The evolution of business improvement districts: From place management to place leadership

As municipal budgets and priorities are more constrained than ever before, the business improvement district (BID) model of pooling hyperlocal funds to supplement municipal services and improve a specific neighbourhood is more relevant than ever. This paper sets out an evolution of BIDs from simple partnerships led by the private sector to complex organisations that take on much more complex responsibilities for driving urban revitalisation. Even in the face of major disruptions and uncertainties such as the COVID-19 pandemic, place management organisations have evolved to meet these crises and adapt to new opportunities. The future of cities will continue to depend on strong downtowns, and place management organisations are supporting that future through adapting to hybrid and remote work, reimagining public spaces, supporting local businesses and engaging the community in co-creation. Urban place leadership, with its emphasis on shared responsibility and localised expertise, offers a powerful framework for creating vibrant, resilient and inclusive urban spaces. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.