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Civic leaders strategically built up Nashville's brand. Can they tackle its growing pains?

Civic leaders strategically built up Nashville's brand. Can they tackle its growing pains?

Yahooa day ago

This story is part of America's Evolving Cities, a USA TODAY Network project that takes a close look at four regions across the country and their unique paths to success — and how residents have benefited or suffered along the way.
Boom town. Now-ville. Red hot. It city.
Nashville boasts many nicknames, including those bestowed by Forbes, GQ, Time Magazine, The New York Times and countless other national news publications. Since the Great Recession, the city has garnered a reputation for its economic resiliency and creative community.
Some of that press attention, including the 2013 New York Times feature story that dubbed Nashville the next "It City," came about thanks to collaboration between the city's power players and well-sourced public relations firms, according to the Nashville Area Chamber of Commerce President and CEO Stephanie Coleman.
All told, Nashville's song of success is more like a well-rehearsed stage production than a spontaneous open mic performance.
"We were in constant communication with them about, not just local but national media as well ... really marketing Nashville as the low-cost alternative to Los Angeles and New York," said Coleman, who worked at the Chamber for 17 years before her recent ascent to its chief position.
Nashville had tangible strengths to show off to the press. Ten years ago, it was a burgeoning health care hub seeing expansion in the tech industry and boasting a plethora of universities. Tennessee is known as a low-cost, business-friendly state, and Nashville attracted creative workers to its powerhouse music industry.
Since then, Nashville and Tennessee have bet millions on continued success.
The Music City Center cost $623 million, while the TV show "Nashville" collected millions of dollars in incentives from the city and state to continue local production. AllianceBernstein, Amazon and Oracle all zeroed in on Nashville thanks to incentive deals.
All of these moves were communicated to the outside world through marketing and public relations strategies, including capitalizing on the popular show "Nashville," which had billboards all over the world. The city's population has grown accordingly, leading to pressures on the region's infrastructure systems and housing market.
"Everyone was singing from the same song sheet," Coleman said. "I do think that catapulted us to where we are today, but we can't forget that, and we can't lose sight of the importance of that branding for the city and the region. That remains just as important as it ever was."
Nashville may have many nicknames, but it chose one for itself: Music City.
The roots of the name trace back to the legendary travels of the Fisk Jubilee Singers, a respectable origin story. At the same time, Music City is a brand, strategically formed to attract tourists and convention and business travelers in droves.
Deana Ivey, now the president and CEO of the Nashville Convention and Visitors Corp., was a staff liaison for the 150-person citywide branding effort led by the NCVC in 2004. Stakeholders included business executives, higher education leaders and local policymakers.
"We spent months around the table, kind of arguing, to be honest, about what Nashville is known for," Ivey said. Options included "Buckle of the Bible Belt," "Athens of the South" and "Music City, U.S.A."
Ivey and the rest of the naming committee went to Nashville International Airport to role-play as visitors to the city. They got in a taxi and headed downtown.
"We went around town … and we knew where the music was, but it wasn't easy for visitors to figure out," she said.
So the team put together a plan to incorporate the brand into everything the city had to offer, from live music in the airport to music note air fresheners in the taxis.
And Nashville's local businesses know how to put on a good show, so the strategy took off from there.
"We're at 20 years," Ivey said. "But that's what it takes to really build a brand and keep it going."
Under the limelight, Nashville hasn't yet faded. It's now a small town with a population of almost one million people.
Maybe, after all that growth, there would be a sense of arrival. But the curtain call has not yet come.
The city's tourism leaders recognize that the global appetite for both country music and corporate relocations is only growing. Nashville International Airport in April kicked off two new international flights, to Dublin, Ireland, and Reykjavik, Iceland, and the airport could soon build its runway to Asia.
Nashville broadcasts its marquee tourism events, like CMA Fest or the New Year's Eve celebration, to the rest of the world, garnering millions in views in a tradition that traces back to the Grand Ole Opry's place at the heart of country music radio.
When the Predators made a playoff run for the Stanley Cup in 2017, for example, Ivey remembers checking in with her contacts at the NFL, hoping to prove Nashville's worthiness to host an upcoming draft.
"Are you watching? Are you paying attention?" she recalls asking.
"Oh, we're paying attention," was the response. The NFL brought its draft to Nashville in 2019. With a new Nissan Stadium under construction, future events are likely to grow in prominence.
It's as if the city is constantly sending a message around the world: Watch, listen, visit, come back soon.
Nashville performed in unison to earn recognition from the outside world. Now, perhaps, the city can work together well enough to solve its growing pains.
"It's tricky, but it's the next critical step," Coleman said.
This article originally appeared on Nashville Tennessean: Inside the 20-year campaign to build up Nashville's brand

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Mario Kart World is outselling Switch 1 launch title Zelda: Breath of the Wild by over 4x in Japan, Switch 2 physical launch estimates show
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Mario Kart World is outselling Switch 1 launch title Zelda: Breath of the Wild by over 4x in Japan, Switch 2 physical launch estimates show

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time2 hours ago

  • Yahoo

13 Press Releases You Need to See This Week

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California Faces Housing Crisis: 'No One Is Buying Homes'
California Faces Housing Crisis: 'No One Is Buying Homes'

Newsweek

time2 hours ago

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California Faces Housing Crisis: 'No One Is Buying Homes'

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. After four consecutive months of year-over-year inventory increases, California is now solidly a buyer's market, which means the supply of homes is greater than the demand for properties in the state. That is happening in part because, as real estate analyst Nick Gerli put it, "no one is buying homes in California." Home sales in the Golden State are hovering just below the lows of the Great Recession, according to a recent report by as sky-high prices and elevated mortgage rates keep buyers on the sidelines of the market. Why It Matters The California housing market experienced great changes during the pandemic, when the rise of remote work allowed many homeowners to relocate from metropolises—such as San Francisco and Los Angeles—to smaller nearby towns or leave the state entirely. 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At the national level, inventory of homes for sale rose more than 30 percent year over year in May, which is in line with the double-digit increase for the state of California," Oscar Wei, the deputy chief economist at the California Association of Realtors, told Newsweek. "Active listings typically increase during this time of the year as the period from April to August is considered the spring homebuying season. Homes are being bought during this time frame as many buyers want to settle down before schools start. As such, active listings usually increase month over month from March to April and from April to May," he said. "The growth pace in active listings is slowing down, however, and the level of supply could reach a plateau sometime in June." Several California cities were also among the 50 most populous metropolitan areas in the U.S. with the biggest imbalances between sellers and buyers in April, according to a recent Redfin study. These included Riverside (61.3 percent difference), Sacramento (44.9 percent), Los Angeles (44.8 percent), Anaheim (38.7 percent) and Oakland (36.2 percent). This should be great news for prospective homebuyers in the state who, as in the rest of the country, have been struggling with limited inventory for the past few years. But according to the data, buyers aren't showing up for these listings. The state reported about 25,100 home sales in April—up 1.6 percent from a year earlier but "down 20 percent from the long-term average and 40 percent below the pandemic peak," according to Gerli, the CEO and founder of the real estate platform Reventure App. "Economic uncertainty and elevated mortgage rates, which make costs of borrowing high, are primary factors that keep housing demand/home sales at low levels in recent months," Wei said, adding, "Insurance availability and affordability are also having a negative effect on home sales." Gerli wrote on X, "This crisis in homebuyer demand is now causing home prices to drop." Last month, according to data from Reventure App, home values in California fell by 0.42 percent from March, the fourth biggest decline in the U.S. "It was the fourth straight month where values declined," Gerli said. "The reason prices are now dropping is because the low demand is being combined with a rise in listings," the real estate analyst added. "Inventory had been low in California for much of the last couple years, but now it's spiking." Despite the recent downward pressure on prices in California, the cost of buying a home remains high—much more than many can afford. Home values might be dropping on a monthly basis, but they are still rising year over year. In April, the average home value of a typical California home was $796,255, according to up 1.3 percent from a year earlier. The median sale price of a California home was $854,700 in the same month, up 0.2 percent from a year earlier, according to Redfin. Five years earlier, in April 2020, a typical California home could still be bought for $571,000. The numbers of homes sold with a price cut—at 34.8 percent of all sales—are on the rise, up 10.2 from a year earlier. However, the numbers of homes sold above list price, at 40.3 percent, is decreasing and was down by 9.7 percent in April year over year. What People Are Saying Oscar Wei, the deputy chief economist at the California Association of Realtors, told Newsweek: "Buyers are waiting for the costs of homeownership to come down. That could mean lower mortgage rates or lower home prices. Mortgage rates should slowly decline and will likely moderate slightly by the end of the year." He added: "The market may have already seen the peak price for the year and could soften in the next few months. Buyers could also be waiting for some clarity on the market direction, as consumers remain concerned about how tariffs and the ongoing trade tensions could affect the economy and their personal finances." Hannah Jones, a senior economic research analyst at said in a recent report: "Home price growth accelerated in California during the early days of the [COVID-19] pandemic, driving the state's median listing price to new heights. High home prices and rising mortgage rates put homeownership out of reach for many would-be buyers." Real estate analyst Wolf Richter wrote in a recent report: "The problem is demand in California. It has essentially collapsed. New listings aren't that high. But because the inventory of homes for sale doesn't sell, and new listings are added to it, the total piled up." Real estate analyst Lance Lambert wrote in a recent report: "More California housing markets are climbing out of that inventory deficit. And if the current trajectory holds, California could soon be out of its Pandemic Housing Boom era inventory hole." Redfin Senior Economist Asad Khan said in a recent news release: "The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall. Many are still holding out hope that their home is the exception and will fetch top dollar. "But as sellers see their homes sit longer on the market and notice fewer buyers coming through on tour, more of them will realize that the market has adjusted and reset their expectations accordingly." What Happens Next Experts now expect home prices to dip slightly across the country by the end of the year, including in parts of California. Zillow expects prices to fall in 31 cities in the state, including San Francisco (projected -5.2 percent), San Jose (-3.8 percent), Sacramento (-3 percent), Los Angeles (-1.2 percent) and San Diego (-0.7 percent). According to Wei, home prices should begin to come down from the record high set in April as we enter the second half of the year. "Seasonality will play a role in the price moderation, and an increase in housing supply will also relieve some upward price pressure," he said. "We expect price crops across the state to be mild but the changes between months could appear volatile in some areas because of their low number of observations. In general, we still expect a mild single-digit year-over-year increase for the year as a whole for the state and most regions."

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