The Downtown Truro Partnership (herein referred to as DTP) is a not-for-profit organization comprised of businesses located in Truro’s downtown core. The Downtown Truro Partnership’s mission is to play a central role in facilitating the ongoing development of Downtown Truro as a vibrant business and cultural community. The DTP works in partnership to both sustain and grow the downtown business community, and make it a positive business and living environment. Downtown Truro has successfully evolved into an environment that is inclusive of a wide variety of businesses, not-for-profits, government offices, educational institutions, and residential housing.
The board and management team of the Downtown Truro Partnership felt that it was imperative to better understand their community to best direct the actions and resources of the organization. They felt, as an organization, they needed new research to understand how to identify and prioritize the organization’s goals and to best serve its membership and how to measure its effectiveness in achieving these goals. In 2007 the DTP contracted the Acadia Centre for Social and Business Entrepreneurship to conducting a benchmarking study. The study explored key economic indicators and allowed the board and staff to better understand the downtown core. The 2007 benchmarking study serves as a baseline and allows the DTP to identify and measure economic growth or decline within Downtown Truro. In this 2016 benchmarking report the 2007 study is built upon and contrasted with current data. With this updated report the Downtown Truro Partnership can identify changes within the downtown core, gauge the effectiveness of measures taken since 2007, and engage in educated strategic decision making going forward.
The research methodology that was applied in this project is intended to help the Downtown Truro Partnership and its staff to better understand the individual membership situation as well as understand the business community as a complete business unit. The focus will be to explore the present situation of the Downtown business community both on a micro and macro perspective, contrast it with previous data, and be used to make strategic decisions. These strategic decisions will be focused on facilitating economic growth, improving the residential landscape of the downtown, and ultimately increasing tourism to the area. The research findings will also provide an updated baseline to understand if the action and practices of the DTP are having an impact from year to year. In other words, the report was designed to provide evaluation criteria to determine the effectiveness that the DTP is having in the local area.