Properties, said Although Joann Inc. has said Joann did not renew its lease at it does not plan store closings as its Wooster center. Chase is curpart of its Chapter 11 bankrupt- rently redoing the space for Boot Barn, an expandcy reorganization, shoping retailer. ping center landlords Hudson And Joann has not exwho stand to lose some leaders tended its lease at anhave an answer ready. reflect on other of Chase’s centers, Goodbye. at a location McGovern Owners say they are company’s proactive when they crucial role. did not disclose because he does not know if store start hearing about a reemployees have been tailer getting on shaky PAGE 17 notified of a closing, so ground and, unlike past periods with multiple retailers he expects that store to shut. shutting, it is easier to find new Another tenant is waiting for the space, he said, although a retailers to take their place. Rob McGovern, chief operat- lease is not yet signed for it. ing officer of Beachwood-based shopping center and industrial See JOANN on Page 17
SOLAR ECLIPSE Your best chance of seeing the eclipse is near the shoreline, where the lake helps keep clouds away.
EDITORIAL Ohio Senate race to draw plenty of attention this fall, and other takeaways from the primary election.
PAGE 2
PAGE 8
3/22/24 11:03 AM