Oakland business leaders discuss ways to revitalize local economy
Oakland business leaders discuss ways to revitalize local economy
According to an 80-page economic report, Oakland needs to increase efforts to attract both local and out-of-town visitors to its retail and dining sectors.
OAKLAND, Calif. - More than 250 civic and business leaders gathered Wednesday morning at the Towne Fair Cafe inside the Oakland Museum of California for a meeting centered around the key findings of a new 80-page economic report.
According to the report, Oakland needs to increase efforts to attract both local and out-of-town visitors to its retail and dining sectors. The study revealed that Oakland Airport passenger numbers and hotel occupancy rates have declined. Additionally, taxable sales activity has seen a double-digit drop since 2019, largely due to the closure of businesses like the Uptown Target and other retailers.
Barbara Leslie, CEO of the Oakland Metro Chamber of Commerce, highlighted the importance of data-driven decision-making.
"Good data makes good decisions," Leslie said.
The report suggests that revitalizing Oakland’s nightlife and focusing on its "creative economy" could help. This includes more artistic events, music, and venues, while also emphasizing the importance of improving public safety as a primary strategy to bring people back to the city.
"Like any major city in California, the recovery is slower than we'd like," Leslie said. "But there’s also glimmers of hope."
Factors like the layoff of federal workers and tariffs affecting business at the Port of Oakland are expected to create additional challenges. However, the study encourages local leaders to focus on areas within their control.
What they're saying:
Adam Fowler, an economic consultant with CVL Economics, urged city leaders to think about the challenges of starting a business in Oakland.
"I ask city council folks, when was the last time you tried your own process of starting a business?" Fowler said. "Understand what that looks like. How long does it take? How expensive is it? Is it confusing? Anything within your control is really important."
With a new mayor set to take office next month, Fowler stressed that now is the time for inspired leadership.
"Oakland is lucky in so many ways in terms of the assets and infrastructure it has," he said.
The economist behind the report said they believe that stabilizing Oakland’s financial future will come down to tapping into those existing assets.