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Is Janesville's downtown holding up?

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Brian Cherry, owner of Time Out Pub & Eatery in downtown Janesville, bucked the trend by opening his business in the downtown business district during a recession. Cherry says downtown is the heart of a city.

JANESVILLE — Opening a new business is risky at best in this economy, but what better place to do it than downtown, the oldest business district in a city?

That’s how Christine Moore, the managing director for the Janesville Design & Development Center, sees it.

Despite having more closings than openings for the second straight year, Janesville’s downtown is prime real estate, Moore said.

“I think, if anything, in a sluggish economy the downtown has a little bit of an edge because lease rates are lower,” Moore said. “If anybody is going to take the leap to open a business when the economy is sluggish, they’re looking to hold down those operating costs to give them that edge.

“That’s where the downtown comes into play, because you can lease a space for a pretty reasonable rate.”

In 2009, 18 businesses opened downtown, while 22 closed or moved, according to the Design & Development Center. In 2008, 31 businesses opened and 35 closed or moved.

Moore said the numbers reflect a struggling economy.

There is an abundance of office space downtown, but fewer people are willing to risk starting a new venture, she said.

“There were some people who were looking to open businesses in 2009 who were having difficulty getting loans,” Moore said. “Overall, I think there was just a general pull back in entrepreneurship.”

One downtown entrepreneur is celebrating the one-year anniversary of his business.

Brian Cherry, owner of Time Out Pub & Eatery, opened the restaurant despite doubts about the economy.

“Over half my life I’ve been in a business downtown, so I love the downtown,” he said. “I think that’s where the heart, ... where the real people of your city are.”

Other entrepreneurs can be successful downtown, but they have to have a plan, Moore said.

“Anybody who is going to open a business in this economy knows that they need to get their act together, because they know that the odds are stacked against them,” she said. “People are really doing their homework.”

Read the complete story in the e-edition of the Jan. 31, 2010 Janesville Messenger, HERE.