PEORIA MAGAZINE March 2023

ECON CORNER

An Interview with Steve Raquel

populations. Retail has all but disappeared in downtowns in all but the largest of cities. Are America's downtowns still economically viable? Steve Raquel (SR): Yes. I believe if cities and towns reimagine how their downtowns can serve the updated needs of how people travel and shop, they can create a viable and vibrant downtown area. However, in order to see long-term success, it may take years and a strong pro-business mindset as well as having to strategize how to market the downtown experience differently. People want to go to a downtown that not only takes care of their immediate needs but also has a great buzz they can be a part of. PM: Can you give us some examples of mid-sized cities that have succeeded in turning around their downtowns after effectively bottoming out? Greenville, S.C. is one we sometimes hear about. What's the blueprint for doing that? Is it possible without enormous public subsidy? SR: Panama City, Florida is a mid-sized market that is slowly coming back to resurgence. A lot has to do with longtime homeowners who started to invest back into downtown, creating special business-friendly zones and imagining new uses and offerings. They also made it unique to Panama City

Clinical assistant professor of business administration at the Gies College of Business, University of Illinois Urbana-Champaign

INTERVIEW BY MIKE BAILEY ILLUSTRATION BY SCOTT SHEPLER

W elcome back to Peoria Magazine’s Econ Corner, a recurring feature in which we pose questions to experts about various economic issues and how they affect our lives and careers here in central Illinois. Doing this month’s Q&A is Steve Raquel , clinical assistant professor of business administration at the Gies College of Business, University of Illinois Urbana-Champaign. Peoria Magazine (PM): Even before COVID reduced the size of the workforces commuting into many of America's downtowns, there was decline, as evidenced by rising building vacancies and crime rates, aging infrastructure and growing homeless

82 MARCH 2023 PEORIA MAGAZINE