Downtown leaders say business incentives are changing Memphis
MEMPHIS, Tenn. (WMC) - There are events that once brought money and people to Memphis and downtown that are now either paused like the Beale Street Music Festival or plans are still being figured out like the Southern Heritage Classic.
Memphis in May released a statement saying in part, “The pause on BSMF is temporary” and goes on to say they will “reimagine the event to ensure we are providing the same premier experience.”
In 2023, the event saw a 3-million-dollar loss and a record low record-low attendance.
That’s when the Riverbeat Festival stepped in, hoping to fill in the gap of millions of dollars spent by visitors in downtown businesses.
In the meantime, the Downtown Memphis Commission is working to bring life to downtown Memphis with incentives the DMC president says is working.
“In the next couple of years, I really do believe that downtown Memphis is going to look and feel different. There are some huge transformational projects coming online and I think that is going to spur other development,” said Chandell Ryan, DMC President, and CEO.
In 2024, the DMC helped 20 businesses with over 600 thousand dollars worth of incentives to create spaces downtown according to Ryan.