Salem Main Streets

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Market Analysis Report
Market Analysis Summary
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Welcome to Salem…a creative, business friendly city, with a cool urban feel and most importantly, an expanding trade area. Downtown Salem is experiencing an incredible resurgence. New residents are moving in, new retail shops and restaurants are opening every month, all of them taking advantage of the exceptional opportunities Salem offers. The information here highlights what business owners, newspapers and market studies are saying about Salem. It was made give you a feel for what has happened in Salem over the past few years. For an in-depth introduction to the opportunities Salem has to offer, please contact us, or even better, come visit!

Expanding Trade Area

Trade area households spend $2.2 billion in Salem annually and approximately 1 million people visit Salem each year. In recent years, the concentration of condos and residents in the downtown area has greatly increased leading to a greater concentration of individuals within walking distance of the downtown. New businesses have relocated to Salem creating an exciting mix of retail, restaurants and destinations, and the availability of vacant storefront space is becoming scarce.

Worldwide Tourism and Cultural Destination

Salem is known world wide as a historical and cultural tourist destination, and is the heart of the tourist community in the region North of Boston. One of the top 20 art museums in the U.S., the Peabody Essex Museum, is located in downtown Salem. Over 400,000 people annually visit the Salem Witch Museum to get educated about the witch trials of 1692. Salem is also increasingly known as a restaurant destination, and celebrates its culinary attraction during the spring and fall restaurant weeks.

New development under way

Salem is in the process of building a new court house (a $106 million investment). The Salem Ferry successfully operates between Salem and Boston, departing from the newly developed Salem Wharf in downtown Salem. The mixed use conversion and new build projects underway include the Salem Jail project (mixed use), the Salem Marketplace (mixed use), Latitude (formerly known as the Tompkins Furniture building), and the expansion of the Salem Waterfront Hotel & Suites (additional rooms, condominiums and a conference center will be added to the current property).

Business Friendly

The political environment is very business friendly, evidenced by the rejuvenation of the Salem Main Streets program. The Salem Chamber of Commerce, Salem Main Streets and the City’s Planning Department work closely together to assist and help new businesses through the permitting process.

Next steps

A resource guide is available for you to learn more about the opportunities still available, and the advantages of doing business in Salem. Don’t hesitate to contact us for a copy or for more information, or to set up an appointment.

Jennifer Bell
Manager, Salem Main Streets
(978)744-0004 x15
salemmainstreets@salem-chamber.org

Business Resources
Market Analysis Report
Market Analysis Summary
Testimonials