A pair of Greenwich business leaders say business events, transportation and climate preparedness are important steps to improving the town”™s and region”™s economy. One focuses on what retailers and businesses are experiencing, while the other addresses regional and global issues that impact Greenwich”™s business community.
Marcia O”™Kane, executive director of the 530-member Greenwich Chamber of Commerce, said more businesses are participating in the city”™s annual sidewalk sales event every year. She said almost 17 percent more Greenwich-based retailers participated last month compared with July 2013.
The majority of sidewalk sale shoppers were from Greenwich, suggesting they are willing to spend locally, she said. And she said retailers are noticing the retail economy is mildly improving and they are cautiously optimistic about the near term.
Last year, the chamber attracted 100 new members, many of which joined to participate in the networking events the chamber organized. In a 2012 survey that asked members and business owners what they wanted to get out of the chamber, many of them indicated they wanted more opportunities to network and promote themselves, O”™Kane said.
The chamber recently started a Women Who Matter luncheon series that provides insight and wisdom into the world of successful businesswomen. The chamber also organizes annual awards luncheons and has added the Malcolm S. Pray Excellence in Business Award that puts the spotlight on companies that bring something unique to the community.
“Of course, organizations such as Greenwich Hospital and the Hyatt Regency are some of the largest employers in Greenwich, but it is the smaller businesses that truly give our town its flavor,” O”™Kane said.
“It is clear that businesses now realize that they must be more computer savvy than in the past in order to survive and that they must delve fully into the social networking arena in order to get their message out,” she said.
Two small businesses that have recently joined the chamber include Rainbow of Languages, which teaches foreign languages to young people, and Center for Discovery, which provides counseling for eating disorders. Both additions speak to the chamber”™s diverse composition, O”™Kane said. The majority of its members are in the service sector.
Greenwich”™s economy is cycling upward with the national trend, said Chris Bruhl, president and CEO of The Business Council of Fairfield County. Road congestion is a strong indication that the economy is improving, he added.
With more cars on the highway, more goods and people are being transported, which could lead to more business transactions being performed. This also calls for more money to be invested in roads and highways and railroads, which will help facilitate economic growth, he said.
“Greenwich”™s economic improvement will be fine over the next five years,” Bruhl said. “Connecticut”™s revenue projection shows growth in the third and fourth quarters of this year. Greenwich is closely integrated to the state, national and global economy.”
The traditional strength of Greenwich is its proximity to New York City. Several hedge fund firms in the city have opened second offices in Greenwich. With increased commuting as an offshoot of financial-sector growth ”“ plus the region”™s well-documented day-to-day traffic woes ”“ transportation planning becomes critical. Greenwich is highly dependent on updated rail services, so it needs to be a leader in transportation planning, Bruhl said.
As a coastal community, the city must prepare its residents and businesses to adapt to rising sea levels and other shifts that come with global warming, Bruhl said.
“As the Greenwich business community pays more attention to adapting to the consequences of being a coastal community in a time of climate change, becoming a resiliency leader is very important,” Bruhl said. “Greenwich has a lot to offer, but it can”™t be just one wealthy, gated community. It needs to embrace its role as a leader in the region and work to take part in regional dialogues and find regional solutions.”
