While the amount varies from downtown to downtown, a common rule-of-thumb for the value of a prime parking space is approximately $150-$300 in retail sales PER DAY.

Based on this calculation, the cost per year to downtown retailers is a loss of $45,000-$90,000 when business owners and downtown employees park in prime downtown spaces.

Some other ways to look at it:
For every prime parking space occupied by a business owner, office worker or other employee within downtown, one or two jobs are potentially being lost; businesses are not realizing profits that would result from increased retail transactions; and the city is, of course, capturing less tax revenue from businesses that lose profits and/or shut down.

More Numbers….

Parking Loss at $12,000 A Day!!

Sound high?

Consider the following:

~ If there are 500 employees downtown,

~ 20% are parking in potential customer spaces (100 spaces)

~ Each of those spaces would have turned over an average of eight times daily if used by customers (that’s 800 cars)

~ Each car has 1.5 customers (that’s 1,200 customers)

~ Who spend an average of $10 each

~ Then that equals $12,000 daily!

And that adds up to $372,000 each month (if you calculate for 31 days).

Shoppers vs. Workers

Almost every downtown faces the shopper vs. worker conundrum when it comes to parking. Office workers and retail managers and employees feed meters all-day at on-street parking locations. As a result, shoppers and visitors are left with the following options:

~ They park in an off-street facility where they generally pay between two to four times the vicinity’s meter rate.

~ They circle their desired location until convenient metered space becomes available, thereby wasting time, adding to congestion and getting aggravated. This kind of activity also increases fuel consumption and reduces mass-transit timeliness of downtown.

~ They double-park, or park illegally in fire, bus or loading zones and then get ticketed, fined and/or towed.

~ They search for an open parking meter farther from their intended destination. This results in them losing valuable time walking farther to/from destinations, carrying packages over distances and possibly parking in areas that are less than safe.

Ultimately, if shoppers can’t find convenient on-street parking, they will develop perceptions about a lack of parking downtown – and then drive off to the suburban shopping mall to spend their dollars and never to be heard from again.

Customers expect and deserve easy, convenient parking, which they can’t find if employees are taking prime parking spots.

Spread the word, when employees park on meters it prevents a customer from parking there, you and your neighbouring businesses lose money. There are parking alternatives available.

For information on long-term, off-street parking services visit our Parking Information page under Visitors Guide.